USDA’s annual Ag Outlook Forum has kicked off
USDA’s annual Ag Outlook Forum kicked off moments ago.
During the opening remarks, acting Secretary Kevin Shea gave farmers, ranchers and industry players an idea of what to expect for the future.
According to Shea, “We will have to think long and hard about how to balance the production, processing, and distributing supply chain system that values maximum efficiency with a greater focus on being flexible and resilient so that we can better manage the next shock, and you can be sure the next shock will come. That resiliency must prioritize the health and safety of everyone who works in the system.”
The department’s new Chief Economist spoke minutes ago. Seth Meyer said that he expects the GDP to recover from the pandemic.
Here are some projections for panting for 2021:
Corn up 1.2 million acres, with an average price of $4.20 a bushel
Soybeans up 7 million acres, average price at $11.25
Cotton planting at 12 million acres
- Average wheat price of $5.50 a bushel