The Office of the Chief Economist of the U.S. Department of Agriculture recently revised 2021 market year average (MYA) price projections to $5.45 per bushel for corn and $12.90 per bushel for soybeans. For both corn and soybeans, the 2021 prices are the third-highest price since projections have been made, likely leading to high 2021 farm incomes, particularly in the eastern corn-belt. Given historic relationships, high 2021 prices should not necessarily be expected in future marketing years.
USDA calculates Market Year Average (MYA) prices for corn, soybeans, and the other major U.S. crops. Prices reflect cash proceeds from spot and forward delivery sales made by farmers. Not included are hedging gains or losses from futures and options trading. As such, the MYA price reflects the average cash price received by farmers for the U.S. crop.
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