Rural bankers anticipate recession and US grain terminal attack
From the Ag Information Network, I’m Bob Larson with your agribusiness update.
**Rural bankers say they anticipate a US recession, according to Creighton University’s latest Rural Main Street Index.
The overall reading for June fell to 49.8, its lowest level since September 2020, and down from May’s 57.7.
The index ranges between 0 and 100, with a reading of 50.0 representing neutral growth.
About 92.9% of rural bankers surveyed put the probability of a US recession at more than 50%.
**Two grain terminals belonging to North American companies were hit by a Russian attack in Ukraine.
The University of Illinois’ agricultural policy news website says Canadian agribusiness Viterra and US grain trader Bunge said they had a grain terminal hit last Wednesday.
Although there were no casualties, Viterra said one employee was injured at the plant, which had been closed since the Russian invasion began.
The attack is also the second time Bunge has been targeted.
**U.S. honey production has fallen 1.4% annually over the past three decades, while honey imports have increased 7.6% annually, so imports have made up the domestic supply shortfall.
Imports have exceeded domestic honey production since 2005 and accounted for 74% of U.S. honey supplies in 2021.
The top three foreign suppliers are India, Vietnam and Argentina and together they supply over 71% of total imports.