USDA has released selected tables from its upcoming “USDA Agricultural Projections to 2024” report. The long-term commodity projections available are an early release of U.S. commodity supply and use tables that will be contained in the full long-term projections report that will be released on February 11, 2015. 

The early-release tables include supply, use and price projections to 2024 for major U.S. crop and livestock commodities, as well as supporting U.S. and international macroeconomic assumptions.  The full report will include further information covering projections for agricultural commodity trade, U.S. agricultural trade value, and farm income.

USDA’s long-term agricultural projections are a departmental consensus on a long-run representative scenario for the agricultural sector for the next decade.  The projections are based on specific assumptions about macroeconomic conditions, policy, weather, and international developments, with no domestic or external shocks to global agricultural markets.  The Agricultural Act of 2014 is assumed to be extended and remain in effect through the projection period.  The projections reflect a composite of model results and judgment-based analyses and were prepared during October through December 2014.  The projections use as a starting point the short-term projections from the November 2014 World Agricultural Supply and Demand Estimates report. 

The World Agricultural Outlook Board chairs an Interagency Agricultural Projections Committee to coordinate this activity and improve the quality and consistency of projections.

Commodity Tables to 2024

Macroeconomic assumptions

• U.S. macroeconomic assumptions
• Global real GDP assumptions
• Global population assumptions

U.S. crop projections

• Crop acreage summary
• Feed grains (corn, sorghum, barley, and oats)
• Wheat
• Soybeans and products
• Rice (total, long-grain, and medium and short-grain)
• Upland cotton

U.S. livestock projections

• Meats and eggs
• Dairy

Link to Press Release: