Agriculture Shorts

The average fuel surcharge by railroads on grain shipments in the second week of September climbed to 48 cents a mile per ‌rail car, up 153% compared to a year earlier. Railroads use surcharges to recover added costs for fuel. As a result, the basis for commodity bids has widened in many areas . . . Axios reported U.S. inflation-adjusted household income rose 2.6% last year to a record $87,460. It also reported the poverty rate fell slightly to 10.2% . . . The Federal Reserve raised interest rates last week for the first time in three years. The increase, approved unanimously, raised the benchmark federal-funds rate range by a quarter point to between 3.75%-4% . . . According to Iowa State University, estimated hog returns for a farrow-to-finish hog operation were $20.63 per head in August, continuing a 29-month profitability streak . . . The average price for a gallon of diesel in America last week rose above $6.50 for the first time according to the American Automobile Association . . . Friday’s Cattle on Feed report from the USDA showed Nebraska’s feedlot inventory at 2.47 million head, 2% more than last year. Placements were down 14% compared to last year, and marketings down 6%.