It doesn't. But perhaps it should provide a link to harvest statistics because the grocery prices are likely to increase. Inflation revisited - yet again.
Let's imagine for a moment that the grocery store receipt did contain a link to harvest statistics instead of a QR code to another survey. What could the average consumer read and learn?
The US population doubled since 1950's
There were 166 million people living in the United States since mid 1950's.
The current population of the United States is 331 million people.
The demand for food products in the Unites States has consistently grown.
June 2023: Wheat harvest is the smallest in 60 years
Kansas has been called the breadbasket of the United States. According to KWCH News, wheat farmers in the state will reap their smallest harvest in more than 60 years.
"Kansas flour mills will likely have to buy wheat grown in Eastern Europe".
What about corn?
Corn is used in thousands of different products that the average consumer uses everyday.
An unusually dry May in the Midwest has raised concerns over this year's corn crop in the Corn Belt, the region stretching from the panhandle of Texas up to North Dakota and east to Ohio which dominates the country's corn production.
On May 25, the National Integrated Drought Information System (NIDIS) released an early warning report saying that about 27 percent of the Midwest was experiencing an abnormally dry period that could lead to a drought, while 9 percent is already experiencing a drought.
Global corn prices have remained high after Russia's invasion of Ukraine first hindered supply across the world, while dry conditions in the U.S. have impacted the domestic market.
Some 10 million bushels of corn are produced in the Corn Belt each year, with production having exploded in the last 50 years. As the region is expected to become hotter in the coming years and decades, farmers are already trying to adapt by cultivating drought-resistant crops, on which the future of the region's economy will likely depend.
USDA data shows that 34 percent of the region is currently in drought, while 28 percent of the soybean crop is experiencing drought conditions.
Corn Prices Set to Soar After Midwest Hit by Worst Drought in 30 Years as reported by Newsweek on June 6, 2023.
Any other links of interest in the grocery store receipt?
Instead of printing 30 coupons, let's add additional 3 links of interest to the grocery store receipt.
Oranges (which are used to make orange juice concentrate). The U.S. Department of Agriculture indicates in January 2023 that only 18 million boxes of Florida oranges would be on the market in 2023, a 56 percent drop from last year.
The US beef cow herd is the smallest since 1962.
Horticulturists at the University of Georgia say roughly 90% of the Peach State’s crop has been destroyed by bad weather and a warming climate.
The last time things were this bad was 1955, according to Lawton Pearson of Pearson Farm in Fort Valley, Georgia
Inflation in the grocery store = population growth + lower harvest yields
As always, TerraManta will leave the reader to make their conclusions if the food prices will continue to increase.
TerraManta is the only company which uses machine learning to anticipate market behavior and forecast commodity prices without human biases. This bias-free approach drives our high conviction trading strategy.