Corn prices highest in 9 years; soy surging too

PILGER — A busy and demanding past few weeks for agriculture producers: prices of corn and soy are surging to prices we haven’t seen in years.

“The price for soybeans has just increased tremendously,” Anne Meis of the Nebraska Soybean Board said. 

International demand is driving the price increase.  Corn and soybean farmer from Pilger, Randy Oertwich, believes it’s partly because of the past administration’s pressure on China too. Plus, droughts in South America and even parts of the U.S. increased demand.  

Corn prices rose a full dollar in just the last two weeks, right now at their highest since 2012. Oertwich has his concerns though.

“If you look at it, prices are up – but we’re seeing shortages in chemicals and availability,” Oertwich said. 

Plus, Meis noted that farm equipment is also in more limited demand and expensive.

But farmers are focusing on the positives. Meis told NCN the increase in demand is also because of something more exciting: the fact that it can be used in new ways these days.

“Soybeans are used for biodiesel and boy with all this climate talk we are certainly learning biodiesel is more friendly to the environment,” she said. It’s also used in shoes and tires. “Can’t complain! Fourteen or 15 dollar soybeans is something none of us thought we’d ever see.”

Money chasing momentum doesn’t guarantee an imminent crash, but it will continue to affect other markets. Meis thinks these prices will create a ripple effect, possibly affecting land prices next.