Bacon Leads Food Price Increase; Syngenta Corn Settlement
**Bacon led the pack in price increases for some commonly purchased food items included in the American Farm Bureau Federation’s Fall Harvest Marketbasket Survey.
Agri-Pulse reports the survey shows the prices of bacon, compared to a year ago, is up 19%, to $5.24 per pound, AND an overall increase of 3% for the 16-item basket at $51.13, compared to $49.70 last fall.
The Farm Bureau says the farmer’s share of the total is about $8, down from $8.45 last year.
**As many as 350,000 corn growers nationwide are likely to get some type of a payment as the result of a settlement of lawsuits alleging Syngenta’s premature commercialization of a genetically engineered trait caused China to reject U.S. corn imports in 2013.
According to Agri-Pulse, Syngenta and plaintiffs’ attorneys announced last week that they had reached a settlement in the three-year-old litigation, but did not disclose a sum.
Citing unnamed sources, Reuters and Bloomberg put the figure at somewhere around $1.5 billion. All the cases filed sought nearly $6 billion.
**An official of BNSF Railway says their shipments of grain and soybeans this fall and winter will be down from last year.
According to Brownfield, BNSF Vice President, Sam Sexhus says that prediction is driven by the projected decline in grain and soybean exports.
Longer-term, Sexhus says BNSF is increasing shipping capabilities, including track projects leading from the northern corridor out to the Pacific Northwest.