There’s a Beast in the Economy Right Now Named Inflation

Dec 08, 2022

2023 might face a difficult outlook, but seeds are in a good place.

There’s a beast that our economy is currently battling. The battle started in 2022, but it doesn’t look like this monster attempting to wreak havoc is ready to leave: inflation.

Inflation is currently at levels we’ve not seen in the United States or around the world in over 40 years, according to Dan Basse, president and economist at AgResource.

“Gone are the days of low-interest rates,” he says in his presentation at the American Seed Trade Association’s CSS & Seed Expo 2022. “Gone are the days we’ll have employees come knocking on our door. Cheap labor around China and in the U.S. has left us — so as we think about this reset, I want you to think about your investments. Think about the world ahead and how this fits into the picture of dollars and where the world sits today.”

Think about what the U.S. — and the globe — have faced within the last few years. In addition to a global health pandemic, supply chains have yet to recover. Drought and heat are becoming more of an issue as temperatures rise. Russia invaded Ukraine in February 2022, causing issues within the global grain trade. Inflation has been a major issue, along with rising interest rates, high gas and diesel prices and threats of protest on the railways.

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Video: Dicamba Returns for Georgia Farmers: What the New EPA Ruling Means for Cotton Growers

After being unavailable in 2024 due to registration issues, dicamba products are returning for Georgia farmers this growing season — but under strict new conditions.

In this report from Tifton, Extension Weed Specialist Stanley Culpepper explains the updated EPA ruling, including new application limits, mandatory training requirements, and the need for a restricted use pesticide license. Among the key changes: a cap of two ½-pound applications per year and the required use of an approved volatility reduction agent with every application.

For Georgia cotton producers, the ruling is significant. According to Taylor Sills with the Georgia Cotton Commission, the vast majority of cotton planted in the state carries the dicamba-tolerant trait — meaning farmers had been paying for technology they couldn’t use.

While environmental groups have expressed concerns over spray drift, Georgia growers have reduced off-target pesticide movement by more than 91% over the past decade. Still, this two-year registration period will come with increased scrutiny, making stewardship and compliance more important than ever.