Ag Economists on Recession and Bicentennial Beer
From the Ag Information Network, this is your Agribusiness Update.
**Over half of the 70 surveyed in Farm Journal’s Monthly Survey of Ag Economists believe the U.S. agriculture economy is in a recession.
75% of the other economists believe the ag economy is on the brink of a recession.
That’s up from the 56% in the previous month’s survey.
Purdue University economist, Michael Langemeier defines the current recession as one of the worst we’ve seen in the last 20 years.
**The USDA announced an additional $250 million in automatic payments for distressed direct and guaranteed farm loan borrowers under the Inflation Reduction Act.
Farm Service Administrator Zach Ducheneaux says 4,650 financially distressed farmers who owe money on USDA direct and guaranteed loans will share $250 million in payments from the government.
USDA provided roughly $2.4 billion in assistance to 43,900 distressed borrowers with funding from the 2022 climate, healthcare, and tax law.
**In celebration of 200 years of diplomatic relations between Brazil and the U.S., the U.S. Embassy and Consulates in Brazil launched the “Bicentennial Beer”.
Made by a Brazilian brewery and using 100% U.S. hops, this beer is a mouthwatering blend of both countries’ unique flavors.
It harmonizes the pine-scented Coast hops with an infusion of cambuci (cahm-boo-chee), a fruit native to Brazil’s Atlantic Forest, adding notes of sweet citrus.
