gas price

With Memorial Day Weekend, and Americans kicking off the summer driving season, the nation's average gas price is unchanged from a week ago at $3.51 per gallon.

After reaching recent highs in 2021 and 22, the average net cash income of U.S. farm businesses is expected to decline by 18% in 2023 compared with 2022.

Farm real estate values increased considerably in 2022 but showed signs of softening late in the year as interest rates on farm loans jumped to decade highs alongside increases in the federal funds rate.

The February Farm Income Forecast, showing net farm income, a broad measure of profits, at $136.9 billion in calendar year 2023, a decrease of $25.9 billion, or 15.9% from last year.

The nation's average gas price fell again last week, falling 11.9 cents to $3.09 per gallon.

Not much movement in the November Purdue University/CME Group Ag Economy Barometer with a reading of 102 for the month, unchanged from October. The national average gas price fell 15.8 cents over the last week.

Robust beef demand continues with retailers strongest sales this holiday season. The average is down 11.5 cents from a month ago but stands 37.8 cents per gallon higher than a year ago.

Ethanol output rose to an average of 932,000 barrels per day, the largest production level since the week ending on September 9 and up 43,000 from the prior week.

Plant-based food is a hot market, but plant-based meat alternatives are not, according to a recent study by Deloitte Insights.

Ag Secretary Tom Vilsack announced the $500 million in grants, intended to spur competition in the fertilizer sector and combat price hikes on U.S. farmers.