Gas & Diesel Move Higher and Robust Beef Demand
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**For the first time in a month, the nation’s average gas price went up, rising 6.2 cents from a week ago to $3.78 per gallon.
The average is down 11.5 cents from a month ago but stands 37.8 cents per gallon higher than a year ago.
The price of diesel went higher as well, up 3.4 cents to $5.32 per gallon.
National diesel supply remains tight, but supplies did see a slight rise last week.
**The USDA projects the U.S. economy will slow in the new year, constrained by sharply higher interest rates, while at the same time, farmers and ranchers expand production.
www.agriculture.com reports, prices for most commodities, including corn, soybeans, wheat and hogs, would decline somewhat from this year’s elevated levels but remain comparatively high.
High retail prices for meat have not dented the American appetite.
www.agriculture.com/news/business/us-farm-production-to-increase-in-2023-as-economy-cools
**Robust beef demand continues with retailers expecting the strongest sales this holiday season since before the pandemic.
According to www.agweb.com, strength on the demand side continues to pull cash cattle prices higher.
Recent dry, warm weather across the Plains appears to have accelerated feedlot performance, muting the impact of a shortage of market-ready animals.
Wholesale beef prices finished the week steady to lower after the two previous weeks of solid gains.
www.agweb.com/news/livestock/beef/fall-cash-fed-cattle-rally-continues
