Chad Hart said corn and soybean usage could meet or even exceed production later this year, a shift he expects to lift crop prices from current tight-margin levels.
At Iowa Farm Bureau’s economic summit in Ankeny, the Iowa State economist said crop markets are moving back toward balance, though he expects that adjustment to take another year or two.
Hart said the main risk to any price recovery is still on the cost side, with fertilizer and fuel continuing to drive the sharpest inflation pressure for farmers.
He compared the current farm economy to 2015-2019, when many growers struggled to break even, underscoring why even firmer crop prices may not quickly ease financial stress.