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Soybean and Corn Prices Fall from May Peak, Still Much Higher Than Pre-Pandemic

I wonder if Jim Bolin is complaining about all the inflation President Biden is causing in soybeans:

Trading Economics, soybean prices, July 2016–June 2021, retrieved 2021.07.05.
Trading Economics, soybean prices, July 2016–June 2021, retrieved 2021.07.05.

Soybeans are selling for 60% more than their doldrummy level from summer 2018 through summer 2020.

Corn is also popping to highs not since the last time Joe Biden was hanging around the White House:

Trading Economics, corn prices, July 1996–June 2021, retrieved 2021.07.05.
Trading Economics, corn prices, July 1996–June 2021, retrieved 2021.07.05.

No wonder Republicans are trying to distract us from the booming economy. Those agricultural prices are better than anything the previous White House did for us:

While [Rep. Dusty] Johnson decries price increases, he should note that agricultural commodities have been skyrocketing since Biden was elected.  Corn and soybeans, two of South Dakota’s major crops, have gone up 25% and 30%, respectively, since last November.  Cattle are up 15% and hogs are up – are you ready? –  almost 40%. All these prices were significantly higher just weeks ago, and I’m sure our savviest producers were able to take advantage of opportunities to lock in the best prices they’ve seen in years. Meantime, I don’t see Johnson complaining about prices in the ag sector rising, so his selective outrage over rising prices is directed at politically convenient targets like oil and coffee – both of which, by the way, are rising only compared to last year when the economy was crushed and demand fell out of bed.  Compared to the years before the pandemic, these prices are about where they were back then [John Tsitrian, “Speaking of Dusty Johnson and Inflation, He Might Consider How Rising Prices Are Doing Us South Dakotans Some Good,” South Dakota Standard, 2021.06.23].

Of course, we won’t be able to cash in on those great crop prices if we don’t get some rain. Maybe Republicans can continue their tradition of projection and find a way to blame President Biden for climate change.


  1. Mark Anderson 2021-07-05 09:00

    Well you know Jim Bolin is teaching CRT to his students in Canton, isn’t he? He was born in Portland and graduated from USD, what can you expect. A rising tide of corn. Of course thats not true, but with trumpies on the loose what can you do, fight fire with fire. At least he taught at the most out of the way school in So. Dak., Sunshine Bible. All the trumpies can do is appeal to the base instincts of the base. The economy is going to boom nothing they can do about that.

  2. mike from iowa 2021-07-05 09:07

    :Lack of rain coupled with lower than expected crop yields should drive prices for grains higher. Farmers is far southern areas harvest first and reap the benefits of higher prices. Once the market discovers the harvest is on, prices around here tend to start a long decline.

    Maybe things have changed since I got out of farming 10 plus years ago.

  3. Edwin Arndt 2021-07-05 16:18

    China has bought huge amounts of corn and soybeans over the last year.
    Ending stocks are expected to be down significantly in the USA. Most
    analysts put the start of the bull market in grain in August of 2020. Political
    shenanigans play a part in the grain markets but a whole host of other
    factors also enter into the picture. Weather is not the least of these.

  4. Porter Lansing 2021-07-05 20:13

    Even a connie like Edwin is saying it, whether he’ll admit it or not, he’s still saying it.

    Joe Biden is good for agriculture because he’s stable and the buyers will pay a premium for a stable market.

  5. John Dale 2021-07-06 01:10

    It’s tough to tell how this is offset by inflation.

    $20/hr job doesn’t seem to do much to help the debt slavery.

    One aspect of the “free market” is alive and well .. debt “products”.

    Growers might do well in the short term, but will need to quickly convert to appreciable assets.

    What is the pace of inflation right now?

  6. Edwin Arndt 2021-07-06 10:33

    Today is July 6, 2021. Probably because of the rain we’re getting, corn is
    down .40, and soybeans are down .50 to .75.
    Oh, Porter, what the heck is a connie?

  7. Edwin Arndt 2021-07-06 11:03

    My previous post was at 10:30 AM. Now at 11:00 AM corn is still
    down the .40 trading limit and soybeans are down .95.
    Still raining.

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