Big question marks have been floating around as to the condition of the U.S. Ag economy. There has been much speculation based on many different indicators. During the 96th annual Agricultural Outlook Forum, one United States Department of Agriculture (USDA) economist feels the signs show the ag sector on the rise.
USDA Chief Economist Rob Johansson says exports are forecasted at $139.5 billion this year and $183 billion in the next ten years. Johansson says trade deals are a big catalyst for these figures.
Johansson says that farmer confidence is high, helped by low-interest costs, high equity-to-debt, and stable land values keeping bankruptcies still historically low even while still rising. Coronavirus is still a major question mark.
U.S. Agriculture Secretary Sonny Perdue says that the Ag sector is strong; doing more with less. Perdue points to a 400% increase in productivity over the past 70 years. He says that the key has been innovation.
Secretary Perdue says he wants to see the American Farmer erasing world hunger by 2050 when the world?s population is forecasted to be at 10 billion.
