Price Of Corn And Soybeans Per Bushel Today
When it comes to agriculture, corn and soybeans are two of the most important crops in the United States. These crops are grown in large quantities and are used for a variety of purposes, from feeding livestock to producing biofuels. As such, the price of corn and soybeans per bushel is closely monitored by farmers, traders, and consumers alike.
What is a bushel of corn or soybeans?
A bushel is a unit of measurement used to quantify the volume of agricultural commodities. In the case of corn and soybeans, a bushel refers to a volume of 56 pounds. This is equivalent to approximately 25.4 kilograms.
Why do the prices of corn and soybeans fluctuate?
Like any other commodity, the prices of corn and soybeans are subject to supply and demand dynamics. When demand for these crops is high, prices tend to go up. Conversely, when supply exceeds demand, prices tend to go down. Other factors that can influence the price of corn and soybeans include weather conditions, government policies, and global events such as trade disputes or pandemics.
Current price of corn per bushel
As of July 2021, the price of corn per bushel is around $5.50. This is up from around $3.50 per bushel in July 2020. The increase in price can be attributed to a combination of factors, including increased demand for corn from China and dry weather conditions in some corn-growing regions of the United States.
Current price of soybeans per bushel
As of July 2021, the price of soybeans per bushel is around $13.50. This is up from around $8.50 per bushel in July 2020. Like corn, the increase in price can be attributed to increased demand from China and weather-related issues in some soybean-growing regions of the United States.
Impact of corn and soybean prices on consumers
As two of the most widely used crops in the world, the prices of corn and soybeans can have an impact on a wide range of consumer products. For example, higher corn prices can lead to higher prices for meat and dairy products as livestock farmers pass on the higher costs of feed to consumers. Soybeans are used in a variety of products, including tofu, soy milk, and biodiesel fuel, so higher soybean prices can also lead to higher prices for these products.
Conclusion
Overall, the price of corn and soybeans per bushel is a critical factor in the agricultural economy of the United States. As demand for these crops continues to grow, and weather patterns become more volatile due to climate change, the prices of corn and soybeans are likely to remain volatile in the years to come.