Tighter margins are expected in the commodity world for 2024, including corn and soybeans. Lower commodity prices are leading to belt-tightening as ongoing high input costs pull from profit. Soybeans are slated to be more profitable this year, according to agricultural economists Nick Paulson and Gary Schnitkey at the Farmdoc Daily blog.

However, growers on rented land will likely face the tightest margins. Cost adjustments will be needed to come out on top this year, even as fertilizer prices trend lower. Paulson and Schnitkey estimate this year’s corn crop to sell for an average of $4.50 per bushel and soybeans an average of $11.50 per bushel, in line with cash bids, futures markets and USDA projections. Both prices are a significant drop from the $4.80 and $12.80 originally projected.

Read more on 2024 farm economy projections and acreage estimates here.