The Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri has released its 2025 U.S. Agricultural Market Outlook. The report highlights a mixed financial picture for American farmers, shaped by falling crop prices, high production costs, and record returns in the cattle sector.
For many crop producers, net returns have dropped significantly from recent highs. Input costs remain elevated, while commodity prices have retreated from their peaks. Corn prices, which averaged $6.54 per bushel in 2022–2023, are projected to fall to $4.23 for the 2025 crop. Soybean prices are expected to decline from $14.20 to $10.02 per bushel over the same period. Cotton, rice, sorghum, and other crop prices have also seen steep declines.
In contrast, the cattle industry is seeing strong returns, with cow-calf producers benefiting from record prices.
The report also notes unusually high uncertainty around domestic farm programs and trade policy. Egg prices are expected to remain volatile, driven by the ongoing risk of Highly Pathogenic Avian Influenza (HPAI) outbreaks.