Run-up in food, farmland prices could ease

By DANIEL GRANT FarmWeek

Buyers of everything from food to farmland could see a return to more normal rates of inflation later this year and into 2024.

The Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri predicted the economic shift recently in its annual U.S. Baseline Outlook report.

“Net farm income is likely to fall back from the record levels of 2022 and consumer food price inflation is also likely to slow in 2023,” said Pat Westhoff, FAPRI director.

Food price increases have slowed in recent months, to 0.4% between January and February, and are projected to rise 4.4% through 2023, according to FAPRI. However, food prices were still up 9.5% in February compared to last year.

Next year, food price inflation could ease to a more normal range around 2%, according to the report.

If realized, a slowdown of food price inflation would be welcome news for consumers who endured a 9.9% hike last year, the highest since 1979.

“Consumer food price inflation jumped to 9.9% (in 2022) as farm commodity prices rose, labor and other costs increased, supply chain problems continued and consumer demand was strong,” the FAPRI report noted.

This year, FAPRI looks for a reduction in crop and livestock prices and a smaller increase in production expenses. Lower prices for some inputs could result in a reduction of production costs by 2024 and 2025.

“What goes up, generally comes back down in the agricultural markets,” Westhoff said.

“Projected prices for most crops, poultry and dairy products all retreat in 2023 from recent peaks, and so do some production expenses.”

FAPRI’s baseline estimates suggest crop prices could fall from averages in 2022-23 of $6.69 per bushel for corn, $14.23 for soybeans and $9.08 for wheat to $5.32, $12.17 and $7.39 in 2023-24 and down to $4.84, $11.82 and $6.60, respectively, by 2024-25.

Of course, the price estimates are based on expectations of increased ag output.

“If weather conditions allow crop yields to return to trend-line levels in 2023, prices for corn, soybeans, wheat, cotton and many other crops are likely to fall,” FAPRI noted.

Over the next 10 years, average nominal crop prices could be much lower than they have been in 2022-23, but remain above the average of 2017-18 and 2021-22, according to the report.

The expected drop in farm income and rise in interest rates could significantly cool the farmland market, which saw Class A land values increase a whopping 45% from 2021 to 2022 statewide, according to the Illinois Society of Professional Farm Managers and Rural Appraisers.

After a ninth-straight increase last month, the benchmark federal funds rate is up to a range of 4.75% to 5%, which pushed borrowing costs to the highest level since 2007.

“Farm asset values have increased with land prices in recent years, and another increase is projected for 2023,” FAPRI stated. “Given assumptions of the outlook, lower farm income and high interest rates restrict further increases in farm real estate values in subsequent years.”

This story was distributed through a cooperative project between Illinois Farm Bureau and the Illinois Press Association. For more food and farming news, visit FarmWeekNow.com.

Services

AC/HEATING

SERVICES: Summer

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ARE YOU BUYING OR SELLING PROPERTY? WE

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OVERNIGHT OFFICE

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WANTED: Electric chainsaws and as many chains as you have. Exterior Brown Paint.

219-801-0955

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Vehicles

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Help Wanted

STERI-CLEAN CHICAGO

- 2152 Glenwood Dyer Rd., Ste 3 Lynwood, IL 60411. Biohazard/Hoarding

Technician Applications -in person ONLY Mon and Wed 12pm - 2pm. We provide necessary training and certifications including Blood Borne Pathogens. However, the following Requirements/ Qualifications MUST be met:

• Live within 30 min. of the office which you are applying for

• Have experience with power tools and have construction or restorations experience

• Valid driver’s license, an MVR will be run

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• Pass drug screeningAble to lift 50 lbs.

• Able to work in a respirator and full PPE for long periods

• Must be 21 years of age due to many of our vendor contracts

• Available to work 30-40 hours per week

• Available to work 9 hours per day with 1 hour lunch and 15 minute break

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The work we do is extremely physically and emotionally demanding. Please consider this when applying.

Compensation: DO

For Sale

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Real Estate

APARTMENT FOR RENT THORNTON - NEAR SHOPPING, SECOND FLOOR SPACE, new fridge new new bath and carpets call for appointment 708-462-7028

SMALLER TWO BEDROOM HOME. South Holland. $950 plus security. Redone, appliances, large living room, quiet area, big deck with nature views. Application fee. Outside parking. 708-268-7075

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NOTICE OF INTENT TO FILE A MECHANICS LIEN

Notice is hereby given that the undersigned, Vincent Valiunas, owner of Auto Electric, 2836 Chicago Rd. South Chicago Heights, IL 60411, intends to file a mechanics lien for outstanding repair bill and storage fees herein listed:

Invoiced repairs $225 plus Storage charges of $25 per day from June 14, 2017, totalling in excess of over $10,000, on the property of Brandon Burgess 194 Washington St. Park Forest, IL 60466. Legal Description of said property is 2006

Ford Taurus Sedan, White in color, no license plate, VIN # 1FAFP56U96A221148

Invoiced repairs $225 plus Storage charges of $25 per day from June 14, 2017, totalling in excess of over $10,000, on the property of Tom Rodgers 7521 Dixon St. Forest Park, IL 60130. Legal Description of said property is 2007 Ford Taurus Sedan, Light Blue in color, no license plate, VIN # 1FAFP53U37A169912

Invoiced repairs $1195 plus Storage charges of $25 per day from April 12, 2016, totalling in excess of over $10,000, on the property of Tom Rodgers 7521 Dixon St. Forest Park, IL 60130. Legal Description of said property is 2005 Jeep Grand Cherokee Limited, Midnight Blue in color, no license plate, VIN # 1J4HS58N05C545271

The undersigned intends to apply for vehicle title and dispose of or sell vehicle, as necessary, pursuant to Chapter 770 ILCS 50/3 unless full payment is received within 30 days of this notice. Auto Electric Dates and Times of Operation Mon-Fri 9:00 am to 5:00 pm. 708-581-8370

Health/Personals

If you or a loved one were diagnosed with OVARIAN cancer after use of TALC products such as BABY POWDER or SHOWER TO SHOWER, you may be entitled to compensation. Contact Charles H. Johnson 1-800-535-5727

Garage Sales

MEADOWS SUBDIVISION

SALE in Dyer 30 HOMES

Fri4/28. 4:30pm-7 pmSat. 4/29. 8-2 All homes have detailed maps We are in Dyer just south of main off Sheffield Ave. next to Walt’s GPS 856 sunflower ln Rain or shine

Misc.

Steamer cooker $40.00, two thermal coffee cups $10.00 dollars each new, Two or Three piece oven cook set $75.00 dollars - 708-2245990

Weather tech carmats , lexus suv, black, front , back seats. like new $125.00,, West Bend electric stainless wok. used once. $25.00 708-645-4245

White gas stove perfect for rental or home buyer very clean $200 obo 708-3021809

Generator, Coleman 5000 Watt 11 HP, $225 OBO; Snow Blower - Brand New, never used 4.5 HP M.T.D> Brand, $275 OBO, Inversion Table with Extra Electrical Vibrating Lumbar Support, New Cond. $95 OBO; Box Hpue Fan, $10; Craftsman 10” Compound Miter Saw, $50, 708-837-9814 Leave Message

Fishing Pole/Ski Container for Car Roof. Expensive Thule Brand. Cost $400Selling for $200. OBO Call 708-418-0725