May 3, 2022 / Agriculture, Genuine MS, MS Ag and Commerce, MS Cattle Farmers, Trade
Genuine Mississippi Local Food Supply, Part 1. In the midst of what is shaping up to be a global food shortage, our #GenuineMS local food initiative is more important than ever. I encourage you to support our local farmers, local businesses, buy local food, use local processors.
Mississippi farmers and ranchers are feeling the pain of inflation, and farm incomes are not expected to rise significantly in comparison. Record inflation is driving up costs of everything, including all costs for farmers. Equipment, feed and fertilizer are all at record highs. A report this week by the Food and Agriculture Policy Rsearch Institute confirms what we already believed to be the case: inflation, the Ukraine war and reduced South American production will result in less food worldwide and higher costs. https://www.fapri.missouri.edu/…/u-s-agricultural…/
FAPRI predicts net farm income to reach nearly $120 billion this year, up from the March forecast of $105 billion. But that increase accounts for increased production costs.
FAPRI also projects farm production expenses, which includes feed and fertilizer expenses, will total $446 billion, up from the March forecast of $420 billion. By comparison, production expenses totaled about $392 billion in 2021.
FAPRI estimates corn prices will average about $6.06 a bushel this year, up from $5.78 in 2021. Wheat prices are excepted to average $8.08 a bushel, compared to $7.60 last year.
Consumer food prices are now expected to jump by 6.8% this year, up from the March forecast of 4.2%.
In light of all this, it just makes sense to buy locally and support local farmers. Stay tuned this week as we will be connecting you and your family, and our farmers to many resources to promote and enhance the availability of our local Mississippi and American food supply. And, remember to thank our farmers.