Welcome to our annual outlook issue of the Purdue Ag Econ Report (PAER), where we look back at last year and ahead at economic conditions for agriculture in 2020.
The past year brought a number of challenges for Indiana agriculture, weather being at the top of the list. Rain and flooding impacted the ability to get into fields, and led to difficult decisions about whether to delay planting or take prevented planting insurance. These delays then led to a late harvest. While weather had significant effects in different parts of the state; nationwide, there were only modest improvements in commodity prices.
Looking ahead, there continues to be uncertainty in trade policy and the macroeconomic environment. African Swine Fever in China is having, and will likely continue to have, major impacts in global markets. As a result of this and other factors, global food prices are on the rise, although domestic food price inflation is projected to remain low.
In the following PAER articles, Agricultural Economics Faculty at Purdue provide insight on these and other issues, including land values, rental rates, and agricultural policy.
- Jayson Lusk, Distinguished Professor and Head of the Department of Agricultural Economics