I’m Clinton Griffiths with today’s AgDay Minute.
This could help prices at the pump…oil prices drop below 80-dollars a barrel. It’s now at its lowest level in six weeks. It comes after OPEC and the International Energy Agency warned of an impending oversupply. There are also rising coronavirus cases in Europe, and that’s increasing the risk to demand. Prices are also dropping after reports that the US was asking other major global oil consumers, like China and Japan, to consider releasing oil reserves.
Food insecurity in the country was much higher late last year when people were unable to work or were prevented from looking for work because of the pandemic. Research from USDA’s Economic Research Service reported that homes, where an adult was prevented from looking for work because of the pandemic, saw food insecurity reach 20.4-percent. That’s compared to the national average of 5.7 percent.
Your next cup of coffee may cost you a little more. You can blame it on inflation and extreme weather. Coffee futures have jumped to the highest level since 2012. Part of the problem is severe drought and frost conditions in Brazil, which is the world’s largest coffee supplier. But a bit of good news…coffee prices aren’t increasing as much as other items. Starbucks and other companies buy far in advance, which they say allows them to keep prices in check, for now.
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