USDA to release early commodity projections for U.S. agriculture through 2034

The USDA will release select tables from its upcoming USDA Agricultural Projections to 2034 report on Nov. 7, 2024, at 3 p.m. EST.

These tables will provide 10-year projections for major U.S. crops and livestock products, offering an early glimpse into future market trends before the full report is published in February 2025.

The report, known as the USDA Baseline, offers projections based on the assumption that current federal laws affecting spending and revenues remain in place throughout the projection period. The USDA Baseline does not predict global policy changes, abnormal weather, or other external factors, but rather offers a neutral benchmark of how agricultural markets could evolve under current conditions.

“These projections provide a critical foundation for understanding the potential impact of proposed legislation or external developments on agricultural markets,” the USDA press release read. “By maintaining a constant set of assumptions, we can assess potential changes with greater clarity.”

The November release will build upon data from the October 11, 2024, World Agricultural Supply and Demand Estimates (WASDE) report and will incorporate macroeconomic forecasts from August 2024.

The selected tables will be available on the Office of the Chief Economist’s (OCE) website and will also be added to the Economic Research Service’s (ERS) Baseline database.

For more information, visit usda.gov.