Agricultural 2022 Economic Outlook

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Agricultural 2022 Economic Outlook

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Michael Gunderson, PhD Blaine Nelson
JAN 18, 2022

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Executive Summary

The agriculture sector of the U.S. economy appears poised for another strong year in 2022 amidst the backdrop of continued healthy overall economic growth. MetLife Investment Management (MIM) forecasts continued broad economic expansion, although there are lingering concerns regarding elevated inflation levels. Growth in spending on goods during the pandemic and sustained demand for food, fuel, and fiber have pushed agricultural commodity prices up and raised net farm incomes to levels not seen since 2013. Even if interest rates move from historic lows next year in response to elevated inflation, we believe the strong Ag economy is likely to persist, and farmland values should remain on an upward trajectory for the year.