Ag trade deficit to set back-to-back-to-back records
The U.S. food and ag trade deficit will soar to a record $42.5 billion in the fiscal year opening on Oct. 1, fueled by steadily growing consumer demand for imported fresh produce, alcohol, coffee, and sugar, said USDA economists on Tuesday. It would be the third year of largest-ever deficits while export sales, hobbled by the strong dollar, retreat from the record set in fiscal 2022.
Smallest number of U.S. farms since 1850, says ag census
The United States, one of the agricultural powers of the world, has the smallest number of farms — 1.9 million — since 1850, when there were only 31 states and four territories, said the USDA Census of Agriculture on Tuesday. Nearly four of every 10 farmers were over the age of 65 in 2022, when the data was collected, an abrupt surge from the 2017 census, when one in three farmers was retirement age.