Thanksgiving Plans Vary and Cattle Herd Lowest in Decades
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**As Americans gear for Thursday’s Thanksgiving meal, Purdue
University’s Consumer Food Insights says 37% plan to host the meal, 43% have chosen to attend, and the rest plan to dine out.
Turkey prices are 10-15% lower than last year, but people are still bracing for higher prices for this year’s meal.
While turkey is planned to be the centerpiece nationwide, each region has its own traditions.
**The nation’s ranchers slashed the U.S. cattle herd to its lowest level in decades.
As a result, the U.S. is importing record amounts of beef this year and exporting much less.
The steep drop in cattle numbers has led to significantly higher beef prices.
Reuters says those high prices make companies look to import cheaper beef and discourage American beef purchases by buyers like China, Japan, and Egypt.
**Competitive Markets Action and the Organization for Competitive Markets applauded the House of Representatives for passing H.R. 6363, which included a one-year extension of the current farm bill.
CMA president, Marty Irby says we are grateful to Ag Committee Chair Glenn ‘G.T.’ Thompson for securing an extension of the farm bill through the Fall of 2024.
He also says the maneuver offers ample time and opportunity to get the job done right.
