The outbreak of COVID-19, as well as U.S. government response to the outbreak, continues to impact agricultural markets, disrupting supply chains, shifting consumer demand and expanding government outlays. Beyond the near term opening of the economy, the macroeconomic contraction is likely to have longer lasting effects.
A lot has happened since FAPRI prepared its outlook for the farm economy based on information available in January 2020. This analysis attempts to isolate COVID-19 impacts from other market changes that have occurred for unrelated reasons.
The 2019 “U.S. Baseline Outlook: Projections for Agricultural and Biofuel Market” report is published by the Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri. It provides a longer term view of ag markets based on past and current trends combined with projected outcomes from the various segments of ag including various crops, biofuels along with livestock and dairy.
The outlook for 2018 farm net income varies depending on recent reports from USDA on Aug. 30 and University of Missouri’s Food and Agricultural Policy Research Institute (FAPRI) on Sept. 18. However, the USDA outlook did not include potential payments from the Market Facilitation Program (MFP) that provides farmers with compensation for losses incurred because of trade disputes, announced on Aug. 27. On the other hand, FAPRI’s farm income projections incorporates the initial round of MFP payments.
The latest episode of Ag Equipment Intelligence’s On the Record is now available! In this week's broadcast we look at how dealers' sales outlook for 2018 compares to that of the OEMs, cyber-based security threats to precision farming and an increase in non-real estate farm loans. In addition, we look into the University of Missouri's Food and Agricultural Policy Research Institute's forecast for net farm income in 2018 and 2019, North American ag equipment sales through the first three quarters of 2018 and an improvement in irrigation equipment sales for Lindsay.
Along with the steep plunge in farm-level milk prices that started last summer, dairy producers were also hit with rising feed costs, which remain elevated.
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Precision ag pioneer Al Myers is a member of the Farm Equipment Shortline Legends Hall of Fame 2024 class. It’s been almost 35 years since the Ag Leader founder introduced the groundbreaking Yield Monitor 2000.