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Despite Normal Soybean Yield, Indiana Faces Low Prices

By Becca Costello

Posted November 11, 2015

A field of soybeans.

Indiana soybean crops produced higher yields than expected after damage from record rainfall over the summer.

“We had nearly perfect growing conditions for the balance of the summer, particularly August and September and even into October, to really bring this crop back from very, very poor conditions that we saw at the end of June and into July,” says Edward Ebert, Director of Grain Marketing for the Indiana Soybean Alliance.

The United States Department of Agriculture reported Tuesday that soybean production is forecast at a record 3.98 billion bushels, which is a 2 percent increase from October and a 1 percent increase from 2014.

High levels of supply worldwide have resulted in record low prices for soybean crops.

“It’s been a concern of the Indiana farmer all summer long that he was going to be looking at lower production and likely lower price based on the fact that the other states were doing so well,” Ebert says.

Christopher Hurt, Professor of Agricultural Economics at Purdue University, reports that soybean prices are expected to be the lowest in 10 years, dating back to 2006.

“Unfortunately, we’ve gotten ourselves into a position of oversupply not just here in the US but globally as well,” Ebert says.

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