Dr. Penson Feature
The outlook for 2021 will be heavily influenced by a return to more normal demand from institutional buyers as restrictions on the restaurant industry and food service in general are eased. Domestic demand will grow as vaccination expands and consumers feel more comfortable about venturing out to restaurants and other venues. Export demand in 2021 is expected to remain strong. The low stock carryover for major crop commodities and expanded demand should continue to support crop prices at current high levels. Increased cash receipts will be offset to some extent by expected lower ad hoc government payments. Farmland values, which have remained remarkably stable in recent years, are expected to appreciate in 2021 given the improved outlook and continued low interest rates.
Dr. John B. Penson, Jr., Chief Economist
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