Industry News | 11-7-2022

Farmers Face Challenges as Interest Rates Rise

Rising interest rates are impacting farm decisions well before the 2023 planting season and could remain a factor for years to come. The Federal Reserve has been steadily hiking interest rates in an attempt to tame inflation. That means more expensive money for everyone. “The first impact will be the interest rate charged on operating loans,” said Ohio State University ag economist Carl Zulauf. “That’s where most farmers will start to notice it.” The effect of rising interest rates has already been seen in the farm sector, according to Shane Fee, president of the Bank of Springfield in Illinois.
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National Western Stock Show announces Temple Grandin as 2023 Parade Grand Marshal

The National Western Stock Show announced renowned author, speaker, and professor of animal science Temple Grandin, Ph.D., as Grand Marshal for the 2023 Stock Show Kick-Off Parade, presented by Arrow Electronics. On Jan. 5, 2023, Grandin will lead the traditional drive of Longhorn cattle, horses, and western wagons through the streets of downtown Denver to celebrate the start of the 117th National Western Stock Show.
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U.S. Farm Exports Rise 14% to Record High

Boosted by large increases in most sales categories, U.S. farm exports mushroomed to a record $196.4 billion in the fiscal year that ended Sept. 30, according to newly released Commerce Department data. Sales were 14% higher than the previous mark of $172.7 billion, set one year ago in fiscal 2021.
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USDA Says More than $200M will Help Meat Processors Expand

The Agriculture Department announced more than $223 million in grants and loans Wednesday to help small- and mid-sized meat processing plants expand as part of a larger $1 billion effort to boost competition in the highly concentrated industry. The effort is expected to increase cattle and pig slaughter capacity by more than 500,000 head a year. It will also help poultry plants process nearly 34 million more birds, while adding more than 1,100 jobs mostly in rural areas where the plants are located.
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US Diesel Supplies are Shrinking Rapidly

America has a shortage of diesel supplies on hand and it’s putting pressure on suppliers to get more into the fuel supply. The Start Magazine says a shortage is spreading in the eastern United States and has prompted at least one supplier to initiate emergency protocols. Mansfield Energy is a fuel supplier that says conditions are rapidly devolving, so they require a 72-hour notice for deliveries to secure fuel and freight. Diesel is the fuel that trucks, trains, and ships fill their tanks with to move goods around the country and across the globe. Supplies are tight partly because Russian diesel imports are banned in the U.S.
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