High feed costs have been plaguing livestock producers for quite some time. However, one ag economist says relief could be coming yet this year. USDA recently lowered its price for corn by five cents and lowered soybean meal by around $10 per ton. Scott Brown of the University of Missouri says the prices are “moving in the right direction.”

South American production continues to be one of the largest price influencers of domestic feed, according to Brown. Additionally, corn and soybean acres projected for 2024 continue to shift. Brown sees this trend continuing until fieldwork begins as growers keep a close eye on markets and weather.

Read more on feed cost projections for 2024 here.