U.S. corn and soybean prices hit multi-year lows in August, continuing a steady decline since May and reaching their lowest levels since August 2020. The price drops can be partly attributed to China increasing its imports of Brazilian soybeans instead of U.S. soybeans, although low global demand is likely a more significant factor. The depressed crop prices will likely become a topic of discussion in the upcoming U.S. election season, as well as in considerations for fertilizer and agricultural chemical demand in the next production seasons.
