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Farm Bureau Survey: Thanksgiving Dinner Cost Down for Third Straight Year

Farm Bureau Survey: Thanksgiving Dinner Cost Down for Third Straight Year

The American Farm Bureau Federation’s 33rd annual survey of classic items found on the Thanksgiving Day dinner table indicates the average cost of this year’s feast for 10 is $48.90, or less than $5.00 per person. This is a 22-cent decrease from last year’s average of $49.12.

“Since 2015, the average cost of Thanksgiving dinner has declined steadily and is now at the lowest level since 2010,” said AFBF Chief Economist Dr. John Newton.

Market Closes - November 14, 2018
November 14, 2018
Market Closes - November 14, 2018

CBOT futures closed mixed with corn steady, wheat weaker and the soy complex higher.  Traders are reluctant to sell soybeans with a chance that the US and China will make some progress on trade heading into the G20 meeting at month’s end.  Cattle futures were weighed down by a weaker boxed beef market and a lack of cash cattle trade.

Market Closes - November 13, 2018
November 13, 2018
Market Closes - November 13, 2018

With a backdrop of negative crop fundamentals, today’s sharp drop in crude oil futures seemed to embolden the sellers at the CBOT. Early talk that the US and China officials were discussing trade negotiations didn’t hold the market up. Cattle futures closed higher and near the day’s highs on apparent short-covering.

Market Closes - November 12, 2018
November 12, 2018
Market Closes - November 12, 2018

Despite bearish outside markets (stronger US Dollar, weaker energy futures), corn and soybean futures closed just 1-3 cents up/down from Friday’s closes. Cattle futures closed lower except for the Dec and Feb LC contracts, despite the stronger US Dollar and the sharp drop in US stock prices. Lean Hog futures posted moderate to strong gains today on news that African Swine Fever was found in part of China’s hog feed supply.  

Market Closes - November 8, 2018
November 8, 2018
Market Closes - November 8, 2018

Despite the USDA WASDE report being generally bearish, CBOT futures managed to close near steady. USDA cut the US average yield for corn by 1.8 bu/acre to 178.9 bu/acre, and soybeans by 1.0 bu/acre to 52.1 bu/acre. The cut in US production was bigger than traders expected. Cattle futures closed slightly higher despite a weak boxed beef market. Crude Oil is in a bear market as U.S. production hit a new record high of 11.6 million barrels/day last week.

Across Kentucky November 12, 2018 - November 16, 2018
November 8, 2018
Across Kentucky November 12, 2018 -  November 16, 2018

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Across Kentucky - November 16, 2018
November 8, 2018
Across Kentucky - November 16, 2018

Kentucky could receive as much as $200 million through the Market Facilitation Program to assist farmers impacted by the tariffs being imposed by China.  Kentucky Farm Service Agency Director Brian Lacefield explains the Market Facilitation Program, how the payments are calculated and how many Kentucky farmers will receive assistance.

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