Global food prices continue to drop but still remain significantly higher than a year ago.
Today’s FAO Food Price Index showed a steep drop in July of nearly 9 percent, but they are still 13 percent higher on the year. The July decline was the most drastic since 2008.
Vegetable oil and cereals came down significantly. Sugar, dairy, and meat also fell, but to a lesser extent.
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Expect firm calf and fed-cattle prices — pair selective heifer retention with prudent hedging and liquidity to bridge rebuilding costs.
The new antitrust agreement between the Department of Justice (DOJ) and the U.S. Department of Agriculture (USDA) aims to enforce antitrust laws and monitor market activity across the ag sector.
China is not one of our top suppliers of cooking oil, according to USDA ERS data, but does export a lot of used cooking oil to the U.S. for biofuel production.
Expect firmer shop prices, leaner inventories, and selective hiring in ag-adjacent businesses — plan parts, service, and financing needs earlier.
