It comes as no surprise grocery proces have taken steep climbs in recent years.
New data from USDA shows just how much disposable income consumers are spending to put food on the table.
They found that in 2023, U.S. consumers spent around 11 percent of their disposable income on food, and that is right in line with spending levels in 2022.
“Food at home” purchases fell a couple of points during 2023, with “food away from home” jumping nearly half a percent.
They place the rise on more disposable income, with consumers starting to return to outside the home eateries.
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China remains critical to U.S. farm exports, but Brazil’s growing market share keeps pressure on U.S. soybean demand.
Tight cattle supplies should keep beef prices supported, while dairy, pork, and poultry are poised for greater production growth.
China’s pledge is supportive, but producers need confirmed sales and shipments before counting it as stronger export demand.
Higher input costs and tighter cash flow are keeping pressure on farm income, credit needs, and capital spending.
Grain movement remains active, but high ocean freight and diesel costs continue to pressure export logistics.
Cattle producers met with lawmakers to discuss the issues continuing to impact ranchers across the country.
