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...
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
Key Market Insights Geopolitical Limbo: Geopolitical risk remained a key driver across global commodity markets today. President Trump stated that the Iran memorandum of understanding is not yet final and warned that military action could resume if negotiations fail. Both sides continue w...
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
