The economic outlook for both row crops and livestock is muddy at best going into 2021. Uncertainty was the overwhel­ming theme presented last week by economists from the American Farm Bureau Federation (AFBF) during its annual meeting.

While higher grain prices and a drought in Brazil have helped the bottom line for corn and soybean farmers, the potential for expanding drought in the U.S. and increased feed prices has livestock producers worried. 

Similarly, while the incoming Biden administration will likely be supportive of biofuels, it could also put pressure on other environmental issues that may impact...