Market Outlook Bright for Rice, Soybeans
Despite uncertainty surrounding federal farm legislation, agricultural economists are optimistic about the market outlook for rice and soybeans with higher prices and more varieties expected.
The American Press reports that was the message given to more than 50 Southwest Louisiana rice and soybean growers attending an agriculture forum last week in Welsh, La.
LSU AgCenter economist Mike Salassi says rice and soybean prices have been rising the last few years but could become more stable as farmers plant fewer crops and report less yields due to anticipated changes in the farm bill.
Salassi says the market average is $14.50 to $15 a hundredweight for rice, while soybean prices likely reached their peak at $13 to $15 in December and will decline.