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KFB Marketbasket Survey Shows Increase in Food Prices for Second Straight Quarter

After two years of slight quarterly declines in food prices, the most recent Kentucky Farm Bureau (KFB) Marketbasket Survey indicates a food-cost increase for a second straight quarter.

The survey, taken four times each year, price-checks 40 basic food items throughout the state in an effort to gauge current food-price trends. Since the end of 2016, surveyed food items had dropped by a total of $3.79 or just over three percent.

Market Closes - July 18, 2018
July 18, 2018
Market Closes - July 18, 2018

CBOT futures closed narrowly mixed after trading mostly in relatively small price ranges. This week’s price action has been positive in that we’ve seen three consecutive days of higher closes in corn and soybean futures; the cumulative gains are around 6 cents in corn and 20 cents in soybeans.  Live and Feeder cattle futures closed strongly higher with the nearby August contracts leading the way up. 

Market Closes - July 16, 2018
July 16, 2018
Market Closes - July 16, 2018

CBOT futures ended the day from several cents lower in wheat to several cents higher in soybeans, with corn closing flat. Futures were pressured overnight but short-covering in soybeans helped corn test the upper end of its range.  Cattle futures opened higher and closed even higher in the upper part of the trading range. 

Market Closes - July 12, 2018
July 12, 2018
Market Closes - July 12, 2018

CBOT futures closed steady to higher following the midday USDA WASDE report which was generally friendly for corn and negative for soybeans. US and World ending corn stocks were forecast below trade expectations, while soybean stocks came in much higher than expected as USDA incorporated the current Chinese import tariffs into its projections.  Cattle and hog futures rebounded nicely today following yesterday’s rout.

Market Closes - July 11, 2018
July 11, 2018
Market Closes - July 11, 2018

Commodity and equity markets took a big hit today, resulting in a very RED quote screen. The negative, risk-off trade started early after it was announced the US plans 10% tariffs on an additional $200 billion of Chinese goods entering the US.  CBOT futures closed sharply lower and at/near the day’s lows.  Cattle and Lean Hog futures also suffered significant price losses amid the day’s general sell-off.

Across Kentucky Promo - July 16, 2018 - July 20, 2018
July 11, 2018
Across Kentucky Promo - July 16, 2018 - July 20, 2018

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Across Kentucky - July 20, 2018
July 11, 2018
Across Kentucky - July 20, 2018

The average cost of basic grocery items in Kentucky is continuing to rise slightly.  Kentucky Farm Bureau Communications Director Todd Bright talks about the quarterly Market Basket Survey, what items saw an increase, which items dropped in price and the ones that remained the same.

Listen here