Ag Outlook 9-29-2020

USDA is raising meat price projections. This comes as beef prices declined in July and August but still left the year-to-date figure at retail 10 and a half percent above the 2019 average. The latest September revision for 2020 is about a percentage point over where the Department of Agriculture thought it would be last month. The same holds true for pork and poultry with a five to six percent rise expected for pork — poultry four to five percent. Once you factor in all food content in your grocery basket economist Carolyn Chelius thinks we’ll be paying two and a half to three and a half percent more than last year.