After a year of economic shocks that included supply chain disruption, global conflict, tight margins and historic inflation, Purdue University Department of Agricultural Economics experts are looking ahead to what the agricultural sector can expect in 2023. Those findings were recently published in the Purdue Agricultural Economics Report’s annual outlook issue.
“Signs are pointing to another uncertain and volatile year in agriculture,” said Roman Keeney, associate professor and co-editor of the report. “In 2023, our experts are assessing the possibility of a recession, impacts from the ongoing war between Russia and Ukraine, as well as expectations for input costs and food prices.
“Additionally, the 2018 Farm Bill is set to expire in September, which makes 2023 an important year for farm policy. Following multiple years of emergency support and agriculture benefiting from COVID relief packages, government direct support to agriculture is set to fall dramatically.”
Inside the issue, Keeney discusses the implications of these changes and notes that the short timeline and a wave of new congressional representatives could make replacing the 2018 Farm Bill in 2023 a significant challenge.
To read the full Purdue Agricultural Economics Report 2021 outlook issue, visit https://purdue.ag/paer. The report provides an outlook for the following agricultural topics:
The U.S. Economy in 2023
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Trade and trade policy;
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Factors that shape the 2023 Farm Bill;
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Consumer food prices;
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Dairy consumption and production;
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Purdue Crop Cost and Return Guide;
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Agricultural credit; and
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Farmland values and cash rents.
The Purdue Agricultural Economics Report is a quarterly publication from the Department of Agricultural Economics. Articles in the annual outlook issue are intended to provide a road map for understanding challenges facing the agricultural economy.
