b'Theres a Beast THERES A BEASTthat our economy is currently battling. The battle started in 2022, but it doesnt look like this mon-ster attempting to wreak havoc is ready to leave: inflation.in the EconomyInflation is currently at levels weve not seen in the U.S. 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 Right Now presentation at the American Seed Trade Associations CSS & Seed Expo 2022. Gone are the days well have employees come knocking on our door. Cheap labor around China and in the U.S. Named Inflation has left usso 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 globehave faced within the last few years. In addition to a global health pandemic, 2023 might face a difficult outlook, supply chains have yet to recover. Drought and heat are becom-but seeds are in a good place.Alex Martin ing 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.Im here to say that we are not as bullish this year on corn and soybeans, Basse says. As we mourn the last couple of years, things have changed. The structure of this market is not the same as we had several years ago.What will we expect in 2023? Well, Basse doesnt believe the outlook is bullishinstead, were looking at a bearish outlook as we move from 2022 to 2023.The Number GameWhen it comes to numbers to watch for in forecasts globally, Basse says there are a few for the seed industry to be aware of.If you think about corn prices, were going to average about $6.80 a bushel from our modeling for next yearwere already talking about $1 less or $1.05 less, Basse says. If Mother Nature is normal, we can see prices stepping down, so its the same bull-ish points we had last year.In addition, Basse mentions in 2021, the conference heard about a looming food crisisbut as the UN would measure it (in pounds per capita, the amount of grain thats available to each 40/ SEEDWORLD.COMJANUARY 2023'