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Balanced Reporting. Trusted Insights.
Sunday, October 01, 2023
A key House Republican wants to reinstate a restriction on USDA’s use of its Commodity Credit Corp. Rep. Andy Harris, who chairs the House Ag Appropriations Subcommittee, claims Ag Secretary Tom Vilsack misused the CCC to fund the $3 billion Partnerships in Climate-Smart Commodities initiative.
The World Bank projects that agriculturalcommodity priceswill drop 7% this year and likely fall again in 2024, providing some relief from global food inflation.
Agricultural shippers are warily watching the ongoing contract negotiations between the International Longshore and Warehouse Union and the Pacific Maritime Association, fearing additional damage to a battered supply chain if the two sides don't reach an agreement in coming weeks.
Soaring prices for grains and other food commodities are starting to slow down global economic growth, fueling fresh calls for aid to poor countries and warnings about the impact that new trade restrictions could have on the crisis.
Trade policy uncertainty following U.S. imposition of import tariffs and retaliation by China and other trading partners has forced International Monetary Fund economists to adopt a more pessimistic outlook for growth in the global economy.
