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Shining Light on Farm & Food Policy for 20 Years.
Thursday, April 18, 2024
The cost of eating at home was unchanged for the second straight month in March as lower prices for dairy and grain products offset higher costs for beef, pork, chicken and eggs.
Supermarket prices were broadly steady in February as lower costs for dairy products, fruits, pork and chicken offset increases for beef, eggs, sugar and other products.
A new report from the Agriculture Department’s Economic Research Service projects the nation’s pork producers could soon be sending more product overseas than their poultry counterparts.
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 Biden administration has made it clear it won't use the 14-nation Indo-Pacific Economic Framework for Prosperity to negotiate lower tariffs on American ag exports, but U.S. officials insist there are plenty of non-tariff trade barriers to be resolved, and U.S. farm groups’ hopes are high as talks continue this week in San Francisco during a seventh round of negotiations.
The U.S. pork industry wants to see a return of the Generalized System of Preferences trade program, which expired in 2020, seeing it as key to gaining new access to markets in countries like Thailand and the Philippines.
