A news release last month from the USDA’s Agricultural Marketing Service (AMS) announced the release of a report, prepared in close partnership with the Department of Transportation,” titled: “The Importance of Highways to U.S. Agriculture.”
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.
Congress Passes COVID Relief Stimulus Package, with Agricultural and Nutrition Provisions
Emily Cochrane reported on the front page of Tuesday’s New York Times that, “Congress on Monday night overwhelmingly approved a $900 billion stimulus package that would send billions of dollars to American households and businesses grappling with the economic and health toll of the pandemic.”
An Overview of Some COVID Related Impacts on Rural America from USDA’s Economic Research Service
Last week, the USDA’s Economic Research Service (ERS) released its annual report exploring characteristics and economic indicators associated with Rural America : “Rural America at a Glance: 2020 Edition.”
Brazil in “Advanced” Talks with China to Boost Corn Sales as China’s Hog Herd Rebuilds
Last week, Bloomberg writers Isis Almeida, Samy Adghirni, and Tatiana Freitas reported that, “Brazil is close to an agreement that would allow the world’s second-largest corn exporter to boost sales of the grain to China, a move that could threaten the U.S.’s dominance, according to people familiar with the matter.”
Iowa Farmland Value Grows 1.7% Since 2019
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, “Favorable interest rates, a strong demand for land, and substantial government payments helped stabilize Iowa’s farmland market in a year in which Iowa’s farmers faced the destructive onslaught of a derecho, significant uncertainties in US agricultural trade, and a pandemic that significantly altered market demand.”
An Overview of U.S. Farms From USDA’s Economic Research Service- 2020 Edition
Last week, the USDA’s Economic Research Service (ERS) released its annual report exploring characteristics of U.S. farms: “America’s Diverse Family Farms: 2020 Edition.” Today’s update includes highlights from the report, which was written by Christine Whitt, Jessica E. Todd, and James M. MacDonald.
“Dynamic” Forecast for Feed Grain Trade, and China is the “Primary Driver.”
Last week, in its monthly Grain: World Markets and Trade report, the USDA’s Foreign Agricultural Service (FAS) explained that, “Trade data for 2019/20 (October-September) are largely complete. Many countries imported record volumes of corn, despite initial concerns over a potential slowdown in feed use due to COVID-19.”
Legal Issues Surrounding RFS Small-Refinery Exemptions Persist
On Tuesday, DTN’s Todd Neeley reported that, “A coalition of ethanol and agriculture interests asked a federal court on Monday to vacate EPA’s granting of 31 small-refinery exemptions in 2018, alleging the agency did not conduct the proper review of those requests.”
Corn Exports: Chinese Pigs, American Crops- “Increasingly Interdependent”
On Monday, Reuters writer Dominique Patton reported that, “Behind the walls of a hulking industrial compound in rural China, top pig producer Muyuan Foods is trying to raise more hogs on a single site than any company in the world – a risky investment with deadly African swine fever lingering.”
La Nina, A “Supply-Side Wild Card,” Could Impact Markets Into 2021
Wall Street Journal writer Lucy Craymer reported late last week that, “La Niña is shaking up agriculture in an already-tumultuous year for commodity markets.”
Farm Income: Better Market Prices Likely Not Enough to Offset Expected Subsidy Reductions
Donnelle Eller reported on the front page of Friday’s Des Moines Register that, “Mid-Iowa Cooperative’s Mike Kinley sees a $275 million soybean processing plant under construction in eastern Iowa as a way for farmers to get more money for the crops they grow.”
Federal Reserve: Observations on the Ag Economy- November 2020
On Wednesday, the Federal Reserve Board released its November 2020 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.
2020 Farm Sector Income Forecast, December
The USDA’s Economic Research Service (ERS) indicated on Wednesday that, “Net farm income, a broad measure of profits, is forecast to increase $36.0 billion (43.1 percent) from 2019 to $119.6 billion in 2020.”
Record High U.S. Red Meat Production in October
Bloomberg writer Dominic Carey reported earlier this month that, “U.S. red-meat production surged to a record in October, months after the coronavirus disrupted slaughterhouses.”
China Imports of U.S. Corn Next Year Could Hit 30 Million Tons
Bloomberg News reported late last week that, “China is set to import more U.S. corn, with volumes for next year seen hitting the top end of market expectations and squeezing global grains prices.”
USDA Agricultural Trade Outlook- FY 2021 U.S. Exports Forecast Up $11.5 Billion
On Monday, 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).
Factors Taming China’s Demand for Imported Pork, as Supplies Build in Europe
Wall Street Journal writer Lucy Craymer reported late last week that, “China’s voracious appetite for imported meat is starting to wane, as domestic pork prices fall and consumer worries grow about the coronavirus lingering on food.”
Chinese Demand, Dry Weather Help Spur Crop Prices
Wall Street Journal writers Ryan Dezember and Kirk Maltais reported last week that, “Dry weather, China’s push to fatten its pigs and the lockdown-induced baking bonanza are lifting prices for U.S. row crops.”
Ag Lender Survey: Liquidity, Income and Leverage Are Top Concerns
A news release this week from the American Bankers Association (ABA) stated that, “As the farm economy continues to work through a prolonged downturn in the midst of an unparalleled, global economic dislocation, ag lenders remain focused on credit quality, according to the Fall 2020 Agricultural Lender Survey report produced jointly by the [ABA] and the Federal Agricultural Mortgage Corporation, more commonly known as Farmer Mac.”
Federal Reserve Ag Credit Surveys- 2020 Third Quarter Farm Economy Conditions
Last week, the Federal Reserve Banks of Chicago, Kansas City and Minneapolis released updates regarding farm income, farmland values and agricultural credit conditions from the third quarter of 2020.