Business

Iowa crop values forecast to fall

Higher production offset by corn, soybean prices

Corn grows on farmland along Edgewood Road SW between 76th Avenue SW and Wright Brothers Blvd. SW in Cedar Rapids on Wednesday, June 17, 2015. (KC McGinnis/The Gazette)
Corn grows on farmland along Edgewood Road SW between 76th Avenue SW and Wright Brothers Blvd. SW in Cedar Rapids on Wednesday, June 17, 2015. (KC McGinnis/The Gazette)

The U.S. Department of Agriculture is forecasting a decline in the value of the 2015 corn and soybean crops compared with a year earlier, primarily due to lower average prices.

The USDA’s National Agricultural Statistics Service said the value of Iowa corn production is estimated at $8.77 billion in 2015, down slightly from $8.78 billion the previous year, even though production was up 6 percent. Iowa’s corn price averaged $3.50 per bushel, a decrease of 21 cents per bushel from 2014.

The value of Iowa soybean production is estimated at $4.79 billion, down from $4.96 billion in 2014, even though production was up 11 percent. Iowa’s average soybean price dropped $1.31 per bushel from the previous year to $8.65 per bushel.

The value of 2015 corn production in the United States is estimated at $49 billion, down from $53 billion in 2014. The average national corn price is forecast at $3.60 per bushel, down from $3.70 per bushel in 2014.

The value of 2015 soybean production in the U.S. is estimated at $$34.5 billion, down from $39.5 billion in 2014. The average U.S. soybean price dropped $1.30 per bushel from the previous year to $8.80 per bushel.

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