Cortney Cowley, an economist at the Federal Reserve Bank of Kansas City, indicated in an update last week ("As Winter Looms, Key Risks Keep Ag Outlook Cool") that, "Following steep declines for three consecutive years, farm income was expected to stabilize in 2017 and beyond. In inflation-adjusted dollars, real net farm income was forecast to be relatively unchanged from 2016."
Today’s update provides a brief overview of updated USDA agricultural export data, with particular focus on soybeans and grains.
An update posted on Tuesday at the National Sustainable Agriculture Coalition (NSAC) blog indicated that, "Less than two weeks into the new year, and Congress already has an incredibly full plate. Both the House and Senate return to work this week (the Senate has officially been back since last week), and will need to immediately dig in their massive to-do lists, not least of which include finalizing fiscal year (FY) 2018 appropriations legislation, preparing for the FY 2019 budget, and tackling the soon-to-expire 2014 Farm Bill."
President Donald Trump addressed the American Farm Bureau Federation’s (AFBF) 99th Annual Convention in Nashville, Tennessee on Monday. The President touched on a variety of issues, including tax reform, regulations, rural broadband, the Farm Bill, crop insurance, and trade. This post highlights some of the key points that the President made in his remarks to the AFBF Members.
President Donald Trump will be in Nashville, Tennessee on Monday to speak at the American Farm Bureau Federation’s (AFBF) 99th Annual Convention. The AFBF noted recently that, "After three consecutive years of decline in farm sector profits, President Trump will speak to Farm Bureau members during a period of prolonged economic challenge across farm country." In fiscal year 2017, the U.S. exported $140.5 billion worth of agricultural products; and, the U.S. Department of Agriculture explained recently that, “Exports are responsible for 20 percent of U.S. farm income, also driving rural economic activity and supporting more than one million American jobs both on and off the farm.” AFBF members will be keenly interested in any remarks the President makes regarding trade policy, and the North American Free Trade Agreement (NAFTA) on Monday. With this in mind, today's update focuses on recent NAFTA developments and agriculture.
Earlier this week, the Federal Reserve Bank of Dallas released its Agricultural Credit Survey for the fourth quarter of 2017. The Fed update indicated that, "Demand for agricultural loans overall continued to decrease for a ninth consecutive quarter. Loan renewals and extensions continued to increase, while the rate of loan repayment stabilized after falling last quarter."
At the end of 2017, Congress passed a temporary spending bill to prevent a government shutdown, but failed to complete work on an $81-billion disaster aid package. In addition to assistance for hurricanes and wildfires, the disaster package also included provisions dealing with the cotton and dairy programs. Today's update provides a brief recap of some of the pre-holiday legislative activity, and highlights news articles discussing the legislative agenda in the new year.
The Agricultural Economics Department at Purdue University recently released its annual outlook report that contained 12 specific articles looking at various aspects of the U.S. agricultural economy. This post highlights key points from the Purdue report relating to cash rents, farmland values, and the price outlook for corn and soybeans.
In the last few days, USDA's Economic Research Service (ERS) and Foreign Agricultural Service (FAS) have released three separate reports that contain current information relating to dairy sector analysis in China, U.S. livestock trade, and the the U.S.-Korea Trade Agreement (KORUS). This update briefly highlights core points from the three USDA reports.
The U.S. Department of Agriculture’s Economic Research Service (ERS) has recently released two separate reports that provide interesting perspective on the structure of U.S. agriculture. The first provides a detailed overview of current statistics relating to U.S. farms, while the second highlights the evolving distribution of Federal farm payments (1991-2015). This update underscores key findings from the two recent ERS reports.