Bring a futurist and economist together to talk about the outlook for agriculture, and you get unbridled enthusiasm tempered with a dose of caution.

Lowell Catlett, dean of the ag college at New Mexico State, and Wells Fargo agricultural economist Michael Swanson agree that a growing appetite for meat in developing countries provides reason for both grain and livestock farmers to be optimistic.

"It’s the best time ever to be in agriculture," proclaimed Catlett, noting population and income growth in...