Food Dollar Share of Fourth of July and Ag Market Concentration
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**The National Farmers Union released the 2023 numbers for the Farmers’ Share of the Food Dollar Report for the Fourth of July cookout.
The NFU says every year, the troubling trend of farmers earning less of the dollars Americans spend at the grocery store continues.
NFU President Rob Larew says “Whether it’s the meatpacking industry or mergers in the private sector, farmers and consumers are being squeezed out of their hard-earned money.”
**Following the Farm Bureau market basket survey, USDA’s Economic Research Service reports cheeseburgers will cost more this year for your cookout.
USDA says in May, our ¼-pound cheeseburgers totaled $2.17 per burger, an increase of 10 cents from last year.
Cheeseburger ingredients grew more slowly than prices for
all groceries, which rose 5.8% from last year.
Ground beef made up the largest cost of the burger at $1.24, and Cheddar cheese accounted for $0.37.
**The USDA’s Economic Research Service looked into market concentration and its impact on competition.
The ERS study says market concentration has increased sharply over the last four decades.
From 2018-2020, two seed companies accounted for 72% of planted corn acres and 66% of planted soybean acres in 2019.
The four largest meatpackers accounted for 85% of steer and heifer slaughter and 67% of hog slaughter.
