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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Year-to-date red meat production is down 2 percent, with beef lower and pork higher.
The risk is prolonged crop weakness. Stable farmland values remain critical if losses continue.
For producers, demand is strong, but drought, disease, and costs still shape supply.
Butter has softened as milkfat supplies remain ample.
Jake Charleston with Specialty Risk Insurance says recent futures market moves are leaving cattle producers unsure about price trends.
Drought remains a major risk, with the ERS reporting that 98 percent of the U.S. cotton production area was affected by drought in early May.
