The farm economy outlook is improving thanks to trade, COVID-19 relief, and a market rally. Michael Clements, economist with the American Farm Bureau, states the new year is bringing some optimism for the farm economy due to multiple factors: recently released data form the U.S. Census Bureau show that preliminary exports to China during November are nearly $5 billion, putting the total exports to a historic record.
Agriculture continues to receive COVID-19 relief, most recently $13 billion in additional support for farmers and ranchers. This relief coupled with the market rally resulted in a strong year end closing. Farm Bureau economists see soybean and corn prices rally pretty significantly and beginning the year where prices are, may see an expansion in soybean acres, and maybe corn buys some acres in the spring. All positive signs for a solid 2021 and an improvement from July and August.
Agriculture continues to receive COVID-19 relief, most recently $13 billion in additional support for farmers and ranchers. This relief coupled with the market rally resulted in a strong year end closing. Farm Bureau economists see soybean and corn prices rally pretty significantly and beginning the year where prices are, may see an expansion in soybean acres, and maybe corn buys some acres in the spring. All positive signs for a solid 2021 and an improvement from July and August.