LITTLE ROCK — As the world prepared to celebrate the turn of a new year, extension soybean agronomist Jeremy Ross picked up his phone. “One farmer called me on New Year’s Eve to say he was shutting down, and it really surprised me. He had a good yield, but he just couldn’t swing it another year,” Ross said.The 2024 growing season presented many reasons to celebrate. Every major row crop in Arkansas, including corn, cotton, soybeans and rice — saw record average yields.Global market trends, however, including production from competing countries, elevated input costs and depressed commodity prices, mean most American growers will see little if any profit.Like nearly every other crop, market prices for soybeans in 2024 failed to keep up with production costs. Per-bushel prices fell to an average of $10.80, a $1.25 decline from forecast prices earlier in the spring. Ross, who works for the University of Arkansas System Division of Agriculture, said that in the squeeze between market forces, some farmers may be considering leaving the industry.“There’s still some talk of some people not having a crop in 2025,” Ross said.“I’ve heard from several others in the same situation,” he said. “And this isn’t just in Arkansas. Talking with my counterparts in other states, they’re hearing the same thing, in the Mid-South and the Midwest.”Scott Stiles, extension agricultural economist for the Division of Agriculture, agreed that some producers will likely leave agriculture.“No doubt we’ll see a few more farm auctions this winter,” Stiles said. “The ag lenders say growers have been really slow to come into their office. I think the farmers have been going to their accountant first, and waiting to see what kind of assistance may be coming from Washington.“The American Relief Act provided some economic help,” he said. “But for soybeans, for example, the expected payment...
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