AFBF Farm Bil Priorities and WASDE Estimates Mixed
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**Prices on supermarket shelves are reflecting one of the biggest inflation surges in decades.
www.modernfarmer.com reports, grocery prices are predicted to climb to around 11% before the end of the year, marking the highest spike over a 365-day period since nearly 15% in 1974.
Commodities like oils and fats, dairy products, eggs, cereals, baked goods, and both fresh and produced vegetables have increased the most.
www.modernfarmer.com/2022/09/grocery-food-inflation/
**The American Farm Bureau released its priorities for what may be the most consequential legislation for agriculture in 2023 farm bill.
AFB's overarching priorities include: Continuing current farm bill program funding; Maintaining a unified farm bill that includes nutrition programs and farm programs together; Prioritizing risk management tools that include federal crop insurance and commodity programs; and ensuring adequate USDA staffing and resources.
The AFB board approved the recommendations unanimously.
www.agrimarketing.com/s/142768
**The latest USDA World Ag Supply and Demand Estimates pegs corn 2022-23 ending stocks at 1.172 billion bushels, above the trade estimate of 1.126 billion bushels and below September’s estimate of 1.219 billion bushels.
For soybeans, the U.S. ending stocks were 200 million bushels, below trade expectations of 245 million bushels but no change from September.
Wheat ending stocks at 576 million bushels are below September’s estimate of 610 million, but above trade expectations of 563 million.
www.agriculture.com/news/business/usda-project-smaller-harvest-for-corn-and-soybeans
