Ag Headlines, Friday August 19, 2016

2017 Forecasted to Bring some Relief from Record Heat

NASA predicts 2016 will be the warmest year on record for Earth, but forecasters offer a prediction of relief for 2017. Weather forecasters say a new annual record is unlikely in 2017 since the effect of El Niño is fading. That does not mean 2017 will be much cooler, however. Forecasters say the long-term trend is towards warming, but there is natural variability, bringing ups and downs to overall temperatures each year, according to Reuters. La Niña, the cool counterpart to El Niño, is expected to be weak and develop late this fall or early winter. July of this year was the hottest single month since records began in the 19th century. The National Oceanic and Atmospheric Association says July was the 15th month in a row to break a monthly heat record. Records date back 137 years to 1880.

Lower Meat Prices Stall Food Inflation

Consumer food prices in the U.S. were unchanged in July, thanks largely to declining meat costs. The Labor Department reports the consumer price index for meats, poultry, fish and eggs purchased at the grocery store dropped 0.6 percent last month, following a 0.7 percent decrease in June. Over the previous 12 months, meat, poultry, fish and egg prices together have fallen 5.6 percent. The decline has contributed to a decrease of 1.6 percent in the index for all food consumed at home over that time span, according to Meatingplace. In July, the index for food at home fell 0.2 percent, its seventh decline in the past nine months. Prices for dairy, cereal and bakery products fell last month, while fruits, vegetables and nonalcoholic beverages turned higher.

Source;  NAFB News