Reuters writer Valentine Hilaire reported late last week that, “Mexico and the United States aim to reach an agreement in January over a pending Mexican ban on imports of genetically modified (GM) corn, the Mexican foreign ministry said on Friday after officials from the two countries held talks in Washington.”
Keith Good
Keith Good is the Farm Policy News editor for the farmdoc project. He has previously worked for the USDA’s National Agricultural Statistics Service, and compiled the daily FarmPolicy.com News Summary from 2003-2015. He is a graduate of Purdue University (M.S.- Agricultural Economics), and Southern Illinois University School of Law.
As China Moves From Zero Covid, “Near-Term Economic Turbulence Could be Considerable”
Wall Street Journal writers Jason Douglas and Sha Hua reported in Friday’s paper that, “China’s economy took a hit in November in what economists hope will be the last big squeeze on growth from a zero-tolerance strategy toward Covid-19 that Beijing has since abandoned.”
An Overview of U.S. Farms From USDA’s Economic Research Service- 2022 Edition
The USDA’s Economic Research Service (ERS) recently released its annual report exploring characteristics of U.S. farms: “America’s Farms and Ranches at a Glance, 2022 Edition.” Today’s update includes highlights from the report, which was written by Christine Whitt, Noah Miller, and Ryan Olver.
Amid Hurdles, Ukraine’s Corn Harvest Shrinks, While House Passes One-Week Spending Measure; Farm Bill News
Bloomberg writer Megan Durisin reported yesterday that, “A third of Ukraine’s corn crop is still standing in fields as winter sets in, adding further strain on its vital farming sector.”
Iowa Farmland Values Up Another 17%
A news release Tuesday from the Center for Agricultural and Rural Development at Iowa State University and Iowa State University Extension and Outreach indicated that, “One year after skyrocketing 29%, the average value of an acre of Iowa farmland jumped another 17%, or $1,660, to $11,411 per acre.”
Grocery Prices Increased 0.5% in November, Up 12% So Far This Year
Jeanna Smialek reported on the front page of today’s New York Times that, “Inflation slowed more sharply than expected in November, an encouraging sign for both Federal Reserve officials and consumers that 18 months of rapid and unrelenting price increases are beginning to meaningfully abate.”
Black Sea, Wheat Exports in Focus; USDA Climate-Smart Commodities Funding; Farm Bill News
Reuters writer Naveen Thukral reported today that, “Chicago wheat rose for a second consecutive session on Tuesday, fuelled by concerns over exports from the Black Sea region after a weekend attack temporarily shut down a key Ukrainian port, disrupting grain shipments.”
Rep. Thompson Elected House Ag Committee Chair, 2023 Farm Bill Debate on the Horizon
DTN Ag Policy Editor Chris Clayton reported last week that, “Rep. Glenn ‘GT’ Thompson of Pennsylvania got the call Wednesday afternoon from a Republican steering committee that he would officially chair the House Agriculture Committee in the next Congress.”
U.S. Lawmakers Call for Enforcement of Mexico’s USMCA Biotech Commitments Over GMO Corn Ban
Reuters writer Cassandra Garrison reported late last week that, “A group of bipartisan U.S. lawmakers called on Trade Representative on Friday to start consultations under the U.S.-Mexico-Canada trade agreement (USMCA) over Mexico’s ban on genetically modified (GM) corn and the herbicide glyphosate.”
China Accelerates Retreat From “Zero-Covid,” While Mexico May Extend Deadline Regarding GMO Corn Imports
Selina Cheng reported on the front page of today’s Wall Street Journal that, “China dropped many of its quarantine and testing requirements and curtailed the power of local officials to shut down entire city blocks, as the government accelerates plans to dismantle zero-Covid controls in the wake of nationwide protests.”
Kansas City Fed: Farm Real Estate Debt Climbs, But Farm Finances Strong
In a recent update from the Federal Reserve Bank of Kansas City, “Farm Debt Climbs but Financial Stress Remains Limited,” Nate Kauffman and Ty Kreitman indicated that, “Farm real estate debt continued to climb and led to a notable increase in agricultural loan balances at commercial banks.”
Amid “Extraordinary Uncertainty” and “Precarious” Geopolitical Conditions, Commodity Price Moves Are Slow to Translate Into Lower Food Costs
Earlier this week, Financial Times writers Emiko Terazono and Valentina Romei reported that, “Climate change and the war in Ukraine are set to keep food prices at far higher levels than before the Covid-19 pandemic, despite signs of moderation in global commodity markets, economists and agriculture experts have warned.”
2022 Farm Sector Income Forecast, December
The USDA’s Economic Research Service (ERS) indicated on Thursday that, “Net farm income, a broad measure of profits, is forecast to increase by $19.5 billion (13.8 percent) from 2021 to $160.5 billion in calendar year 2022.”
Senate Blocks Rail Strike, World Food Prices Fall, China Moves to Ease “Zero COVID,” While EPA Issues Draft Biofuel Proposal
Tony Romm and Lauren Kaori Gurley reported on the front page of today’s Washington Post that “The Senate on Thursday adopted a measure that forces a deal between warring national freight railroads and their unions, averting a potential Dec. 9 strike that could have crippled U.S. travel and commerce ahead of the busy holiday shopping season.”
House Moves on Rail Dispute, as U.S. and Mexico “Tangle” on GMO Corn
Lauren Kaori Gurley and Liz Goodwin reported on the front page of today’s Washington Post that, “The House voted Wednesday to force a deal between freight rail carriers and unions, blocking a potential strike that threatened travel, supply chains and the busy holiday shopping season.”
Federal Reserve: Observations on the Ag Economy- November 2022
On Wednesday, the Federal Reserve Board released its November 2022 Beige Book update, a summary of commentary on current economic conditions by Federal Reserve District. The report included several observations pertaining to the U.S. agricultural economy.
Congressional Leaders Pledge Action to Avert Rail Strike; Mexico’s Planned Ban on U.S. GMO Corn Imports Percolates, While U.S. Wheat Condition in Focus
Lauren Kaori Gurley reported on the front page of today’s Washington Post that, “Democratic leaders vowed to take up legislation to force a rail contract deal early Wednesday, despite objections from union members — and some in their own caucus — who raised concerns that the plan would not provide any paid sick days for workers.”
USDA Lowers FY 2023 Forecast for U.S. Agricultural Exports
On Tuesday, the USDA released its Outlook for U.S. Agricultural Trade, a quarterly report from the Department’s Foreign Agricultural Service (FAS) and Economic Research Service (ERS). Today’s update includes highlights from the report, which was coordinated by Bart Kenner, Hui Jiang, Dylan Russell and James Kaufman.
As Rail Strike Looms, Pres. Biden Calls on Congress to Act, While U.S. Threatens Legal Action on Mexico’s Planned Import Ban of U.S. GMO Corn
Esther Fung and Andrew Restuccia reported in today’s Wall Street Journal that, “President Biden called on Congress to pass legislation that would avert a rail shutdown by imposing a proposed contract that members at four railroad unions had rejected.”
China Protests Contribute to Global Demand Fears
Lingling Wei, Brian Spegele and Wenxin Fan reported on the front page of today’s Wall Street Journal that, “Protests are erupting in major cities in China over President Xi Jinping‘s zero-tolerance approach to Covid-19, an unusual show of defiance in the country as the economic and social costs from snap lockdowns and other strict restrictions escalate.”