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Balanced Reporting. Trusted Insights.
Saturday, August 13, 2022
Global prices for food commodities dropped sharply in July, led by declines in vegetable oil and grain markets, but food costs overall remain 13% above the level a year ago.
The ink was barely dry on a deal to allow shipments of grain stuck in Ukrainian ports when Russia unleashed a missile attack that has jeopardized the agreement.
The House will debate a package of six spending bills that include funding for departments and agencies critical to agriculture, and Republicans are pushing for votes on amendments aimed at highlighting key parts of President Joe Biden’s regulatory agenda.
A 10-year forecast for global agriculture projects that worldwide food consumption will increase by 1.4 % per year over the next decade, with the increase primarily concentrated in low to middle-income areas.
Amid a historic demand for food assistance both here and abroad, industry leaders are looking for ac a crisis response plan to emerge from the White House’s Conference on Hunger, Nutrition and Health, new conversations in the upcoming farm bill and solutions for Ukrainian exports. The Arab Spring in 2007 will pale in comparison to the impact the war in Ukraine will have on the global food supply, warns one Newsmaker panelist.
Economists have raised their forecast for farm income this year. As a result, farm earnings are expected to be about the same this year as last, despite sharp increases in production costs.
Ahead of a key Senate hearing this week, economists at Texas A&M University have finished their analysis of a revised bill that would mandate levels of cash trading in the cattle markets.
