News
Ample commodity supplies are reason for consumers to be thankful
American Farm Bureau Federation economist John Newton says U.S. consumers benefit from the lower commodity market trend. Newton tells Brownfield exceptions have been avian flu’s effect on eggs and tight pork belly stocks’ effect on bacon. But he says lower farm prices because of ample supplies of grain, dairy and livestock are a relief at the checkout counter.
“We can still have systemic shocks that will drive food prices up in one area or another,” Newton told Brownfield Ag News at the recent NAFB Trade Talk event in Kansas City, “but overall, when you look in general it’s been relatively flat, and that benefits the consumer.”
Specifically at Thanksgiving, Newton says supplies of turkey and other ingredients give U.S. shoppers plenty for which to be thankful.
“We spend the lowest amount of our disposable income on food relative to any other developed country,” he said, “and we continue that with food prices where they are today.”
Add Comment