Agriculture Short

Jim Bianco of Bianco Research says that the Federal Reserve has only cut interest rates once in the last 40 years when the core consumer price index (CPI), excludes energy and food, exceeds 3%. The latest core CPI reading was 3.1% . . . The United Nations Food and Agriculture Organization said world food commodity prices rose 1.6% in July to their highest level in over two years. Rising vegetable oil and meat prices outweighed falling cereal, dairy, and sugar prices . . . Cargill Inc. reported its revenue for the year ended May 31 declined to the lowest level since 2021. The company expects to cut around 8,000 jobs as part of a restructuring . . . Bob Tita of the Wall Street Journal reported that John Deere expects to pay $600 million in tariffs during its fiscal year ending in October due to the 50% tariff on imported steel and aluminum.