URBANA, Ill. – Some of us want to know what the future holds, like tomorrow’s weather forecast. Others want to know what the future holds so they can calculate what the farm economy will be like in 10 years.
That is not just guessing grain and livestock prices, but factoring in world population growth, energy demand, and the ebb and flow of world trade.
Glimpse. Each year the USDA’s Economics Research Service issues its 10-year forecast and this past week made its predictions for the 2016-17 fiscal year.
What did they see in their crystal ball this time?
USDA’s 10-year baseline is fascinating reading if you have the time.
For farmers beginning their career, it provides an opportunity to merge your business plan with the USDA’s projections. For farmers at the mid-point in their career, the projection offers some good targets for you and your business partners to consider.
USDA economic overview
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