The USDA’s National Agricultural Statistics Service (NASS) pegged the value of Nebraska’s 2021 field and miscellaneous crops at $16.0 billion, up 31 percent from 2020. Table 1 shows a breakdown of the estimated value by crops, the percentage changes in values from 2020, the average marketing year price, and the change in prices. The prices shown are the estimated average farm prices for the crop marketing year. The marketing year for corn and soybeans runs from September through August. And the marketing year for wheat is June through May.
The prices in Table 1 are noticeably below current prices. Spot prices have skyrocketed, particularly for corn and wheat, with the Russian invasion of Ukraine. Farmers with some of last year’s crop unsold could realize greater values upon selling. Historical data from the Nebraska Corn Board suggests farmers typically have between 32-37 percent of their corn crop left to sell at this time of year. If true this year, the crop values estimated by NASS will be short of actual values.
Table 1. Estimated 2021 Crop Value