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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

Biden’s 60 Minutes Interview Horrifies White House: ‘Does NOT Reflect the OFFICIAL Position’

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Uh oh. Someone let President Joe Biden speak by himself again and damage control immediately ensued. President Joe Biden’s “60 Minutes” interview which aired on CBS Sunday was 60 minutes of pure torture for viewers and 60 minutes of pure angst for the White House; everyone but the president himself.

60 Minutes’ official Twitter account publicly called out the President’s answers with an embarrassing statement that his own administration was in disagreement with him:

“President Biden tells 60 Minutes that U.S. men and women would defend Taiwan in the vent of a Chinese invasion. However, after our interview, a White House official told us that U.S. policy on Taiwan has not changed.”

CBS’ Scott Pelley also discussed inflation; an issue drastically affecting the welfare and wellbeing of families. Biden deflected with zero sympathy:

As for President Biden’s son Joe, he is sticking with the narrative that Hunter is the “smartest” person he knows and that “there’s not a single thing that I’ve observed at all that would affect me or the United States relative to my son Hunter.”

Biden also said that while the “proof of the pudding is in the eating” in response to being asked if he is fit to be President, Biden did not commit to saying whether or not he will run for re-election. His “intention” is to run again, “but that’s just intention” he said. “Is it a firm decision that I run again? That remains to be seen.”

 

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