The U.S. Department of Agriculture has recently released its report, “USDA Agricultural Projections to 2024,” addressing agricultural trade, crops, and livestock through the next nine years. The report shows that during this time period, there is expected to be long-term growth in the global demand for agricultural products, such as corn and soybeans.
The soybean trade is projected to steadily rise for the U.S. beginning in 2019. The country is expected to export approximately 47.5 million metric tons of soybeans by 2019, and this amount will increase to 50.2 million metric tons by 2024.
“Over the longer run, steady global economic growth provides a foundation for strong crop demand,” wrote the authors of the report.
However, it appears that the U.S. will continue to reap the benefits of growing corn as well.
The Increasing Demand for Corn
The report notes that the industrial use of corn other than ethanol production is projected to rise at a moderate pace, averaging less than population growth. The use of corn in food is also projected to increase as population slowly rises.
“U.S. corn exports increase during the projection period, in response to strong global demand for feed grains to support growth in meat production,” wrote the authors. “The United States is the world’s largest corn exporter, with its market share of global trade growing to almost 45 percent by the end of the projection period.”
Non-food uses of corn, such as in the production of paper products, are the result of economic growth and industrial demand. Total starch use is expected to increase more rapidly than the population as the economy thrives.