Kansas farmers and ranchers can anticipate a mix of increases and decreases during the next decade. According to the USDA Agricultural Projections report for the next ten years, beef prices are expected to lower while milk prices increase.
Beef prices will see a slow rise but then taper off and decline to below 2020 levels by the decade’s finish, the report projects. But overall, beef production levels should increase to more than 29 billion pounds by the end of 2029. As for milk, the report states, prices are projected to decline for the next five years and then increase starting in 2025.
Crop cash income should increase throughout the coming decade. The USDA reports net farm income is expected to decline, but by 2029 it should be $4.7 billion greater than in 2020. Soy, cotton, wheat, sorghum, oats and barley prices are also expected to increase by the end of the decade. Much of the growth from these crops is reported to increase because of yield.
The USDA expects wheat acres to decrease, with domestic use and exports to have weak growth. Much of the decline in wheat exports, the study states, is due to competition in the Black Sea region.