By Scout Nelson
North Dakota State University Extension has unveiled its commodity price projections for 2025, aiming to simplify the planning process for farm and ranch managers amid market volatility. According to Ron Haugen, NDSU Extension farm economist, these projections are vital tools for developing realistic price expectations, a critical component of agricultural planning.
The recently published projections cover both short- and long-term forecasts for a variety of crops and livestock produced within North Dakota. For crop commodities, the projections include wheat, corn, soybeans, oats, various types of barley, sunflowers, canola, flaxseed, dry beans, peas, lentils, and different hays.
Livestock prices have been projected for beef steers and heifers, cull cows, slaughter steers, hogs, ewes, lambs, and milk.
This comprehensive set of price estimates serves multiple purposes. "These planning prices can be crucial for preparing annual enterprise budgets and whole-farm cash flow projections, which are particularly important given today’s tight margins," Haugen explained.
With some livestock prices reaching new highs and crop prices showing a decrease from the previous year, having accurate, current projections is more critical than ever.
However, Haugen cautions against using short-term price projections for making decisions on capital purchases or expansion plans that extend beyond the upcoming production year. These projections are intended as guides for immediate planning needs rather than long-term strategic decisions.
By providing historical prices alongside future projections, NDSU Extension aims to give North Dakota’s farmers and ranchers the tools they need to navigate the uncertainties of the agricultural market.
This approach not only aids in immediate financial planning but also helps in setting realistic expectations for the 2025 production year.
Farmers and ranchers looking to make informed decisions based on these projections are encouraged to access the full publication for detailed insights into the expected market conditions for various commodities.
This proactive step by NDSU Extension underscores its commitment to supporting the state’s agricultural sector through research and practical, applied knowledge.
Photo Credits:north-dakota-state-university
Categories: North Dakota, Crops, Corn, Soybeans, Wheat, Livestock, Beef Cattle