U.S. agriculture exports hit a record in 2022 - a total value of $196 billion. However, the situation was more of a mixed bag upon closer inspection. Several commodities were down in volume, and those commodities that did grow in volume, were largely driven to record values by much higher prices. Overall, high prices, market disruptions, and a strong U.S. dollar also led to an agricultural trade deficit in 2022, at more than $2 billion. This is only the second time since 2000 that the agricultural trade balance was in deficit, the other being in 2019 during the period of the Trump tariffs. The deficit in 2019 was $480 million. One sector that stands out is dairy products. Last year was the sixth consecutive year with record ex...
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.