Economic Tidbits

Agriculture Shorts

The USDA National Agricultural Statistics Service raised its forecast for wheat production in the state to 42.5 million bushels, up 15 percent from last year. Average yield is projected to be 50 bushels per acre, up 8 bushels from last year . . . Preston Smith, an auctioneer from Imperial, competed in the World Livestock Auctioneer Championship in Oklahoma City on Saturday. The championship featured 31 auctioneers from North America . . . Data from AgFunder shows a decline in funding for cultivated meat startups from $989 million in 2021 to $177 million in 2023, a 78 percent drop . . . The Congressional Budget Office projected government outlays for crop insurance will be $125 billion over the next ten years compared to $61 billion for traditional farm program payments.

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