We know commodity prices are soaring right now, but several University economists agree it is likely transitory, not permanent.
Looking at corn, soybeans, and wheat, they say market prices will likely go back to their long-term averages with a prediction for the 2023/2024 year, but the timeline is still uncertain.
They warn when prices do go down, there will have to be “considerable adjustments” in the ag sector, like finding ways to reduce these record input costs so producers can still turn a profit.
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