The University of Missouri’s Food and Agricultural Policy Research Institute is out with its annual baseline outlook, projecting the trajectory of the ag economy for the next decade. Director Dr Pat Westhoff says after a year of higher input costs, inflation, and grain prices, many of these are expected to come back down.
Westhoff details the projected average cash price for two major crops.
Wheat’s cash price is predicted to slide $1.29 per bushel to $7.39. However, cattle prices could remain high, following a decrease in supplies stemming from prolonged drought in the Great Plains.
FAPRI Director Dr Pat Westhoff says the rate of food price inflation should fall significantly, from almost 10 percent last year to a projected four-point-four percent this year and two percent next year.