U.S. ag exports hit a record $196 billion in FY 2022. For FY 2023, however, the latest forecast from USDA in February puts exports at $184.5, down $5.5 billion from the November forecast. Moreover, ag trade is expected to be a deficit of $14.5 billion in FY 2023. Imports are forecast at $199 billion, unchanged from the November forecast. At a Senate Agriculture Committee hearing last Thursday, Ranking Minority Member John Boozman (R-Arkansas) noted those forecasts, saying, The headwinds for our producers are great. For only the third time in 55 years we’re expected to have a trade deficit in agriculture and no new trade deals have been signed or are under negotiation.
Two of those years were 2019 during the U.S. China trade...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
