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Shining Light on Farm & Food Policy for 20 Years.
Friday, August 16, 2024
The Agriculture Department reduced its fiscal 2023 forecast for U.S. ag exports to $190 billion, a $3.5 billion drop from the agency’s last estimate in August, largely reflecting weaker expectations for soybean sales.
Supermarket prices rose another 0.7% last month, driven by continued increases in nearly every category in the store, and food costs are now up 13% over the past year.
Lawmakers are signaling they may be ready to boost funding for ag promotion overseas, and farm groups are hungry for the dollars that they say increase foreigners' appetite for U.S.-grown food.
New figures from the U.S. Meat Export Federation show July beef exports topped $1 billion for the sixth time in 2022 en route to the fifth-largest month on record for volume, continuing the trend of solid export figures throughout the year.
The Biden administration is pouring $2.8 billion, far more than originally planned, into a series of pilot projects aimed at developing markets for climate-smart commodities in every state and across a wide range of commodities and farm types. Another $700 million for smaller projects will be awarded later.
The USDA Tuesday raised its forecast for ag exports in fiscal year 2022 to $196 billion, but the department also predicted the value of overseas shipments will fall in FY 2023.
