Livestock prices extend multi-year gains while crop prices stabilize

Agricultural commodity prices have shown notable volatility over the past decade. After a relatively stable period from 2016 through 2019, aggregate crop prices surged in 2020, up 19 percent, and continued to rise another 14 percent in 2021, setting record highs. This upward trend continued into 2022 with an additional 8 percent rise. Livestock prices, in contrast, fell by 7 percent in 2020 but rebounded strongly in 2021 and 2022 as strong demand combined with supply chain challenges tightened availability. While both crop and livestock prices eased in 2023, they diverged in 2024, with livestock prices climbing by 12 percent while crop prices dropped by 7 percent. In 2025, prices for both crops and livestock remained elevated compared to pre-2020 levels, with aggregate livestock prices reaching an all-time high and crop prices stabilizing.