According to today's USDA Grain Transportation Report, last week, USDA held its 99th annual Agricultural Outlook Forum (Forum), themed “U.S. Agriculture: Seeds of Growth Through Innovation.”
This year’s Forum featured a keynote address by the USDA Secretary, a presentation on the 2023 agricultural economy by USDA’s Chief Economist, and 30 breakout sessions—including one on “Transportation and Global Supply Chain Disruptions.”
All sessions are publicly available via online recordings, at no cost, by registering on the Forum’s USDA webpage. At the Forum, USDA also released its first projections for the upcoming marketing year (MY) 2023/24. (The next update will occur with USDA’s May World Agricultural Supply and Demand Estimates report.)
In MY 2023/24, USDA expects a near-record production of corn, soybeans, and wheat (21.5 billion bushels)—up 9% from MY 2022/23. Additionally, exports and domestic use are projected to rise 8% and 3%, respectively, from the previous year, boosting the demand for grain transportation.