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.