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After COVID's chill, a hot recovery is at hand


iStock: peshkov
The U.S. economy could grow at its fastest rate 7%  in nearly four decades, with the farm sector sharing in the energetic recovery from the pandemic, said CoBank on Thursday. “Many in the agricultural industry are experiencing the best market conditions since 2013,” said the lender in a quarterly assessment of the sector.
“Prices are hovering near multiyear highs as strong exports and dwindling supplies have solidified a healthy outlook for much of the farm economy,” said CoBank, based in Denver. “Consensus forecasts point to 7% GDP growth for 2021, the fastest rate of expansion since 1984.”
The USDA has forecast record ag exports of $157 billion this year, up 16% from 2020, as the world awakens with an appetite for food from the economic recession that accompanied the pandemic. U.S. farm income is expected to be 20% higher than its 10-year average, with producers pocketing more revenue from crops and livestock and relying less ....

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