E185: Bears Overtake USDA’s 2024 Commodity Outlook

The 100th annual USDA Ag Outlook Forum took place February 15th and 16th, and the Department’s keystone event didn’t disappoint. Given current conditions and forecasts, analysts are expecting a record crop of corn, soybeans and wheat in 2024, which will further flesh out a global stocks figure that could continue to drive prices down. All of that, economists expect, could ead to the largest annual decline in farm incomes on record. Today, DTN Farm Business Editor Katie Dehlinger joins us to share the highlights from the forum, covering everything from the specifics of USDA’s expectations for commodity grains to how all of this might impact grower decisions going forward. She’ll speak about the message from the Secretary of Agriculture about the need to refocus on shoring up the farm safety net in the Farm Bill that was expected last year, and tell us about the response that Secretary Vilsack’s proposal received from former USDA Chief Economists in the room. We’ll dig more into the prospective planting figures, understand how interest rates and farm input costs are weighing on farm profitability, hear more about the future of crop insurance, and about the upcoming DTN Ag Summit Series Planting event in March.