The U.S. fertilizer industry made possible the production of $188.78 million worth of vegetables, fruits, nuts and feed for livestock in 2019. Livestock feed, also grown with fertilizer, helped to create an additional $177.53 million worth of meat, milk and other products such as eggs.
This data, it should be pointed out, were accumulated in 2019 before the COVID-19 pandemic. This has obvious economic effects on all aspects of business but the fertilizer industry was deemed essential by the federal government in March.
In TFI webinar on Thursday, Clark Mica, TFI Vice-President for Legislative Affairs, said the study was updated from a previous economic study. The data is especially useful for when TFI has discussion with policy makers regarding the industry, he said.
“The first question we get asked when we met with members of Congress is ‘how does your industry affect my congressional district,'” Mica said. “We then provide them with the economic data of the industry.”
John Dunham, Managing Partner of John Dunham and Associates who researched the data, said the findings are useful beyond the obvious lobbying uses. Communications to the general public and other various business activities are a couple of other avenues the economic data can be utilized, he said.
“Use it in your Rotary club meetings,” Dunham said. “Use the data when you are talking to local officials as well.”
The publication of the study is the culmination of months of compiling data, including the direct contribution and downstream impacts of the entire fertilizer industry. This would include the entire chain from manufacturers to wholesalers, retailers and goods and service providers.
“The fertilizer industry doesn’t just help grow the food on your dinner table, we also help grow the U.S. economy,” said TFI President and CEO Corey Rosenbusch in a news release.
“We often highlight that fertilizer is responsible for over half of the world’s food production, meaning without our industry we’d only have half as much food for the planet’s growing population,” he said.
“The data in the study shows that we’re not only feeding the world, we’re also feeding our national, state and local economies through direct and indirect employment and wages, the value of the crops and farm products produced with our plant nutrients, and the transportation and logistical network that moves plant nutrients to the farmers to be there exactly when they need them. The movement of fertilizer alone benefits our economy to the tune of nearly $9 billion annually.”
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
