The Food and Agricultural Policy Research Institute (FAPRI) has released its 2024 baseline projections. Projections suggest downward pressure on prices throughout the remainder of the year and beyond. The Institute uses S&P global forecasts and economic growth and inflation projections, among other key indicators, to determine their projections.

FAPRI anticipates declining prices for the grain and oilseed markets, declining corn prices, more soybean acres and subsequent declines in soybean prices as well as in wheat markets. Projected cuts in some inputs, such as fertilizer, could partially offset lower commodity prices. However, net returns are still projected to be well below recent peak levels.

Read more on FAPRI baseline projections here.