NDSU Extension Service - Mercer County

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NDSU Extension Service Projects Commodity Prices for 2017

commodity prices

Submitted by Craig Askim, Extension Agent, Agriculture and Natural Resources   

Planning for the future can be a very frustrating process but one that typically pays high dividends. For most farm and ranch managers, developing realistic commodity price expectations is one of the most difficult and complex tasks of the planning process.

"With the downturn in commodity prices, planning is more critical than ever," says Ron Haugen, NDSU Extension Service farm economist.

To ease the burden of forecasting planning prices, the Extension service has prepared a summary of projected short- and long-term planning prices.

The publications shows 2017 price projections for crops and livestock produced in the state and price estimates for future years. Price projections are given for the major crop commodities, including wheat, durum, oats, feed barley, malting barley, oil sunflowers, non-oil sunflowers, corn, soybeans, canola, flaxseed, winter wheat, dry beans, dry peas, lentils, alfalfa hay and mixed hay.

Price projections for livestock and livestock products include beef steers and heifers at various weights, cull cows, slaughter steers, slaughter hogs, slaughter ewes, slaughter lambs, feeder lambs and milk. The publication also provides historical prices as a reference.

"The estimated short-term planning prices should be used as a guide in setting price expectations for 2017 production," Haugen says. "These planning prices can be used for preparing annual enterprise budgets and annual whole-farm cash-flow projections. Cash flow projections are very critical with today's tight margins.

Short-term prices should not be used for planning capital purchases or expansion alternatives that would extend beyond the next production year."

To obtain this publication, "Plotting a Course 2017" (EC1090), call 701-231-7882 or write to NDSU Agriculture Communication, Distribution Center, Dept. 7070, Box 6050, 10 Morrill Hall, Fargo, ND 58108-6050, or contact a county office of the NDSU Extension Service.

Requests also may be faxed to 701-231-7044 or emailed to NDSU.DistributionCenter@ndsu.edu.

The 2017 projected crop budget publications are also now available, this publication provides an estimate of revenues and costs for many crops grow in North Dakota. The projected crop budget publications are broken down into regions in North Dakota and based on factors such as soil types, productivity, production practices, and weather conditions. The budgets can be used in both long and short run decision making. The estimated crop prices that are used in the publication are estimates for the 2017 crop marketing year only, while crop yields used are based on historic averages. To obtain a copy call your local county Extension office, the publication number for projected 2017 crop budgets for South-West North Dakota is (EC 1652)or both publications can be found by going to the ndsu ag web site @ www.ag.ndsu.edu .

Source: Ron Haugen, 701-231-8103, ronald.haugen@ndsu.edu

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