USDA’s Ag Outlook Forum is underway and the commodity forecast is out!

USDA’s Ag Outlook Forum is officially underway with the department releasing its commodity forecast just minutes ago.

Economists anticipate global cotton consumption to grow at the long-term average rate, and production is expected to rise 3 percent.

Dairy is expected to have a slower worldwide supply growth as the sector works through supply chain issues.

U.S. wheat and corn production are both expected to be higher than last year, with larger production and greater domestic use.

Lastly, feed prices and U.S. cattle inventory are both likely to decline but economic growth will support demand.

Ag Secretary Tom Vilsack just announced $150 million in grant funding to expand processing, $25 million to expand technical assistance, and $40 million to strengthen workforce development.