There are signs the U.S. economy is slowing down, according to an economist with the University of Missouri Extension office. Ben Brown told Brownfield Ag News that consumers are buying less goods and that it’s impacting farmers.
“Meat, and meat demand, and how that could impact grain markets,” he said, “but also how fuel consumption could impact not only ethanol and gasoline consumption, but also movement of products and goods with diesel fuel on made from soybean oil and other products.”
Brown said a slowdown could have a domino effect – consumer spending could drop and reduce demand for imported goods. Countries that export to the U.S. may experience economic hardships brought on by decreased demand.
Brown also said that the threat of tariffs is hanging over the economy.
“Here, for the next few months it’ll be interesting to see how these tariffs play out,” he said. “I think it’ll lead to some sharp moves in the market, but overtime what it potentially could mean is less reliance on us as a trade partner and you’re encouraging other growers around the world to increase their production.”
Brown said uncertainty around the U.S. trade situation could provide opportunities for farmers, but they’ll likely be short-lived.
Courtesy of Brownfield Ag News.
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