Persistent food inflation will extend into 2023, says USDA
The high food inflation rate this year will bleed into 2023, said the Agriculture Department on Tuesday, raising its forecast for the new year to 3.5 percent. It was the first adjustment since USDA economists began inflation forecasts for 2023 in July.
Hurricane Ian costs Florida agriculture up to $1.9 billion
Florida’s signature crop, citrus, accounted for one-third of the losses suffered by the state’s farming sector last month from Hurricane Ian, said a preliminary damage assessment by the state Department of Agriculture and Consumer Services. Estimates of total agricultural damages ranged from $1.2 billion to $1.9 billion.
TODAY’S QUICK HITS
Retrenchment for faux meat:With demand for plant-based patties and other meat substitutes softening, companies such as Beyond Meat and Impossible Foods are reducing their workforces even as they roll out new products. (Axios)
Starbucks walks out of union negotiations: The coffee giant’s representatives abruptly left five collective bargaining sessions with union members after a disagreement over whether some union members could attend the sessions remotely. (VICE)
ADM doubles its profits: Agribusiness giant ADM said its third-quarter profits were up by 96 percent, with high demand for grains and oilseeds far outweighing the effects of war in Ukraine on its operations. (Reuters)
Faster trips, less disease: Livestock owners and haulers can reduce the spread of antibiotic-resistant bacteria by moving animals as quickly as possible and thoroughly cleaning trucks, equipment and holding pens, said EU food safety experts. (European Food Safety Authority)
Satellites monitor carbon capture: A high-tech startup in Colorado says satellites can monitor the carbon content of soils by measuring the spectrum of light reflected from fields, a step that could aid carbon markets by verifying the results of farming practices. (Wired)
NMPF backs marketing modernization: Leaders of the National Milk Producers Federation unanimously endorsed modernization of the federal milk-marketing order system and said they expected to complete a review this year of county-level prices for fresh milk. (NMPF)