After several tough years, macro forces point to some reasons for optimism for U.S. farmers. “Going into 2020, the basic fundamentals for many farms look better than they did last year,” says Robert Johansson, USDA chief economist. Here are facts and figures from USDA to keep in mind as you finalize your 2020 plans.
Global GDP growth in 2019, which was the first time global growth slowed to less than 3% since the worldwide recession in 2009.
The median farm household income.
The number of farms not earning positive returns from farming activities.
Crop operations in a highly leveraged situation (defined as debt-to-asset ratios of higher than 0.40).
The number of people who were food insecure in 2018, which is 11% of the world population and around 10 million higher than in 2017.
Metric tons of crops U.S. farmers produced in 2017. Over the next decade, USDA expects another 90 million tons of production.