Center for Agribusiness and Economic Development

Use the Advanced Search
  • 2024 Ag Snapshots

    AP 129-2

    2024 Ag Snapshots

    Ag Snapshots is a brief focus on Georgia’s agricultural industry and are based on the Georgia Farm Gate Value Report from the previous year with helpful infographics and maps. Years prior to 2023 can be accessed on the Agribusiness and Economic Development publications site: https://caed.uga.edu/publications/georgia-agricultural-statistics.html

    Sharon Kane

    |

  • AP 130-2-01

    2024 Overall U.S. and Georgia Economic Outlook

    Each year, UGA’s agricultural economists develop a comprehensive overview to help various sectors of the agriculture industry navigate the year ahead. As Georgia’s land-grant university, the University of Georgia conducts cutting-edge research on critical and emerging issues that are important to the agriculture industry. From this research, UGA provides the best information and education available to producers and constituents to equip them with knowledge and decision-making tools for their businesses. Forecast by Jeffrey M. Humphreys, UGA, Director of the Selig Center for Economic Growth. The overall U.S. outlook projections include: 1. The 2024 economic forecast for Georgia calls for an economic slowdown but not a recession. We estimate the probability of recession at 33% for Georgia compared to just under 50% for the United States. 2. Georgia’s lower risk of recession reflects recent economic development success and stronger demographics. 3. The resilient labor market and the strong financial position of households are two reasons why we expect continued economic expansion. 4. Inflation will continue to ease but will not fall to levels experienced before the pandemic. 5. The main downside risks to growth are missteps by the Federal Reserve, a financial crisis, and an energy-price shock. Each of these risks alone could trigger a recession.

    Benjamin Campbell

    |

  • AP 130-2-02

    2024 Georgia Agriculture Outlook

    1. Food and commodity prices are expected to return to prepandemic levels.
    2. Coupled with increasing costs, the nation’s farm income is expected to decline by 17% between 2022 and 2023.
    3. Georgia’s 2023 net farm income is likely to return to the 10-year average of about $3 billion.
    4. Potential upsides for Georgia are the possibility of higher demand for poultry, cotton, and peanuts from domestic and overseas markets.
    5. Risks to this forecast are higher input costs, geopolitical risks, cheaper imports of some commodities, and a global economic slowdown.

    Benjamin Campbell and Gopinath Munisamy

    |

  • AP 130-2-03

    2024 Inputs and Production Expenditures Forecast

    1. Farm input expenses continued to increase in 2023; when adjusted for inflation, they remained below 2014’s record highs.
    2. Notable changes in 2023 included reductions in farm interest and fertilizer expenses.
    3. Total production expenses are forecast to decline slightly with the largest changes in interest, fertilizer, and pesticide categories.

    Benjamin Campbell and Guy Hancock

    |

  • AP 130-2-05

    Peanut 2024 Outlook

    1. Peanut yields were down in 2023, but demand continues to remain strong and stocks remain steady. Prices are expected to hold strong.
    2. The increased cost of production in recent years has remained elevated, with the Farm Bill safety net providing no support.
    3. Contracting, controlling costs, and careful evaluation of crop insurance are primary risk-management strategies for producers.
    Forecast by Wendiam Sawadgo, Auburn University and Alabama Cooperative Extension System, Assistant Professor and Extension Economist; and Adam N. Rabinowitz, Auburn University and Alabama Cooperative Extension System, Associate Professor and Extension Economist.

    Benjamin Campbell

    |

  • AP 130-2-04

    2024 Cotton Outlook

    1. U.S. cotton acreage and production are likely to decline in 2024 because of lower relative price expectations with competing crops.
    2. The cotton production profit margin is likely to be lower in 2024 with high input costs and low cotton prices.

    Benjamin Campbell and Yangxuan Liu

    |

  • AP 130-2-10

    2024 Fruits and Tree Nuts Outlook

    1. High prices for peach producers helped a strong producer price index in the 2022–2023 crop season. The PPI is expected to stay strong in 2024.
    2. Favorable prices came from production shortages, caused by bad weather in Q1 of 2023 that devasted the Georgia and South Carolina peach industries.
    3. Citrus experienced the lowest production recorded in 50 years, and growers now prefer fresh market citrus instead of processed.
    4. For blueberries, the newly signed memorandum to export 800 tons to the EU market will help maintain strong prices in the 2024 crop season.

    Esendugue Fonsah and Benjamin Campbell

    |

  • AP 130-2-11

    2024 Vegetables and Pulses Outlook

    1. Total harvested area of vegetables and pulses decreased by 3.2% from 2021 to 2022, and fresh and processed vegetable area harvested decreased by 5.1%; the situation is expected to deteriorate in 2024.
    2. 2022 total imports of vegetables and pulses were $18.7 billion, an increase of 11.1% compared to 2021; this import trend is expected to continue.
    3. Per capita vegetable consumption may increase in 2024 but will not attain the level seen in the years 2020–2022.

    Esendugue Fonsah and Benjamin Campbell

    |

  • AP 130-2-06

    2024 Corn, Soybean, and Wheat Outlook

    1. Tighter margins are expected in 2024 for corn, soybeans, and wheat as commodity prices are forecast to be lower and input prices are expected to be flat.
    2. Growing demand for sustainable biodiesel fuels will slow soybean price declines relative to the decline in corn prices.
    3. Expect more acres planted to soybeans and fewer acres planted to corn and wheat.

    Amanda Smith and Benjamin Campbell

    |