The Department of Agriculture released updated trade projections for the remainder of fiscal year 2022 and the first projections for fiscal year 2023. The outlook follows the federal fiscal year, which begins on October 1 and ends on September 30. Agriculture exports for 2023 are projected at $193.5 billion, with imports at $197 billion. The export forecast is $2.5 billion …
Interest Expense Ratio for Agriculture Stays Even with 20-year Average
USDA’s Economic Research Service reports the interest expense ratio of farms was 0.04 in 2020, remaining in line with the long-term trend and initial forecasts, despite the pandemic. The COVID-19 pandemic reduced demand for agricultural commodities. The interest expense ratio is calculated by dividing interest expenses by the sum of the value of production and Government payments for a given …
Adult Obesity Increased During First Year of COVID-19 Pandemic
If your waistline increased during the pandemic, you’re not alone. That’s coming up on This Land of Ours. New data from USDA’s Economic Research Service shows that U.S. adults ages 20 and older reported a three percent higher prevalence of obesity during the first year of the COVID-19 pandemic. The study analyzed data from the Centers for Disease Control and …
USDA: Beef Producers Face Higher Inputs
U.S. beef producers face higher input costs this year, predicted up seven percent compared to 2021. USDA’s Economic Research Service (ERS) reported Monday the farmer’s share of the retail value of beef also increased year over year, but rising input costs, especially for cattle feed, may limit farmers’ ability to benefit from higher cattle prices. Feed expenses are the largest …
USDA-Cost of a Home-Grilled Cheeseburger up from 2021
Grilling season is underway, and the cost of the homemade cheeseburger is going up. That’s today’s This Land of Ours. Home-grilled cheeseburgers, a summer cookout staple, will cost consumers more this summer. USDA’s Economic Research Service says the ingredients for a home-prepared 1/4-pound cheeseburger totaled $2.07 per burger, with ground beef making up the largest cost at $1.20. This represents …
Number of U.S. Farms Continues Slow Decline
New data released Tuesday from USDA’s Economic Research Service shows the number of U.S. farms continues to decline slowly. After peaking at 6.8 million farms in 1935, the number of U.S. farms and ranches fell sharply through the early 1970s. Rapidly falling farm numbers in the mid-20th century reflected the growing productivity of agriculture and increased nonfarm employment opportunities. Since …
Details on Lower Restaurant Spending During Pandemic
Numbers are in for the costs the pandemic had on restaurants. That’s today’s This Land of Ours. Detailed numbers are coming in for consumers’ food-buying habits during the pandemic. USDA Economic Research Service’s Food Expenditure Series shows significantly lower spending at restaurants during 2020, which was expected because of the many closures because of the pandemic. The question has been: …
Food Insecurity Rates Vary Across States
USDA Economic Research Service data released Monday shows food insecurity rates vary across U.S. states. The estimated prevalence of food insecurity during 2018-2020 ranged from 5.7 percent in New Hampshire to 15.3 percent in Mississippi. The estimated national average was 10.7 percent. The prevalence of food insecurity was significantly higher than the national average in nine states, including Alabama, Kentucky, …
Impact Farmers Make When It Comes to Reducing Greenhouse Gas Emissions
The huge impact farmers have been making when it comes to reducing greenhouse gas emissions. That’s coming up on This Land of Ours. Since 1990, the United States population has increased 31-percent, from roughly 250 million to 329 million in 2019. With more people comes the need for more food. And, more food production could also mean more greenhouse gas …
USDA Data Tracks Fertilizer Price Increases
Data from USDA’s Economic Research Service details the increase in fertilizer prices. Fertilizer represents an average of 36 percent of a farmer’s operating costs for corn, 35 percent for wheat, and 30 percent for sorghum, according to estimates by USDA. Fertilizer prices declined from 2014 through 2017 before a gradual increase in 2019. In late 2021, prices began to spike …