Projecting the world of agriculture in 2034

Jeff Ishee
Feb 25
1 min read

Updated: Feb 27

February 26, 2024 - The U.S. Department of Agriculture recently projected what the industry of agriculture may look like ten years from now. The Office of the Chief Economist published USDA Agricultural Projections to 2034.

The report speculates that corn prices in 2034 will only be around $4.30 per bushel. Acreage in the United States devoted to corn production is expected to decrease by 6.1 million acres.

One of the bright spots in the report is that US chicken production is expected to continue increasing steadily at least through the year 2034. Chicken consumption per capita has increased for several years now and is expected to increase by 10% over the next decade.

Other highlights from the report include:

Corn yields will increase from 177 bushels per acre in 2023 to 200 BPA in 2034
Soybean yields will increase from 50 bushels per acre in 2023 to 57 BPA in 2034
Beef production is expected to decrease in 2026 and 2027 and then increase each year through 2034
The national dairy herd is projected to increase through 2034
As domestic demand for dairy products grows and exports increase, milk prices are expected to rise relative to input prices
Egg consumption per capita is expected to increase from 279 eggs per person per year in 2023 to 292 eggs per person per year in 2034
The largest portion of U.S. agricultural imports is horticultural products, going from $105 billion in 2023 to $151 billion in 2034