North Dakota State University Extension has released its 2020 short and long term agricultural planning price projections for North Dakota, says Ron Haugen, NDSU Extension farm economist. The "Plotting a Course 2020" publication (EC1090) is available online by clicking here.
The publication shows 2020 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 2020 production," Haugen says. "These planning prices can be used for preparing annual enterprise budgets and annual whole-farm cashflow projections. Cashflow projections are very critical with today's tight margins."
He cautions, "Short term prices should not be used for planning capital purchases or expansion alternatives that would extend beyond the next production year."