U.S. Department of Agriculture
Participants who seek this one-time, voluntary termination do not have to repay rental payments. But they must make requests for voluntary termination in writing through their local USDA office.
USDA raised its estimated range of 6.5%-7.5% y/y increase from a range of 5%-6%, according to the May Food Price Outlook report, the highest forecast for all food prices and restaurant prices since 1981.
Three requests for information were published by the Federal Register. The requests outlined information about competition in regard to producers’ access to fertilizer, seed and ag inputs, as well as food retail.
Biden says Ukraine has 20 million tons of stored grain awaiting export to various countries. He says lack of port movement coupled with halted planting in Ukraine will ignite a global food crisis unless action is taken.
Speculation over whether U.S. Secretary of Agriculture Tom Vilsack was arrested last week made its rounds on social media over the weekend, but USDA confirmed to Farm Journal the story is false.
Concerns over the world’s supply of grains and oilseeds are prompting the Biden administration to step in and encourage more production. Grain analysts say supplies of grains are tight due to the situation in Ukraine.
USDA’s 2022 food price inflation forecasts are already at a 14-year high with forecasts for consumer food price inflation increased again this month. All food prices now seen rising 5% to 6% vs 4.5% to 5.5% in March.
The war in Ukraine will dictate food prices, according to Vilsack: “We don’t really know what the impact is going to be on Ukraine’s crop this year, or what it’s going to look like in terms of exportability.”
Food prices continue to climb across the board. According to the latest Consumer Price Index, increasing grocery prices account for the largest share of the hike. However, shoppers don’t view prices as high.
USDA Secretary Tom Vilsack provided more details regarding the general CRP signup that ended March 11. He said only 1.8 million of the 4 million acres in expiring contracts will be re-enrolled in the program.