American farmers massively opened sales of corn and soybeans

On March 13, the price of soybean futures contracts on the Chicago floor reached its highest level since May 2024, exceeding 12 USD per bushel (25.4-27.2 kg depending on the type of agricultural product). Corn prices reached their highest level since May 2025, while wheat prices peaked since June 2024.

Taking advantage of the sharp increase in prices due to the Middle East conflict, farmers across the US Midwest have massively sold the agricultural products they had stored recently because of low prices.

Dave Kestel in Manhattan, Illinois, said he sold 40% of last year’s corn and soybean harvest and about 10% of the expected output of the 2026 crop. He has to pay daily storage fees so he really wants to sell when prices increase. “I was dancing for joy,” Kestel said.

In Waseca, Minnesota, Richard Guse – who farms about 3,500 acres with his brother and son – this week sold a third of his 2025 corn crop to ethanol producer Guardian Energy for $4.25 per bushel, turning a small profit. “Prices increased very quickly,” Guse said.

Some households even sell the next crop’s output in advance. Keaton Lyons, who farms about 1,200 acres (485 hectares) in Indiana, agreed to sell 100,000 bushels of sown corn. “In terms of price, I’m very satisfied. But what’s worrying is that we haven’t planted any seeds in the ground yet when we’ve pre-sold 65% of the output,” he said.

According to analysts, the increase in oil prices due to the war in the Middle East has caused the price of agricultural products used to produce biofuels to increase. At the same time, the conflict disrupted important fertilizer transport routes, contributing to increased corn prices.

In recent days, corn and soybean prices have sometimes been about 6% higher than before the war. According to Angie Setzer, an expert at Consus Ag Consulting, this increase is generally enough for many people to be profitable to varying degrees. “The strong market creates opportunities that farmers have been waiting for a long time,” she said.

Many people take advantage of selling goods because they are worried that this price increase will not last long. Julio Garros, Bunge’s chief operations officer, said grain warehouses in North America and South America are filling up quickly.

Experts say the overall price hike is only enough to bring in modest profits, due to sharp increases in fertilizer, chemical and seed costs. Meanwhile, the difficult period of the US agricultural industry is not over.

Even fertilizer prices are at risk of escalating. More than a third of globally traded fertilizer passes through the clogged Strait of Hormuz. Meanwhile, many places are in need of early fertilization, which helps determine productivity at the end of the year.

“If supplies are tight during this period, farmers may reduce usage,” said Stephanie Roth, chief economist at Wolfe Research. As a result, corn, soybeans, wheat, and rice may reduce productivity and increase farming costs.

The US imports about 20% of total fertilizer consumption. In the period from February 27 to March 6, the price per ton of urea fertilizer arriving at ports increased by 30%, according to data from the Fertilizer Institute. Consumers could see more expensive food prices if prolonged trade disruptions affect fertilizer markets.

“I think, in this scenario, more costs will be passed on to consumers, something we have never seen before,” said Veronica Nigh, chief economist at the Fertilizer Institute.