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Shining Light on Farm & Food Policy for 20 Years.
Thursday, December 26, 2024
A bipartisan group of lawmakers are proposing to extend the new 45Z tax credit for low-carbon biofuels for 10 years but restrict the incentive to products derived from domestic feedstocks, such as vegetable oils and corn ethanol.
The UN Food and Agriculture Organization’s broad measure of global food commodity prices was unchanged in June, although vegetable oil prices rose 3.1%, driven in part by strong biofuel demand.
The UN Food and Agriculture Organization’s index of global food commodity prices eased again in January, led by lower prices for grains and meat, and is down 10.4% from a year ago.
Prices for globally traded food commodities fell in August on declines in the cost of dairy products, vegetable oils and other products, reversing an increase the month before.
The World Bank projects that agriculturalcommodity priceswill drop 7% this year and likely fall again in 2024, providing some relief from global food inflation.
Higher prices for animal fats and vegetable oils are helping drive what is expected to be a record global food import bill this year, forcing consumers to spend more and get less to eat, the UN’s Food and Agriculture Organization said Thursday.
A measure of global food commodity prices fell slightly for the second month in a row in May, despite the continued surge in wheat markets as the war in Ukraine dragged on.
