MITCHELL, S.D. (MITCHELLNOW) Several members of the South Dakota Banking Commission expect that agricultural producers will be showing lower returns from crops this year.
Corn prices in South Dakota climbed as high as the mid $6 range in 2022 while soybeans reached past $14. Last year, corn was $4.29, and soybeans were at $12 but so far 2024 has been disappointing.
Sales tax collections for the first five months of the current budget year, which started on July 1, were 1.1% behind the similar five-month period a year ago and 3.7% behind what the Legislature had estimated in February.
The bright spot in agriculture appears to be cattle prices which remain strong, and ag land values are generally holding steady, according to the South Dakota Banking Commission.