The commodity markets came under pressure to start the week as traders tried to shed risk over shipping concerns in China as COVID-19 concerns caused officials to shut down transportation amid a two-pronged lockdown.
AFBF Weighs in on Shipping Reform, Court’s Decision to Review Prop 12
“A big part of that – fertilizer equipment, chemicals, as well as our export opportunities – are so tied into what is going on with ocean transportation,” says Dale Moore, executive vice president at American Farm Bureau Federation.
Inflation Already Costing Consumers, USDA Makes Large Upward Revisions in Food Price Forecast
USDA expects food price inflation in 2022 to be from 4.5% to 5.5% based on the all food CPI, up from their prior outlook food prices would be up 2.5% to 3.5% compared with 2021. No category shows a potential decline.