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Record organic soy prices lead to food inflation

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U.S. imports of organic soybeans fell by 18% over the last year according to U.S. Department of Agriculture data. Currently, the U.S. is the number two soybean grower worldwide, with 70% of the produce imported back to the states. Meanwhile, chicken farmers who use soybeans for feed are paying higher prices due to the shortage.

In addition, Argentina, the number two exporter of soybeans to the states saw an even greater decrease. Shipments fell by 30%. As a result, the price for soybeans rose to a seven-year high. According to commodity data firm Mercaris, soybeans now cost $33 per bushel. The previous record was $25 per bushel in 2014-2015.

Bell & Evans owner Scott Sechler called it a “madhouse” in an interview with Reuters. His 127-year strong company feeds 500,000 to 600,000 chickens every week.

“There’s not enough in America to replace all the imported organic grain,” Sechler told Reuters. Therefore, the price of chicken is bound to increase to make up for the increase in feed.

In the meantime, total U.S. organic acreage is growing faster than ever at 6%. Mercaris has predicted that there will be a record 9 million acres of organic produce by the end of the year. Altogether, there are nearly 20,000 certified organic farms.

According to the Organic Trade Association, last year, U.S. sales of organic food increased 12.8% to $56.5 billion, compared with a 4.6% increase in 2019. Then, in 2020, organic foods accounted for 5.8% of food sales.

You can follow Jenny Goldsberry on Twitter @jennyjournalism.

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Economy

Federal Reserve Economist on hidden camera: ‘we don’t want Trump to be in the government’

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Hidden Camera captures Principal Economist at the Federal Reserve talking about Jerome Powell’s legacy as “somebody who held the line against like, Trump.” According to hidden camera footage of Aurel Hizmo, principal economist at the Federal Reserve, the U.S. agency could have fixed inflation a while ago but refused to do so for fear of hurting President Joe Biden’s re-election efforts.

Hizmo told an undercover reporter that the Fed stopped raising the rates to tackle inflation because it could cause a recession that would likely end Biden’s 2024 campaign.

The influential agency responsible for maintaining a stable monetary system appears to not just be establishing interest rates, but to be setting policies for desired social outcomes. “Under Powell, the Fed has changed to think about equity issues, like racial issues, think about wealth inequality as part of the mandate, as part of the things we are following. Think about climate change.” Aurel Hizmo, Principal Economist at the Federal Reserve, who prior to working at the Fed was an Assistant Professor helps write speeches for Federal Reserve Board Chair Jerome Powell for the Federal Open Market Committee.

Hizmo says “Trump is just a crazy person” and conservatives are “dumb” as he describes to OMG’s American Swiper Citizen Journalist a politicized Federal Reserve Board where Powell has promoted ESG issues like climate change and “wants to be remembered in history” “as a savior.” But shhh…don’t tell anyone because Hizmo says: “I’m just really worried that I’m saying stuff that’s classified…It’s all classified.”

 

 

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