We have a new read on inflation. The Consumer Price Index is lower than what the markets were expecting.
The Index for May increased by a tenth of a percent, and the markets were expecting a two-tenths of a percent increase. Over the last year, inflation has increased 2.4 percent, which is right in line with expectations.
Increases in shelter costs were the main driver in this month’s report.
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Diesel prices are on the rise, posing a huge challenge for farmers as they navigate their operations through the beginning of harvest season for many key U.S. crops.
In June, prices were down 77% compared to the highest weekly price in 2022.
According to the USDA Outlook Board, margins could improve for producers depending on a decrease in cases of High-Path Avian Flu (HPAI).
