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Shining Light on Farm & Food Policy for 20 Years.
Friday, August 16, 2024
Grocery prices rose just 0.1% in December for the second month in a row and are up 1.3% year over year as food inflation continues to moderate, according to the latest Consumer Price Index.
The USDA’s Economic Research Service on Thursday lowered its forecast for U.S. agricultural exports in fiscal year 2024 to $169.5 billion. That’s down $2.5 billion from USDA’s previous forecast in August and down $9.2 billion from exports in FY 2023.
Tyson Foods pointed to measures it’s taking to increase efficiencies in a challenging meat market as it reported lower sales for fiscal 2023’s fourth quarter and projected flat sales in 2024.
The indictments of New Jersey Sen. Bob Menendez and Wael Hana are raising concern over an arrangement that gives control over millions of dollars in U.S. beef and poultry trade to one entity at the heart of the scandal.
One economist is optimistic that farmers will be able to weather the drop in annual net cash farm income that producers are expected to face next year as agricultural commodity revenues fall and production expenses rise.
A key scheme involved in the bribery case against Sen. Bob Menendez, D-N.J., angered the Agriculture Department but resulted in associates of the couple getting a lucrative monopoly on halal certification for U.S. beef exports to Egypt.
Pork exports have enjoyed a healthy first half of 2023, but beef sales to overseas customers have lagged, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Supermarket prices ticked up 0.3% last month, driven by a jump in the cost of beef as well as increases for some fruits, vegetables and dairy products, according to the monthly Consumer Price Index.
Tyson Foods on Monday announced the closure of four chicken processing plants, and the meatpacking giant said it lost money on its chicken and pork business during the latest quarter while barely covering costs on its beef segment.