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AG ECONOMISTS' OUTLOOK IS STARTING TO ERODE
Sep. 28, 2023
by Tyne Morgan, AgWeb.com
Ag economists' view on the ag economy is starting to erode. The September Ag Economists' Monthly Monitor shows lower commodity prices, concerns about demand and a negative outlook for China's economy are all contributing to the changing views, even as the cattle herd and U.S. corn and soybean crops continue to shrink.
But the most influential piece of the farm economy might be the price of corn.
The Ag Economists' Monthly Monitor is a survey of nearly 60 ag economists from across the country, conducted by the University of Missouri and Farm Journal. The biggest story revealed in the September Monthly Monitor is the falloff in the ag economy -- all three categories are lower than any of the previous three surveys.
"I think a lot of things are coming together to make people more pessimistic about the short-term view of things," says Pat Westhoff, director of the Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri.
"We've got lower prices for some of the major commodities, such as corn, and that's obviously a major player in all this. Higher interest rates aren't helping as well. There's just a general concern about the future of demand for U.S. agricultural products, which has probably gotten to be a more important concern this past month."
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