By Jamie Martin
On November 7, 2024, the U.S. Department of Agriculture (USDA) will offer a glimpse into the future of American agriculture by releasing selected tables from their anticipated 'USDA Agricultural Projections to 2034' report. This early release, scheduled for 3 p.m. EST, aims to support the annual budget process mandated by the Budget Control Act.
The tables will feature decade-long forecasts for key U.S. crops and livestock products, setting the stage for a comprehensive report due in February 2025. These projections, also known as the "USDA Baseline," operate under the assumption that existing federal laws remain unchanged throughout the decade. They provide a neutral benchmark, devoid of predictions about unforeseeable global policies, political shifts, or extraordinary weather conditions that could disrupt market dynamics.
Starting from data in the October 2024 World Agricultural Supply and Demand Estimates report and macroeconomic forecasts from August 2024, the USDA's projections outline a future based on current trends and normal weather patterns. This approach ensures that the projections serve as a stable foundation for evaluating the potential impacts of legislative changes or significant external events on the agricultural sector.
The results will be accessible through the Office of the Chief Economist's website and the Economic Research Service’s Baseline database, available in MS Excel format to accommodate a broad range of users.
Under the Administration USDA continues to enhance America's food system. The focus has broadened to include resilient local and regional food production, fair market practices, and sustainable agriculture conducive to climate-smart practices. Such initiatives not only promise a robust agricultural sector but also aim to create equitable opportunities across the board, reflecting the USDA's commitment to transforming rural America and fortifying its infrastructure against future challenges.
Photo Credit: usda
Categories: National