Geopolitical factors, elections, and many other surprises await the agricultural economy in 2024.
Farm Journal and Purdue University’s December Economists’ Monthly Monitor shows views slightly more optimistic than they were a month ago. The economists talked about what unexpected news headlines they wouldn’t be surprised to see in 2024. The responses include China falling into a big recession. They wouldn’t be surprised to see a second farm bill extension, corn prices that test four dollars again, and inflation will support managed money returning to the commodities. Record beef imports wouldn’t be a surprise, as well as a national corn yield bigger than 190 bushels per acre.
There are also reasons for optimism like demand opportunities through domestic soybean crushing, renewable fuel, and sustainable aviation fuel. They’re looking for robust domestic consumption and an opportunity for competitive pricing for U.S. commodities in overseas markets. Many producers should still have strong balance sheets.