Rural Bankers Anticipate Recession and American Grain Terminal Attack

Rural Bankers Anticipate Recession and American Grain Terminal Attack

Bob Larson
Bob Larson
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.

**Rural bankers say they anticipate a U.S. recession, according to the latest Creighton University Rural Mainstreet Index.

The overall reading for June slumped to 49.8, its lowest level since September 2020, and down from May's 57.7.

The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

Approximately 92.9% of rural bankers surveyed rate the likelihood of a U.S. recession above 50%.

**Two grain terminals owned by North American companies were hit by a Russian attack in Ukraine.

The University of Illinois’ farm policy news website says Canadian agribusiness Viterra, and U.S. grain trader Bunge said they had a grain terminal hit last Wednesday.

While there were no casualties, Viterra did say one employee was injured at the plant, which had been closed since Russia’s invasion began.

The attack is also the second time Bunge has been targeted.

**U.S. honey production has dropped by 1.4% per year during the past three decades, while honey imports have grown by 7.6% every year, so imports have been filling the domestic supply deficit.

Imports have exceeded domestic honey production since 2005 and accounted for 74% of U.S. honey supplies in 2021.

The top three foreign suppliers are India, Vietnam, and Argentina, and together they supply more than 71% of the total imports.

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