Food Away From Home Spending Up and Farmer Sentiment Improves
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**In 2022, more than a third of U.S. dollars spent on domestically produced food went to foodservice establishments, including restaurants and other food-away-from-home outlets.
At 34.1 cents per food dollar in 2022, the foodservice share increased 1.6 cents from 2021 to reach its highest value in the USDA’s Food Dollar Series.
Prices paid by customers include the value added by the restaurants plus the cumulative value added by all establishments before the restaurant.
**For the second month, farmer sentiment improved as the Purdue University-CME Group Ag Economy Barometer climbed five points.
November's 12-point rise in the Current Conditions Index to a reading of 113 was primarily responsible for this month's sentiment improvement as the Index of Future Expectations only improved two points.
Both sub-indices were higher than year-ago levels.
The Current Conditions Index increased by 15%, and the Future Expectations were up 11%.
**The latest trade outlook from the USDA forecasts less exports and more imports in 2024.
American Farm Bureau’s Government Affairs Director, Dave Salmonsen says the data for this year’s ag exports have come in at about $179 billion and imports at about 195 billion.
Salmonsen says the administration needs to get back to the business of executing comprehensive trade agreements and aggressively enforce our existing trade agreements.
