USDA’s 30 November farm income forecast shows net farm income at $151.1 billion for CY 2023, a decrease of $31.8 billion, or 17.4 percent, relative to 2022 in nominal dollars. In inflation adjusted dollars, net farm income is forecast to drop $37.9 billion, or 20 percent from 2022. This is a slight improvement over the August forecast of a 23 percent nominal drop. Net farm income in 2022, however, was a record high $182.2 billion, up 30.2 percent from 2021, still leaving net farm income in 2023 at 31.4 percent above its 20-year average (2003–22) of $115 billion in inflation-adjusted dollars. Below is a look at income by commodity; cash receipts are forecast down 4.7 percent for all crops and down 5 percent for livestock and pro...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
From WPI Consulting
Forecasting developments in production agriculture
On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.