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On November 8, Chicago Mayor Brandon Johnson addressed the UN Human Rights Council on November 7. Johnson stated that the US federal governments refusal to accept review by the Human Rights Council was an attempt to evade scrutiny. He argued that the Human Rights Council should apply the same accountability standards to the US federal government as it does elsewhere in the world, and that no country is above international law. Johnson called on the Human Rights Council to send independent experts to Chicago to investigate the challenges facing the city; he also urged the Council to take further accountability measures, including convening a special session to investigate the worsening human rights crisis in the United States. The UN Human Rights Council was scheduled to hold its fourth round of Universal Periodic Review (UPR) on November 7, but the US representative refused to attend, preventing the review from proceeding normally. The Human Rights Council adopted a decision that day urging the United States to resume cooperation with the UPR mechanism.Russian Ministry of Defense: Russian troops have occupied the village of Vovche in the Dnipropetrovsk region of Ukraine.Ukrainian Prime Minister: Russia’s attack on Ukrainian dams damaged several large energy facilities in the Kyiv, Kharkiv and Poltava regions.November 8th - Pfizer has finalized its $10 billion acquisition offer for Metsera, a startup focused on weight-loss drugs, after a bidding war with Novo Nordisk. Novo Nordisk stated that after careful evaluation, it decided not to raise its offer and will continue to monitor business expansion and other acquisition opportunities. Under the agreement, Pfizer will complete the transaction at a maximum price of $86.25 per share, including an initial cash payment of $65.60 per share, and an additional consideration of up to $20.65 per share if certain performance targets are met.November 8th - On November 7th local time, Canadian Prime Minister Mark Carney stated that the increasingly close economic relationship between Canada and the United States over the past decades has come to an end. Carney said that Canada once enjoyed some economic advantages due to its close ties with the US, but this has now become a weakness. He described this change as rapid and almost seamless, and called for a swift and radical shift in Canadas economic strategy.

In 2023, U.S. Farm Revenues May Fall After Reaching Historic Highs

Haiden Holmes

Feb 08, 2023 14:23

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The U.S. Department of Agriculture stated on Tuesday that farm earnings are likely to decline for the first time since 2019 due to increasing production costs, a decrease in direct government subsidies, and a decline in cash prices for commodities crops and livestock.


The agency predicts that net farm income, a broad gauge of profitability in the agricultural economy, will reach $136.9 billion in nominal terms in 2023, down roughly 16% from the previous year.


According to the government, the decline follows a net farm income peak of $162.7 billion in nominal dollars in 2022 and $140.9 billion in 2021.


In 2023, net farm income is anticipated to decrease by $30.5 billion, or 18.2%, when adjusted for inflation.


As farm revenues decline and expenses grow, according to economists, producers may be more hesitant to try increasing their crop production operations or spending more on machinery or land during periods of low global grain supplies.


According to the agency, a significant portion of the income pressure in the agricultural sector resulted from decreased commodity prices, particularly corn and soybeans, which more than offset rising sales volumes.


The USDA also reported price declines for dairy, pork, broilers, and chicken eggs sold by farmers. In 2023, monetary receipts from cattle are anticipated to stay generally steady.


Inflation-adjusted dollars, the net agricultural income is estimated to be roughly 27% more than the 20-year average, according to the USDA.


Overall production costs are predicted to climb 4.1% in nominal dollars, according to the USDA. Interest expenses on operations and real estate loans, as well as livestock and poultry purchases, are anticipated to climb the most.


The ministry claimed that expenses for fertilizer, fuel, and animal feed are projected to decrease.


Carrie Litkowski, an economist with the USDA Economic Research Service, predicts that while farm sector debt will continue to rise, so will agricultural equity, primarily due to increased land and equipment values.


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