Monday, June 26, 2023

Members in the News: June 26, 2023


*Disclaimer - This email is to acknowledge citations of current AAEA members and/or their research in any public media channel. AAEA does not agree nor disagree with the views or attitudes of cited outside publications.

David Ortega, Michigan State University

Pasta Producers In Hot Water Over Soaring Prices

By: Financial Times – June 21, 2023

“Food prices tended to be sticky given the range of costs beyond those of their basic ingredients. They rise very fast when there is a shock and then they take longer to come down. We see the price of commodities like wheat come down quite substantially. But wages are still up, and some of the raw materials for packaging and others are still high. The pressure from grocers on food producers was likely to continue. But I don’t think they’re going to particularly lead to a lot of action. The increase in prices are because of an increase in costs all along the supply chain.”’

Read More On: Financial Times

Lee Schulz, Iowa State University

Walmart to Build Case-Ready Beef Plant

By: Progressive Farmer – June 14, 2023

"It's a continuation of Walmart's strategy as they highlight to be end-to-end business operations in the beef supply chain. Cost may be another driver for Walmart as well, as beef prices have increased about 15% in the last couple of years. Beef prices are expected to continue to rise because of the smaller national herd. It's going to hit us like a ton of bricks next year. Beef production is forecast to be down 7 (to) 8%. So, prices are going to start to increase."

Read More on: Progressive Farmer

Chad Hart, Iowa State University

Renting Iowa Farmland Has Reached a 10 Year High

By: Siouxland Proud – June 8, 2023

“A lot of it is related to the higher corn and soybean prices we’ve experienced over the past couple of years. You combine that with some additional government support flowing into agriculture, especially after covid, all lending itself to agriculture continuing to reinvest in itself. And typically when we reinvest in land that means those land prices do tend to go higher.”

Read More On: Siouxland Proud

Joshua Rosenbloom, Iowa State University

Cities Where Inflation is Rising the Most

By: Wallethub – June 13, 2023

“Americans are still dealing with sky-high inflation, which hit a 40-year high last year. Though inflation has started to slow slightly due to factors like the Federal Reserve rate hikes, the year-over-year inflation rate was still a whopping 4.0% in May.”

Read More On: Wallethub

Jayson Lusk, Purdue University

·         Climb In Consumer Food Spending Signals Continued Inflationary Pressure
By: PHYS – June 14, 2023

·         Survey Finds Consumers Spending 6.9% More On Food
By: Feedstuffs – June 22, 2023

Gary Schnitkey, University of Illinois at Urbana-Champaign

Higher Interest Rates Present New Risks For Farmers

By: Seeking Alpha – June 15, 2023

“On average, Illinois farmers who plant corn after soybeans could see a return of $58 an acre, needing a breakeven price of $3.96 a bushel when figuring in non-land costs, but $5.33 if land costs are included. Farmers who plant soybeans after corn could see a return of $51 an acre. Their breakeven price for non-land costs is $7.98 a bushel, but $12.62 if land costs are included.”

Read More On: Seeking Alpha

Sarah Low, University of Illinois at Urbana-Champaign

Study Aims To Identify U.S. Meat Processing Plant Survival Factors

By: National Hog Farmer – June 22, 2023

“Our goal was to understand what factors are associated with plant survival, so we could better inform policymakers who want to invest in these plants."

Read More On: National Hog Farmer

Brian Briggeman, Kansas State University

Farmers Need To Prepare For Rising Interest Rates

By: Farm Progress – June 15, 2023

“We have a lot of pent-up demand. American families want to get out and travel, and they’ve seen real wage growth; both are stimulating the demand side of the inflation picture. Additionally, there have been low interest rates for a number of years. The Federal Reserve is responding by raising interest rates in response to try to cool inflation and boost the economy.”

Read More On: Farm Progress

Daniel Sumner, University of California, Davis

Food and Ag Summit Tackles Water, Farm Bill

By: Vegetable Growers News – June 20, 2023

“The No. 1 challenge affecting farmers is dealing with regulations.” To be successful, farmers must be given flexibility to innovate and adapt. A domestic food supply needs to be fortified. As California farmers face a shrinking supply of employees, some have advocated for increased automation.”

Read More On:Vegetable Growers News

Gary Schnitkey, University of Illinois at Urbana-Champaign
Nick Paulson,
University of Illinois at Urbana-Champaign
Carl Zulauf,
The Ohio State University

Nitrogen Prices Remain Historically High

By: Country Journal – June 20, 2023

“In early June, retail nitrogen prices in Illinois were $1,116 per ton for anhydrous ammonia, $532 per ton for liquid nitrogen (28%), and $623 per ton for urea. Those prices are down from late fall 2022 but are still well above prices for recent years. Nitrogen fertilizer costs per acre will be near record levels for 2023 on many farms. Fundamental factors suggest nitrogen fertilizer prices will decline into fall 2023. Time will tell if, in fact, these declines happen.”

Read More On: Country Journal

Bradley Rickard, Cornell University

What’s Really Happening With Grocery Prices?

By: Prime News Print – June 22, 2023

“We’re seeing grocery price hikes slow as the factors that pushed them higher relax—like livestock diseases, and overall inflation. “We’ve started to see, more recently, a relaxation in most of these pressures on cost: machinery, fuel, labor, and cost of feed, in the case of animal products. And so we’re starting to see these new prices, most noticeably for eggs, fall.”

Read More On: Prime News Print

Lee Schulz, Iowa State University

  • "Pork Producers Deal With Trying Times"
    By: Farm Progress - June 22, 2023
  • "California Announces Modification To Prop 12 Implementations"
    By: Brownfield - June 22, 2023

Peter Orazem, Iowa State University

"How Will Economy, Iowa Borrowers Be Affected By Impending Supreme Court Decision On Student Loan Forgiveness"

By: The Gazette - June 19, 2023

"Not having to pay loans for the last three years was essentially a net transfer of wealth because the monthly payment could be used for other things, and interest was not accruing. Assuming that they incorporated this into their planning they should be in a better position now to repay debts because there's all these payments that they didn't have to make. So that was sort of a net increase in their income. Now their income is going to return to what it would have been.”

Read More On: The Gazette

Amit Batabyal, Rochester Institute of Technology

"The Importance of Restoring Hope Where There Is None"

By: Rochester Business Journal - June 16, 2023

"Economists routinely measure human well-being with the time-honored concept of utility or happiness. However, just because a metric is time-honored does not make this metric an appropriate measure of well-being"

Read More On: Rochester Business Journal

Wendong Zhang, Cornell University

"Market to Market"

By: PBS Iowa - June 23, 2023

"If we are looking at primary agricultural Corn Belt regions like Iowa, that we're only talking about less than, a little over 1% owned by, has any ownership rights that is by a foreign buyer, right. And a lot of those are actually wind farms that has had the leasing rights for the either have bought the easement rights or bought that land for East for wind turbine development, or they have the leasing rights.”

Read More On: PBS Iowa

Jada Thompson, University of Arkansas

"Bird Flu Has Ravaged U.S. Poultry. Now A Vaccine Could Be On The Way"

By: KCUR - June 23, 2023

“If you’re adding anything to a production system, the costs are going to go up. There’s no margin of room to eat that cost. a lot of this is hypothetical. As the outbreak diminishes, a vaccine may not arrive fast enough to address the current bird flu strain."

Read More On: KCUR


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