The Spring Marketbasket survey by the American Farm Bureau Federation found total cost of 16 staple food items dropped this year to $50.03, down $3.25 from last year. AFBF market intelligence director John Newton attributes the lower food prices to lower commodity prices…
“The Spring Marketbasket Survey showed overall that Easter is going to be a little cheaper this year. We’ve seen the price of many commodities come down, and the basket is down about 6% from where it was last year.”
Newton says that of the 16 items surveyed, 11 decreased, four increased and one remained the same in average price
Global Soybean Stocks Increase in Latest USDA Report
The April World Agricultural Supply and Demand report expects increases in soybean production and global soybean stocks. Released by the U.S. Department of Agriculture Tuesday, the report raised global soybean production for the 2016-17 crop year by 5.18 million metric tons and boosted global soybean ending stocks by 4.59 million metric tons to 87.4 million. For the U.S., soybean ending stocks are projected up 10 million bushels to 445 million.
Grassley Bill Would Ban Packer Ownership of Livestock
A bill reintroduced in the U.S. Senate last week by Iowa Republican Senator Chuck Grassley seeks to ban packer ownership of livestock. A news release from his office says the Senator is concerned about the continued impact of consolidation within the livestock industry. Grassley says over the last several decades large packing companies in the poultry and pork industries have moved to concentrate and vertically integrate, noting the beef industry is showing similar signs of consolidation.