Projections will include farm income, global commodity trade, among other topics
On Feb. 14, 2019 at 12 p.m. EST, the U.S. Department of Agriculture (USDA) will release the complete set of tables prepared for the upcoming USDA Agricultural Projections to 2028 report. The new tables will include projections for farm income, U.S. fruits, nuts, and vegetables supply and use, and global commodity trade. Tables containing long-term supply, use, and price projections to 2028 for major U.S. crops and livestock products as well as supporting U.S. and international macroeconomic assumptions were released on Nov. 2, 2018. Short-term projections from the Oct. 11, 2018 World Agricultural Supply and Demand Estimates report are used as a starting point.
“The baseline tables provide important data to many stakeholders. We had to delay their release due to the lapse in federal funding, but I am pleased to announce they will be available to the public in few days,” said USDA Chief Economist Rob Johansson.
The tables will be in MS Excel format and posted to the USDA Office of the Chief Economist’s (OCE) website.
USDA’s long-term agricultural projections represent a departmental consensus on a ten-year representative scenario for the agricultural sector. The projections do not represent USDA forecasts, but rather reflect a conditional long-run scenario based on specific assumptions about macroeconomic conditions, policy, weather, and international developments, with no domestic or external shocks to global agricultural markets. The Agricultural Act of 2014 is assumed to remain in effect through the projection period.
Background on USDA’s long-term projections and past issues of the report are available at the USDA Economic Research Service (ERS) website.