Growth in demand for agricultural products is an important step in improving the economic outlook for production agriculture, especially in light of abundant global inventories. Growth in demand, or consumption, is often slow as the key drivers – population and consumption trends- are themselves slow to change. This year the livestock sector received some good news as the USDA reported increases in per capita consumption for several categories of meat. In this week’s post, we take a look at the long-run trends in U.S. meat consumption.
Last week we looked at how the increase in acreage of U.S. principle crops contributed to abundant grain supplies. The basic point was that increased acreages and strong yields have helped to produce abundant crop supplies. While the U.S. is certainly a key producer of the principle crops that we discussed, we thought it would be important to look at these trends a bit more broadly. This week we examine how world harvested acres have changed. Continue reading →
In a recent post we looked at the aging American farmer. Although we didn’t discuss it in that post, one of the most important outcomes associated with the trend toward older producers is the concentration of farmland ownership and control amongst older producers. This post examines that trend.