Amidst a backdrop of increasing U.S. supplies, prices for grains, oilseeds, and organic commodities are showing signs of decline following a period of turbulence.
The most substantial declines are evident in organic prices, with organic corn priced at $8.50 to $9 per bushel in mid-November, a notable drop from last year’s $12 per bushel. Organic soybeans have experienced a more than 50% decrease, according to Ryan Koory, Vice President of Economics for Mercaris, a company tracking organic and non-GMO commodity trading.
Conventional corn and soybean prices have also witnessed significant decreases below last year’s highs, driven by factors similar to those impacting organic prices, indicating an overall oversupply in commodities. The U.S. Department of Agriculture’s November World Agricultural Supply and Demand Estimates reveal that corn and soybean supplies are outpacing demand, with higher yield estimates contributing to increased stocks.