inflation

According to the National Milk Producers Federation and U.S. Dairy Export Council, the record milk prices reported in 2022 likely won’t repeat themselves this year, as production increases and consumers grapple with an economic slowdown.  Mem...

You may have noticed, while general inflationary numbers eased a bit last month, food prices continued their steady march higher in December.  General inflation slowed in December to 6.5% a year, down slightly from the 7% reported in November.  But USD...

The Bureau of Labor Statistics announced this week that the Producer Price Index for final demand declined 0.5% in December when seasonally adjusted.  The index measures the average change over time in the selling prices received by domestic producers for their output.  Final d...

In some ways, 2023 will be very similar to 2022 when it comes to the farm economy.  But in other ways, it’s expected to be very different.  One of those differences will be the supply chain, which has made strong improvements over the past 3-4 months, removing some of the uncertainty farmers faced last year.  And input costs, includ...

After recording huge numbers in 2021, beef export figures came back to earth in November 2022.  But the news is far from bad, according to U.S. Meat Export Federation President and CEO Dan Halstrom.  He noted while beef exports were down year-over-year in November, several markets set new yearly value records in just 11 months.   “Korea, Ch...

Oil prices started the new year moving up slightly.  West Texas rose roughly 3% in Monday’s trade to $76 per barrel.  Patrick DeHaan with GasBuddy said it's been a bumpy start to the year.   “Oil prices still a bit lower than what they were a week ago, but oil prices in full rally mode today with China giving us strong indication of a full reopening happening.”   DeHaan said investors don’... Read

Look at the USDA’s numbers, and you’ll see that 2022 was far and away a record net farm income year.  But the question on the minds of many in farm county is: will 2023 be a better year?   USDA Chief Economist Seth Meyer says the odds are against that happening for a couple of reasons.  First, as he put it, 202...

Fresh-market vegetable crops in California, Florida, and Mexico were hit with a variety of inclement weather this summer and fall.  The adverse weather reduced supplies and contributed to higher shipping-point prices, according to a USDA Economic Research Service report.  Sh...

In a few weeks when American producers close the books on 2022 they will have taken the overall farm sector income to record high levels.  ERS recently released its new farm income forecast for 2022 and it shows net cash farm income will be just under $188 billion.   “...

Looking back on 2022, there were many challenges for wheat growers.  While weather threw growers a few curveballs throughout the year, one of, if not the biggest challenge was input costs.  USDA numbers show fuel and fertilizer prices increased by roughly 50% this year, with that rate being much higher in early 2022.  And Britany Hurst...