(KAIT/TALK BUSINESS & POLITICS) - The prices for soybeans, corn, and other crops have taken a hit in recent years and the situation may not get better this year, an agricultural economist told Talk Business & Politics this week.
Dr. Robert Stark Jr. said the price of soybeans, which sold for $10.49 per bushel Feb. 10, may face an even lower number this year.
"It's going to be a difficult year," Stark said. "From the data we've been able to gather, worldwide supplies (of soybeans) are high, and soybean acreage numbers are expected to go up slightly."
The large supply is due to increases in the crop being grown in South America, Stark said.
As for corn, the acreage is expected to drop two to four million this year, Stark said, noting the drop may hurt soybean prices. Also, rice acres are not expected to see an uptick, adding to the soybean price drop.
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