U.S. inflation fight darkens economic outlook
The Federal Reserve will continue to raise interest rates into 2023, “and the outlook for the coming year grows increasingly gloomy,” said agricultural lender CoBank on Monday. The strong dollar “will pressure U.S. exports as the global economy struggles and U.S. goods remain expensive,” it said, with warfare in Ukraine injecting additional volatility into world food supplies.
‘Time to consider improvements’ in milk marketing system, say farm groups
The first update to the federal milk marketing system in nearly a quarter-century “should improve price discovery, improve the clarity of the program, continue to support timely payments to producers and reduce price incentives to de-pool milk,” said a dozen U.S. farm groups on Monday. The groups said they believed the USDA would call a hearing in 2023 to address price formulas used in the marketing system.
Talks & Eats returns to Brooklyn, 10/24!
The climate crisis in agriculture is a frequent topic of reporting here at FERN. But climate change is also having a significant effect on wine and beer. How are vintners and brewers responding? In this panel discussion, wine writer Alice Feiring — proclaimed “the queen of natural wines” by the Financial Times — will talk about what she’s seen and what she’s worried about. Garrett Oliver — Brewmaster, The Brooklyn Brewery and Editor-in-Chief, The Oxford Companion to Beer — will talk about the ancient grains he’s now using to brew climate resilient beers. And author Rowan Jacobsen will focus on the explosion of winemaking in the northeast as the climate has warmed. Tickets include complimentary beer and wine. A tax-deductible VIP ticket includes a reception with beer, wine, and eats.
TODAY’S QUICK HITS
U.S. drops price-fixing charges: The Justice Department asked a federal judge to drop charges against two former executives of Pilgrim’s Pride who were among a group of industry officials accused of conspiring to fix prices and rig bids for chicken products. (Meat and Poultry)
Carbon credit crackdown: The carbon credit market too often relies on dubious accounting that results in little action on climate mitigation, said a group of Democratic senators in a letter asking the CFTC to develop standards for credits, investigate fraud and study risks to investors. (Financial Times)
Support big game habitat: In a partnership with the state of Wyoming, the USDA will provide $16 million for voluntary conservation of private working lands and migratory big game animals such as elk, mule deer and pronghorn antelope. (USDA)
Boundary Waters algae blooms: Researchers are investigating blue-green algae blooms, often blamed on agricultural runoff, in pristine lakes inside or near the Boundary Waters in northern Minnesota; climate change and nutrient-coated dust are suspects. (Minnesota Public Radio)
BP buys biogas company: As part of reducing its carbon footprint, British energy giant BP said it would buy for $4.1 billion the U.S. biogas company Archaea Energy, which produces renewable gas — mostly methane — from livestock, food and landfill wastes. (Brussels Times)
