Per-Capita Dairy Consumption Higher and Mexico’s GM Corn Ban
**The USDA’s annual report on per-capita dairy consumption saw an emphatic rise in domestic dairy demand.
The level of demand rose from 655 pounds per person in 2020 to 667 pounds last year.
That’s a total not seen since 1960, when it was 659 pounds, and is approaching 1959’s consumer total of 672 pounds.
The last time America consumed this much dairy, Elvis was in the Army.
**A Mexican presidential decree to ban genetically modified corn in 2024 would have severe economic consequences for the U.S. and Mexican economies.
A study from World Perspectives says the move will result in a loss of billions for America’s farmers and higher prices for Mexican consumers.
Overall, the U.S. economy would lose over $73 billion in economic output.
A ten-year forecast shows the corn ban will increase the cost of corn by an average of 19%.
**The Purdue University/CME Group Ag Economy Barometer’s farmer sentiment index dropped five points to 112 in September.
The drop in farmer sentiment was primarily the result of producers’ weakened perception of current conditions that dropped nine points to 109.
The Index of Future Expectations dropped three points to 113.
Concerns about input costs and, in some cases, availability are key factors behind the relative weakness in this month’s farmer sentiment.