A report by the University of Missouri predicts slow price recovery for agricultural products.
The University’s Food and Policy Research Institute’s price forecast includes grains, oilseeds, cotton, milk and hogs, which have all declined sharply from record levels in recent years.
That led to a decrease on the school’s long-term baseline projections for agriculture.
The report predicts corn prices will remain near the 2014-15 level of $3.70 per bushel for another two years.
Corn prices are not expected to top $4 per bushel until 2018 or 2019 as corn acreage is expected to increase to more than 90 million acres in 2016.
Large global oilseed supplies contributed to a reduction in projected soybean prices in the report, which falls to $9.12 per bushel in 2015-16 and remain near that level during the 2016-17 period.
Meanwhile, increased production and a stronger dollar have contributed to sharply lower U.S. hog and milk prices in 2015.
Projected prices for both remain far below the record levels of 2014. Finally, as U.S. cattle numbers and beef production expand, cattle prices have decline from record levels.
