U.S. Consumers’ Food Spending Hit Record High in 2022

Dan Economy, This Land of Ours, USDA-ERS

Consumers spent a record amount on food last year. That’s coming up on This Land of Ours. New data from USDA’s Economic Research Service (ERS) shows consumer spending on food reached a record in 2022. Real, or inflation-adjusted, annual food spending in the United States increased steadily from 1997 to 2022, except in 2008 and 2009 during the Great Recession …

ASI Applauds Support for Checkoffs

Dan American Sheep Industry Association (ASI), Economy, Marketing, Sheep-Goats

The American Sheep Industry Association (ASI) welcomed last week’s news that Rep. Barry Moore of Alabama introduced a resolution in support of checkoff funds, such as the American Lamb Board. “Checkoff programs have made significant, measurable strides in raising the level of demand and awareness for our farmers, ranchers and foresters’ products,” said Moore. “This resolution expresses congressional support for checkoffs due …

High Production Costs Won’t Ease Next Year

Dan Corn, Cotton, Economy, Field Crops, Peanuts, Soybeans, Specialty Crops, Wheat

USDA’s first cost of production forecast for major field crops like corn, soybeans, wheat, cotton, rice, and others shows that input costs are expected to remain elevated into the next growing season. The costs will likely be at the third-highest level of all time and only slightly lower than the record high in 2022. While some input costs like fertilizer …

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Land Sales Slowing, Prices Remain High

Dan Agri-Business, Economy, This Land of Ours

Ag land sales are slowing but the prices are staying high. That’s coming up on This Land of Ours. The agriculture real estate market entered a period of de-escalation beginning in the fourth quarter of 2022. The market experienced a reduction in both sales volume and value growth since that time, as interest rates increased, and inflation pressures became more …