The barometer of the agricultural economy is falling and world hunger is rising
From the Ag Information Network, I’m Bob Larson with your agribusiness update.
** The Purdue University/CME Group Agricultural Economics Barometer continued to decline in June, down two points to 97.
The barometer’s future expectations index also fell five points to 95, the lowest level since 2016.
Growers were slightly more optimistic about current conditions. The current conditions index rose five points to 99, but rising input costs and uncertainty about the future continue to weigh on farmers’ confidence.
**Senior US and Chinese officials have discussed US economic sanctions amid reports that the White House is considering rolling back some obligations imposed by the previous administration.
During the week’s call, China’s vice premier told US Treasury Secretary Janet Yellin that the lifting of tariffs and sanctions and the fair treatment of Chinese companies were areas of concern.
However, among the concerns of the United States, the secretary included the impact of Russia’s war against Ukraine on the world economy and China’s unfair and non-market economic practices.
** A new report from the United Nations shows that the number of people affected by hunger in the world has risen to almost 830 million in 2021.
The UN report says the world is moving in the opposite direction of the Sustainable Development Goal of ending hunger, food insecurity and malnutrition by 2030.
The report represents an increase of about 46 million since 2020, when the pandemic sent the global economy into a downward spiral, and another 150 million since 2019.