Farmer confidence sours amid rising costs, income squeeze
Despite high farm income in 2021, farmer confidence has been on a nearly unbroken decline since last April, said Purdue University on Tuesday. “Producers expect financial performance in 2022 to be much weaker than in 2021,” said the monthly Ag Economy Barometer, pointing to rising costs and difficulties in acquiring pesticides, fertilizer and machinery parts.
Food inflation to decline in 2022, if coronavirus cooperates
Food prices surged by 6.3 percent during 2021, nearly three times the usual rate of annual increase, but food inflation is expected to decrease this year, said the American Enterprise Institute on Tuesday. Retail prices for beef and pork “show signs of weakening,” and many commodity prices are forecast to decline late this year following large global harvests, said an AEI paper.
Today’s Quick Hits
Right to repair: Farm equipment companies would be required to make parts, software, tools and repair manuals available to farmers and independent mechanics with the FTC to enforce the mandates under a “right to repair” bill filed by Montana Sen. Jon Tester. (Sen. Tester)
Urban agriculture advisers: The USDA announced the 12 members of its new urban agriculture advisory committee, which will provide input on USDA policies and help to identify barriers to food production in metropolitan areas. (USDA)
Kalera goes public: Kalera AS, which aspires to have a footprint across the United States, would be the latest vertical-farming company to go public via a $375 million merger with Agrico Acquisition Corp, which is traded on NASDAQ. (Food Dive)
Catfish inspection side-effects: Fish processors have stopped handling wild-caught U.S. catfish because of the costs of upgrading facilities and paying for USDA inspection of the fish. (Modern Farmer)
New tests, more pesticide: Newer-generation pesticides, such as neonicotinoids, were found at toxic levels in some California streams when scientists updated their tests, underscoring the challenge of assessing the impact the chemicals have on ecosystems. (InsideClimate News)
