Source: Economic Research Service
The U.S. Department of Agriculture has released its Agricultural Projections for 2010-19 outlining its projections for the farm sector including commodities, ag trade and aggregate indicators of the sector for the next 10 years.
Important assumptions for the projections include:
- Prospects for the agricultural sector in the near term reflect continuing U.S. and global adjustments to the recession of 2008-09 and the subsequent economic recovery.
- A resumption of steady global economic growth will support increases in consumption, trade and prices in the longer run.
- Additionally, long-run developments for global agriculture reflect continued demand for biofuels, particularly in the United States and the European Union.