The U.S. economy is slated to slow in 2023, just as farmers and ranchers ramp up production. The USDA predicts prices for most commodities will taper next year but remain generally high. As long as growers are gifted with typical weather and trend-line yields, 2023 could produce the largest corn and soybean crops ever.
And it’s not just the grains expected to grow. Per capita meat consumption, now at -.62 pounds per day, would rise annually over the next ten years. High consumer prices seem not to be impacting consumer meat demand. The USDA will make its first 2023 farm income projects in February, anticipating a lower farm revenue despite the more significant production.
Meanwhile, the U.S. wheat crop is ending 2022 with a record $9 per bushel pricing, bolstered by the ongoing war in Ukraine.
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