Agricultural Projections Going into 2024

Abstract

USDA’s World Agricultural Supply and Demand Estimates (WASDE) report outlines the current view for agricultural markets over the next 12–18 months. In general, extreme weather events and domestic and international economic concerns have shaped the agricultural projections for the near future. While US meat demand remains resilient, cattle numbers have continued to decline due to drought and high production costs. Meanwhile, USDA projects the pork and poultry industries will grow. Livestock prices have a mixed outlook for 2024, with beef and pork prices expected to increase, while prices for broilers and turkeys fall. This year’s acreage shifts seem to have bigger impacts on crop production than the ongoing drought, with corn acreage and production jumping higher, while soybean area and production fell. Crop usage eroded from sustained higher prices; however, the forecast shows a rebound in crop usage for the 2023 crops, with the exception of soybean exports.