Economics and Money

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  • 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 R Smith and Ben Campbell

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  • AP 130-2-08

    2024 Beef Cattle Outlook

    1. The beef cattle outlook is positive in 2024. Tight supplies and stable consumer demand are expected to push cattle prices higher in the year ahead.
    2. Risks come from the demand side if U.S. consumers are uninterested or unable to pay for higher-priced beef. Additionally, input cost uncertainty may squeeze margins.
    3. Overall, beef cattle prices are expected to move higher year-over-year throughout 2024.

    Ben Campbell and William Secor

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  • AP 130-2-07

    2024 Poultry Outlook

    1. The broiler chicken outlook in 2024 is neutral to positive; consumer demand should remain steady and feed costs should decrease.
    2. Risks to the chicken outlook include significant HPAI outbreaks and expensive housing.
    3. Baseline chicken prices are expected to be similar to 1-year-ago levels. Production uncertainty is the main driver of price uncertainty for 2024.

    Ben Campbell and William Secor

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  • AP 130-2-12

    Green Industry 2024

    1. 2023 was a good year for many green industry firms, but not as good as 2020–2022.
    2. The unknowns going into 2024 include higher inflation and interest rates, mixed signals within the economy, increased input costs, and variability in the housing market.
    3. Green industry sales in Georgia are projected to be lower than 2023 levels.

    Ben Campbell

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  • AP 130-2-14

    Agritourism, Hospitality, and Travel 2024

    1. Total number of trips among U.S. travel will grow 4.3% in 2024.
    2. In 2023, pick-your-own farms and wineries/distilleries/breweries comprised almost 20% of the state’s agritourism attractions.
    3. 2023 hotel demand will end with modest growth for rural and urban counties.
    4. In 2022, total gross demand for accommodations in Georgia’s rural counties increased 24.7%; there was a 13.7% increase for food in the same counties.
    5. Visitation to state park and outdoor recreation areas increased 1% in 2022.

    Ben Campbell, John Salazar, and Angie Im

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  • AP 130-2-09

    2024 Dairy Outlook

    1. The outlook for 2024 is an improvement over 2023 as feed costs should decline and milk prices remain at similar levels in 2024.
    2. Risks remain as improved margins may spur a strong production response and demand growth is uncertain both domestically and overseas.

    Ben Campbell and William Secor

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  • AP 130-2-15

    Georgia’s Alcoholic Beverage Industry 2024 Outlook

    1. All three alcoholic beverage sectors in Georgia experienced significant growth over the last 20 years and are poised to keep growing.
    2. Breweries had the highest total demand in 2022 ($1.1 billion), followed closely by wineries ($970 million). Distilleries saw the highest average 5-year growth rate—6% YOY.
    3. Sourcing local ingredients will continue to help beverage producers in the state differentiate themselves from competitors and meet increased consumer demand.
    4. Agritourism demand and the ability to sell directly to the consumer is critical to the industry’s growth and development.

    Ben Campbell and Daniel Remar

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  • 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.

    Ben Campbell

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  • 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.

    Ben Campbell and Yangxuan Liu

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