Fourth of July BBQ will cost more this year
EAU CLAIRE, Wis. (WEAU) - As of today, July 1st, by law, President Biden no longer has the use Of Trade Promotion Authority, or “Fast Track.” And so far the Administration hasn’t submitted any legislation to Congress to reauthorize that power for the president. The expiring authorization was signed into law by President Obama back in 2015. That power gives the president the authority to negotiate trade deals with other countries and then bring the deal to Congress for an up or down vote with no amendments allowed. The expiring fast track authority was supposed to end in 2018 but it was extended when then President Donald Trump asked for an extension and Congress gave it to him.
Yesterday’s USDA Acreage and Quarterly Grains Stocks report shows farmers planted more corn and soybeans this spring than they did last year. Planted corn acres are now put at 92.7 million acres—up 2% from 2020 while soybean plantings are up 5% to 87.6 million acres. The report also projects this year’s corn harvest will be 14.956 billion bushels on yields of 177 bushels an acre—2% more than last fall. The soybean harvest is expected to come in at 4.335 billion bushels on yields of 50 bushels an acre. The report also projected U.S. corn stocks on the first of June were 4.11 billion bushels—down 18% from a year ago and the lowest in the last 7 years. Soybean stocks on June 1st were 767 million bushels—44% less than last year.
Yesterday we told you that USDA economists are predicting food prices will go up this and today we have proof. The Farm Bureau Federation has surveyed food prices around the country for favorite items on the 4th of July cookout menu and found prices are higher. The Wisconsin Farm Bureau report shows the average cost to feed a party of ten at the Independence Day cookout will be $60.35--$3.88 more than the price in 2019—the year before the pandemic. Nationally the price is about $59.50—about $5 more than in 2019. The farmers’ share of the cost comes to 14.3 cents for every dollar spent on food.
Next week it’s back to more normal times for the Wisconsin FFA as they are set to hold an in person state convention next week, Monday through Thursday, at the Alliant Energy center in Madison It will be the FFA’s 92nd state convention. Their theme this year is “Unstoppable.”
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