Janet Adamy and Paul Overberg reported on the front page of Saturday’s Wall Street Journal that, “At the corner where East North Street meets North Cherry Street in the small Ohio town of Kenton, the Immaculate Conception Church keeps a handwritten record of major ceremonies. Over the last decade, according to these sacramental registries, the church has held twice as many funerals as baptisms. In tiny communities like Kenton, an unprecedented shift is under way. Federal and other data show that in 2013, in the majority of sparsely populated U.S. counties, more people died than were born—the first time that’s happened since the dawn of universal birth registration in the 1930s.”
May 2017
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.
At Appropriations Hearing, Secretary of Agriculture Sonny Perdue Discusses White House Budget- Crop Insurance, SNAP
Yesterday, the House Appropriations Subcommittee on Agriculture held a hearing with Secretary of Agriculture Sonny Perdue to discuss the Administration’s priorities for the Department of Agriculture and to review the President’s proposed 2018 budget. Today’s update highlights two issues that lawmakers discussed at yesterday’s meeting: Crop Insurance and the SNAP (food stamps) program.
In Budget Proposal, White House Seeks Cuts To Agriculture
Reuters writer P.J. Huffstutter reported earlier this week that, “The White House budget on Monday proposed $46.54 billion in cuts to federal government funding for the agriculture sector over the next 10 years. President Donald Trump’s biggest cut would come in the form of a $38 billion bite out of farm supports, including new limits on federal subsidies for crop insurance premiums and caps for commodity payments.”
Ag Economy: Farmers “Battle for Profits”
Donnelle Eller reported on the front page of Sunday’s Des Moines Register that, “This year could be pivotal for many Iowa farmers, battling to turn a profit as they plant 23.4 million corn and soybean acres across the state. Financial pressure is beginning to show.”
NAFTA Renegotiation Formally Launched– Agricultural Perspectives
Shawn Donnan and Jude Webber reported on Thursday at The Financial Times Online that, “Donald Trump has fired the starting gun on renegotiations of the North American Free Trade Agreement with Canada and Mexico, with his administration notifying Congress on Thursday that it planned to begin formal talks as soon as August.”
Secretary Perdue Provides Outlook and Overview at House Ag Committee Hearing
Secretary of Agriculture Sonny Perdue testified before the House Agriculture Committee yesterday at a hearing on the “State of the Rural Economy.” Today’s update includes an overview of the testimony provided by the former GOP Governor of Georgia, as well as as some of the issues lawmakers addressed during the hearing, which lasted over three hours.
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.
USDA Reorganization Proposal Highlights Trade; China Trade Deal Includes Beef
Donnelle Eller reported on the front page of Friday’s Des Moines Register that, “Opening markets for U.S. corn, soybeans and other farm goods would get more attention under a major reorganization proposal Thursday from U.S. Ag Secretary Sonny Perdue, who wants to create a new undersecretary for trade. With the farm downturn entering a fourth year, ag groups lauded the move.”
Federal Reserve Ag Surveys Provide Updated Look at the U.S. Farm Economy
On Thursday, the Federal Reserve Banks of Chicago, St. Louis and Kansas City each released updates regarding farm income, farmland values and agricultural credit conditions from the first quarter of this year. Today’s update provides a brief overview of yesterday’s reports.
Senate Ag Committee Holds Second Farm Bill Hearing
The Senate Ag Committee held its second Farm Bill hearing on Saturday in Frankenmuth, Michigan. Chairman Pat Roberts (R., Kans.) pointed out that, unlike when the last Farm Bill was drafted, the U.S. agricultural economy is struggling right now. At a press briefing at the conclusion of the hearing, he indicated that trade was an important variable in assisting with the current low price environment. A variety of important issues were discussed by witnesses on Saturday, in two separate panels; today’s update highlights remarks that were made on trade, crop insurance, the Conservation Reserve Program, the dairy program, and the SNAP program.
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.
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.
Cotton, Dairy Producers “Left in the Lurch” in Funding Bill
A deal reached on Sunday to fund the federal government through September, did not include assistance for programs sought by cotton and dairy producers. House Ag Committee Chairman Mike Conaway (R., Tex.) expressed disappointment with this result and reassured farmers and ranchers that he and many of his colleagues “are fully committed to correcting this wrong and seeing them through their current economic challenges.”