USDA released its August food CPI forecast today; the expectation for the rest of the year is range bound with a mid-point of 5.9 percent. The most interesting part of the forecast was the wide range of projections for 2024 – from a drop of 2 percent in the low case scenario to an additional increase of 7.9 percent in the high case scenario. The bottom line is this forecast shows the uncertain economic outlook.
Recall the July CPI release from the Bureau of Labor Statistics (BLS) showed July food inflation year-over-year was 4.9 percent; food at home was up 3.6 percent and food away was up 7.1 percent. USDA’s August forecast shows this year will end with food at home inflation at 5.2 percent (midpoint between 4.4 and 6...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
