# USDA predicts lower crop prices for key commodities in 2024 | Agriculture Dive

> USDA's April World Agricultural Supply and Demand Estimates trimmed wheat, corn and soybean prices slightly, citing large harvests and demand softness for soybeans and wheat. Corn's season-average price was forecast at $4.70/bu, down 5 cents. Cattle, hog and poultry prices were projected to rise.

- Date: 2024-04-16 · published 2024-04-16T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/30684-usda-predicts-lower-crop-prices-for-key-commodities-in-2024-agriculture-dive
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Live Cattle](https://feedsoft.ai/c/LCATTLE.md), [Lean Hogs](https://feedsoft.ai/c/HOGS.md), [Chicken](https://feedsoft.ai/c/CHICKEN.md)

## Why it matters

Lower feed grain prices reduce feed costs for livestock and poultry producers. Higher meat price forecasts point to stronger animal protein margins and demand for feed.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- HOGS: bullish ▲
- WHEAT: bearish ▼
- CHICKEN: bullish ▲
- LCATTLE: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2025-05-14 | [USDA forecasts lower wheat, corn, sorghum prices for 2025/26](https://feedsoft.ai/events/24718-usda-forecasts-lower-wheat-corn-sorghum-prices-for-2025-26.md) | +3.8% | +0.4% |
| CORN | 2022-11-30 | [USDA Lowers FY 2023 Forecast for U.S. Agricultural Exports - Farm Policy News](https://feedsoft.ai/events/38741-usda-lowers-fy-2023-forecast-for-u-s-agricultural-exports-farm-policy-news.md) | -3.9% | +1.9% |
| CORN | 2019-11-27 | [EU-28: Crop Update \| USDA Foreign Agricultural Service](https://feedsoft.ai/events/55995-eu-28-crop-update-usda-foreign-agricultural-service.md) | +0.8% | +2.4% |
| CORN | 2023-05-31 | [USDA lowers ag trade forecast for FY 2023 \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/5571-usda-lowers-ag-trade-forecast-for-fy-2023-agri-pulse-communications-inc.md) | -1.8% | +0.1% |
| CORN | 2023-11-10 | [USDA predicts largest ever corn crop in November WASDE](https://feedsoft.ai/events/33117-usda-predicts-largest-ever-corn-crop-in-november-wasde.md) | +0.0% | -0.3% |
| SOY | 2022-11-30 | [USDA Lowers FY 2023 Forecast for U.S. Agricultural Exports - Farm Policy News](https://feedsoft.ai/events/38741-usda-lowers-fy-2023-forecast-for-u-s-agricultural-exports-farm-policy-news.md) | -0.3% | +3.2% |
| SOY | 2023-11-10 | [USDA predicts largest ever corn crop in November WASDE](https://feedsoft.ai/events/33117-usda-predicts-largest-ever-corn-crop-in-november-wasde.md) | +2.4% | -1.8% |
| SOY | 2017-08-18 | [Commodity futures prices drop sharply in wake of new USDA production estimates](https://feedsoft.ai/events/11616-commodity-futures-prices-drop-sharply-in-wake-of-new-usda-production-estimates.md) | +1.2% | +4.1% |

## Sources

- agriculturedive.com: https://www.agriculturedive.com/news/usda-crop-prices-wheat-corn-soybeans-beef-chicken-pork/713308/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.