Economic Tidbits

Agricultural Shorts

The USDA announced last week it is cancelling the July cattle inventory report and county-level crop production and livestock estimates beginning with the 2024 production year due to budget constraints . . . The USDA’s latest Supply & Demand Report lowered the U.S. average farm price this market year for corn to $4.70 per bushel, down 5 cents, lowered the average soybean price to $12.55 per bushel, down 10 cents, and lowered the average wheat price to $7.10 per bushel, down 5 cents . . . According to Magnetic Ag, a new study shows two-thirds of small agricultural businesses on TikTok have attracted new investors from the platform while 82 percent have seen increases in sales after promotions on TikTok . . . USDA Secretary Tom Vilsack recently implied China may be slowing purchases of U.S. corn and soybeans in response to state governments’ restricting purchases and ownership of land by Chinese entities . . . Bull riders from Curtis, Gothenburg, and Greeley competed in the PBR Bill Riding event in Lincoln on Saturday. Unfortunately, none of them qualified for the championship round.   

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