At the National Grain and Feed Association’s (NGFA) 41st Country Elevator Conference & Trade Show, James Wiesemeyer, senior vice president, Informa Economics, outlined his predictions for the short-term future of U.S. agriculture.
According to Wiesemeyer, here is a list of the “9 Factors Impacting U.S., Global Food and Agricultural Markets over the Next Decade:”
- Global economic growth and rise of “middle class” in developing countries
- Value of the U.S. dollar
- Worldwide biofuels production
- Role of trade and trade liberalization
- Energy and agricultural input prices
- Biotech and other yield/precision developments
- Additional crop land
- Politics and policy
In conclusion, he predicts the strong growth in food demand from emerging markets over the next decade, which will, in turn, keep global prices and profitability strong for U.S. grain exports.