Agriculture Shorts

Josh Linville of StoneX noted last week that it took 75 bushels of corn to pay for one ton of urea priced at New Orleans in December. Last week it took 126 bushels to purchase the same ton . . .  The Bureau of Labor Statistics reported prices at grocery stores in February were up 2.6% over the previous 12 months, the highest since September. Prices for food consumed away from home were up 3.9% . . .  JBS broke ground on a $150 million expansion project at its beef production facility in Cactus, Texas. The project includes a new, state-of-the-art fabrication floor and an expanded ground beef room . . . According to Hidden Market Gems, forecasts projected the “smart agriculture” market equaled more than $30 billion last year, more than double the amount in 2023. Artificial intelligence (AI) applications were expected to reach around $5 billion, agricultural internet of things (IoT) devices were projected to top $20 billion, and drones were estimated at $6 billion . . . The Economist said the value of Beyond, an alternative-meat company, is less than $400 million today. It was once worth nearly $4 billion.