USDAs 99th Agriculture Outlook Forum is underway at the nation’s capitol
USDA’s annual ag outlook forum is underway in Washington, D.C.
Economists are giving outlooks on dairy, cotton, sugar, livestock, and grains. Seth Meyer predicts a growth in planted acreage in corn, wheat, and soybeans, including a major rebound in wheat planting.
Total acreage for all three crops is projected at $228 million, a three percent jump from last year. Prices are expected to be lower than last year but still above average.
The department released its latest outlook for agricultural trade. Exports are predicted to be down $5.5 billion from the November forecast, coming in at $184 billion. The export forecasts for all the major commodity groups are also down, with the largest declines for corn, sorghum, and soybeans. China is predicted to remain the largest market for U.S. ag exports, which is unchanged from the last expectation. U.S. ag imports for the fiscal year are unchanged from the last report, expected to come in at $199 billion.
In terms of commodity outlooks, economics anticipate global cotton consumption to grow after several seasons of decline, and production is expected to rise less than one percent.
The U.S. dairy entered the year facing pressures from high input costs and lower milk prices. Milk per cow is expected to rise faster this year than last, and output per cow per day is projected to increased compared to last.
U.S. corn and wheat will see a bigger production year, including domestic use, exports, and ending stocks.
Feed prices and U.S. cattle inventory are both likely to decline this year, but economic growth will support demand.
Our own Tammi Arender was in attendance at the Forum, where she had the chance to catch Secretary Tom Vilsack’s takeaways.
Secretary Vilsack also told reporters a series of meetings will soon begin between U.S. and Mexican trade officials, regarding the country’s GM corn ban. He said if no resolutions are made, the U.S. will resort to a formal process under USMCA and there will be no compromise.