Outlook 2024

January 16, 2024

Welcome to the PAER Outlook 2024 issue! As is the tradition, we ask department specialists to spend time thinking about key issues in their field and consider how these have impacted outcomes over the past year and may continue to go forward. We continue to call the issue an “Outlook” to recognize the department’s tradition of delivering programming at the start of the year. This aims to educate stakeholders who may benefit from knowledge in key mission areas of Purdue Ag Econ.

Much of what used to be “Outlook” programming has now transitioned to various center units in the department. In this issue, we feature contributions from faculty members who are prominent leaders in each unit, including Commercial Agriculture, Food and Agribusiness, Food Demand Analysis and Sustainability, Global Trade Analysis, and Regional Development. The PAER editors strongly recommend that readers follow the activities of these centers throughout the year.

The articles in this issue cover our traditional farm economy topics of land values, farm credit, farm costs and return estimates, and dairy markets. Additionally, there are articles addressing the broader economy with dedicated sections on the national economic outlook, trade, policy and food prices. This year we are fortunate to have spotlight topics that discuss key applied research findings from the department in the areas of energy (biofuels policy), rural development (generation gap) and agricultural trade (war in Ukraine).

Altogether, the issue provides a snapshot of the many departmental efforts in service of our land-grant mission, and we hope readers find it engaging and useful.

Roman Keeney, Associate Professor, Agricultural Economics and Co-editor of Purdue Agricultural Economics Report

Articles in this Publication:

The Outlook for the U.S. Economy in 2024

Trade and trade policy outlook, 2024

Will 2024 bring a new Farm Bill?

Impacts of the Russia-Ukraine war on global agriculture: spillover effects and policy responses

NCR-Stat: Generational Gap in Rural North Central Region

Biofuel production & policy: Contributions to economic & environmental analyses and policy decision

Food Prices

What To Watch in Dairy Markets in 2024?

2024 Farmland and Cash Rent Outlook

2024 Agricultural Credit Outlook

2024 Purdue Crop Cost & Return Guide

Latest Articles:

State of the Agricultural Economics Graduate Program in 2024

May 15, 2024

Dr. Carson Reeling and Dr. Brady Brewer provide an update on the State of the Agricultural Economics Graduate Program at Purdue University.


Trends and Changes in Agricultural Job Opening Salaries

May 15, 2024

Using job openings that are available on the Google Jobs job board, changes and long-term trends in salary of agricultural job openings is analyzed. It is found that salaries increased year over year from 2022 to 2023 and are elevated in the summer month.


Income Differences: Owner’s and Businesses’ Age Amongst Family/Non-Family Businesses

May 15, 2024

Utilizing average income for small businesses, this report sought to understand the impact succession practices can have on the success and longevity of small businesses.
*As modified from the Purdue Institute for Family Businesses 2023 Quarter 1 Newsletter*


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The Purdue Agricultural Economics Report is a quarterly publication written by faculty and staff from the Department Agricultural Economics at Purdue University.

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