According to the new quarterly report from CoBank’s Knowledge Exchange, consumers are dealing with inflation by reducing discretionary spending and buying lower-cost food items. The report said beef may be the exception, with consumers apparently willing to pay higher prices for that steak or roast. CoBank said sugar prices are caught in a tug-of-war between large global supplies and rising demand. World raw sugar prices are down over five percent for the quarter, but U.S. prices are up nearly three percent. Domestic demand is up as consumers replace high fructose corn syrup with natural sugar.
