USDA looked into its crystal ball at the end of February and released its first round of numbers for several key forecasts for 2019 and beyond.
“Increasing productivity at home and growing export markets is what we expect over the next 10 years,” says Robert Johansson, USDA chief economist. “A lot could affect our ability to meet or exceed those expectations: public spending on agricultural research and development has slowed, trade agreements and disputes between us and our trading partners may help or hinder export potential, and as we’ve seen the past two years, disastrous weather here or in other major producing regions can impact global supplies.”
USDA’s general expectation is for continued declines in real agricultural commodity prices during the next 10 years, Johansson says. “Falling commodity prices are the result of continued production growth, which continues to outpace global demand,” he adds.
Speaking at USDA’s 2019 Agricultural Outlook Forum, Johansson shared these facts and figures, which are good to keep in mind as you navigate 2019.