By Andi Anderson
Ohio’s agricultural economy faced a significant decline in 2024, with the total farm value of field crops dropping 22% to $5.55 billion. The decline was primarily due to lower prices for major crops, except hay, as reported by the USDA NASS Ohio Field Office.
Corn for grain, one of Ohio’s key crops, saw its value decrease by 19% to $2.41 billion. Farmers received an average price of $4.25 per bushel, impacting overall revenue.
Similarly, soybean values fell 25% to $2.57 billion, with an average price of $10.20 per bushel. Wheat farmers also experienced a major decline, with total wheat value dropping 33% to $217 million and an average price of $5.50 per bushel.
The decline in Ohio’s crop values mirrors national trends. Across the U.S., corn for grain value decreased by 8% to $64.7 billion. Soybean value dropped 14% to $44.1 billion, while wheat value fell 11% to $10.9 billion.
Lower crop prices have created financial challenges for Ohio farmers. The decrease in market value affects farm incomes, making it harder for growers to plan for the future. As the agricultural sector adapts to fluctuating prices, farmers may need to explore strategies to stabilize revenues.
The 2024 crop value report highlights the need for market stability and effective pricing strategies. With continued monitoring of crop prices, Ohio farmers will look for ways to navigate financial uncertainties in the coming seasons.
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Categories: Ohio, Business