Senate Ag Committee Examines the Farm Economy

Yesterday, the Senate Ag Committee held a hearing titled, "Examining the Farm Economy: Perspectives on Rural America," where lawmakers heard testimony from four witnesses, including the Chief Economist from USDA, and a Federal Reserve Bank district economist. Today's update provides an overview of yesterday's meeting with particular emphasis on crop prices, land values, and trade. Recall that the House Ag Committee held a similar hearing on the farm economy back in February.
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Wall Street Journal- Special Section on Agricultural Issues

Yesterday's Wall Street Journal included a special section on agricultural issues. The section included several articles that covered a variety of different topics ranging from urban farming, to creative new uses for crops, to export shipping issues. Today's update highlights articles in yesterday's paper that focused on farmer's adaptation to weather changes, the use of big data, and the ultrafiltered milk trade dispute with Canada.
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Secretary Perdue Visits Iowa- Discusses Trade, RFS

Secretary of Agriculture Sonny Perdue visited an Iowa farm on Friday and took questions from producers. In his remarks, Secretary Perdue addressed a number of issues; today's update focuses more narrowly on his comments relating to trade and biofuels. Also, Secretary Perdue was in Arkansas on Sunday to survey flood damage with Arkansas Governor Asa Hutchinson.
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Prices Concern Farmers and Ag Lenders; Sec. Perdue Comments on NAFTA; Spring Weather Causes Havoc

Today's update looks briefly at the U.S. agricultural economy from a variety of perspectives. A recent news report has shown that some Corn Belt producers may be losing money from farming this year, while a survey of agricultural lenders this month demonstrates that many are concerned about commodity prices, liquidity and farm income. Secretary of Agriculture Sonny Perdue has stated that U.S. farmers won't be worse off if NAFTA is renegotiated, and adverse weather conditions continue to adversely impact farmers and ranchers in the Nation's midsection.
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Low Farm Prices Impacting Ag Economy– Will Executive Branch Trade Policy Help?

A recent article from the Federal Reserve Bank of Minneapolis discussed the downward economic trajectory that has impacted the U.S. farm economy in recent years. Secretary of Agriculture Sonny Perdue, in remarks this week to USDA employees, noted that trade is an area that could help provide relief for surplus stocks. News reports yesterday indicated that President Trump could sign an executive action withdrawing the United States from the North American Free Trade Agreement; since NAFTA's implementation, U.S. agricultural trade has grown significantly. However, subsequent news developments explained that Trump had decided not to pull out of NAFTA. Many in the agricultural sector are already anxious about U.S. trade policy, yesterday's executive branch actions on trade may not alleviate ongoing concerns.
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U.S. Ag Economy: Kansas City Fed Reports; and, Ag Export Competitiveness

The Federal Reserve Bank of Kansas City released two interesting reports this month that provide timely insights into the U.S. agricultural economy. The first report took a closer look at crop inventories and agricultural finance, while the second update included recent analysis on farm lending. Meanwhile, a front page article in Friday's Wall Street Journal highlighted issues associated with America's agricultural export competitiveness in the global market.
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