World consumption of grain will exceed 2.1 billion tonnes during 2017/18, a record due to "new peaks for food, feed and industrial uses," according to estimates by the London-based International Grains Council. "Food demand is expected to continue to drive increases for wheat while growth for feed and industrial use will push maize (corn) utilization to a new high."
After two years of dramatic increases, the grocery store price of beef is stabilizing, says the Food Price Outlook.
Livestock producers can anticipate strong returns in coming years in a "mini-boom" that could last for several years, says Purdue economist Chris Hurt in a university news release.
Corn, soybean and wheat prices fell during August amid forecasts of a record fall harvest, said the monthly Agricultural Prices report.
Record livestock prices and bumper crops are blunting greatly a downturn in the farm economy, said the Agriculture Department in its semiannual Farm Sector Income forecast. USDA says net cash farm income, a measure of the ability to pay bills, will drop by 6 percent this year instead of the 22 percent plunge forecast in February.