The 2022 U.S. Baseline Outlook report by the Food and Agricultural Policy Research Institute (FAPRI) says farm commodity prices, production costs and consumer food prices are higher than would have been expected at the start of the year. The annual report was prepared using market data available in January, before the crisis in Ukraine made the already-volatile markets more uncertain. Ultimately, the report projected lower prices for most crops in the 2022/23 marketing year.
However, there are eight key pieces of data from the report that will continue to impact economic baselines: acreage mix in 2022, Ukraine and Russia grain exports, fertilizer prices, corn exports growing amidst an ethanol plateau, meat production declines, slower Chinese imports, projected inflation subsidies and interest rates rising and farmland values increasing.
Read more on the FAPRI baseline here.
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