Roller Coaster Price Year for Many Commodities

With the commodities market was closed yesterday for Christmas, there are no new prices to report today. It is the time of year that we take a glance back and review the year and where commodity prices have been. 2013 has been a roller coaster ride for commodity prices. USDA Chief Economist Joe Glauber gives an overview

Glauber: "No question the ag economy in 2013 was mainly dominated by the drought in 2012."

Which as you recall sent crop prices to record highs. Those high prices in 2012 and early this year, inspired farmers to plant more this spring.

Glauber: "But with very large production but due to the big acreages we saw planted in the spring and favorably yields -- we've seen prices come down substantially."

A year ago Chicago March wheat futures were at 7-92 -- on Tuesday Chicago wheat was at 6-06 and 1/2. This time last year March corn was at 7-02 -- Tuesday's March corn as a measly 4-35.

So the end of this bumpy year of grain prices, finds us in a very different place compared to 12 months ago.

Glauber: "But with corn prices down $2 below what we were showing last year. Soybean prices down and wheat prices down. That will filter in certainly in 2014 when we look at farm income and other things."