Pro Farmer reported at the end of May that “the Fed’s Beige Book noted 10 of 12 districts reported slight or modest economic growth (in May), while the other two had no change in activity. The Fed noted, “Agricultural reports were mixed, as drought conditions eased in some districts, but farm finances/incomes remained a concern. […]
Farm Policy News
Flood Related Soybean Losses Estimated at 2.71 MMT in Brazil
Reuters’ Andre Romani and Leticia Fucuchima reported Tuesday that “soybean losses related to recent floods in Brazil’s southernmost state of Rio Grande do Sul were estimated at 2.71 million metric tons, crop agency Emater said on Tuesday, in line with private forecasts ranging from 2.8 million to 3 million tons.” “Emater said in a statement […]
Corn Condition Off to Best Start Since 2021
Progressive Farmer’s Anthony Greder reported Monday that “the condition of the U.S. corn crop is starting off significantly better this year than it did last year, USDA NASS reported in its weekly Crop Progress on Monday.” “In its first condition rating of the season for corn, NASS estimated that 75% of the crop was in […]
Deere & Co. Layoffs, Cargill Workers Strike in Canada
Bloomberg’s Michael Hirtzer reported this past Friday that “Deere & Co., the world’s top seller of farm machinery, will cut an undisclosed number of employees in its global production and salaried workforce, according to a letter sent to employees Friday that was seen by Bloomberg.” “The company is facing rising operational costs and declining demand, […]
Active Severe Weather Spring Causes Planting Season Challenges
Fox Weather’s Andrew Wulfeck reported Thursday that “a spring severe weather season under a diminishing El Niño helped propel the fifth month of the year to become the second-most-active May for tornadoes, hail and damaging winds, only to be outdone by 2011.” “Through the first 28 days of May, the National Weather Service’s Storm Prediction […]
US Ag Trade Deficit Widens to $32 Billion
The United States agricultural trade deficit is projected to increase once again to $32 billion in fiscal year 2024, an increase of $1.5 billion from the February projection, according to the USDA Economic Research Service’s May 2024 Outlook for U.S. Agricultural Trade report, which is released quarterly. “U.S. agricultural exports in fiscal year (FY) 2024 […]
Biden Admin Unveils Carbon Offset Guidelines
Bloomberg’s Jennifer A. Dlouhy and Natasha White reported Tuesday that “the Biden administration unveiled a framework for using carbon offsets to drive climate progress, with principles it says are meant to help ensure the trading regimes deliver real emissions reductions — not a green mirage.” “The documents released Tuesday by top cabinet officials, including Treasury […]
US, Europe Considering Bird Flu Vaccines for Poultry and Dairy Workers
Reuters’ Julie Steenhuysen and Jennifer Rigby reported that “the United States and Europe are taking steps to acquire or manufacture H5N1 bird flu vaccines that could be used to protect at-risk poultry and dairy workers, veterinarians and lab technicians, government officials said, moves influenza experts say could curb the threat of a pandemic.” “U.S officials […]
House Ag Committee Advances Contentious Farm Bill
Agri-Pulse’s Noah Wicks, Rebekah Alvey, and Philip Brasher reported that “Republicans pushed their $1.5 trillion farm bill through the House Agriculture Committee early Friday with the help of four critical Democratic votes, giving the massive legislation some momentum as it heads to an uncertain future in the full House.” “The four Democrats who supported the […]
Republicans Represent 81 of Top 100 Ag Production Districts
Agri-Pulse’s Noah Wicks reported Wednesday that “Republicans are tightening their electoral grip on farm country, holding all but 19 of the top 100 congressional districts in terms of agricultural sales, according to an Agri-Pulse analysis of newly released data from USDA’s 2022 Census of Agriculture.” “Republicans control 21 districts ranked highest for the value of […]
Frontline Democrats to Oppose House Farm Bill
Politico’s Meredith Lee Hill reported Wednesday morning that “frontline Democrats (are) set to oppose (the) House farm bill in markup tomorrow.” “Specifically, frontline Democrats will vote for amendments stripping out nutrition and climate policies in the GOP bill they oppose, then most are set to vote no on the massive legislation,” Lee Hill reported. “…’We’re […]
Kansas Wheat Yield Projected Highest Since 2021
Reuters’ Heather Schlitz reported this past week that “scouts on an annual tour of Kansas wheat fields projected better-than-average yields in the top U.S. winter wheat state, reflecting improved moisture after several years of drought.” “The tour estimated Kansas wheat’s yield potential at 46.5 bushels per acre (bpa) after scouting 449 fields over three days,” […]
House Unveils Farm Bill Text, Democrat Support Remains Uncertain
Politico’s Meredith Lee Hill reported this past Friday that “House Agriculture Chair G.T. Thompson’s long-awaited farm bill significantly boosts farm safety net programs but crosses two of Democratic leaders’ red lines, setting up a showdown with the Senate over the must-pass legislation.” “In addition to major boosts in critical farm safety net program funding to […]
US Soybean Seed Costs Have Risen 260% Since 1997
The USDA Economic Research Service’s Bryn Swearingen and Kate Vaiknoras reported earlier this week that the cost of soybean seeds per acre in the United States has risen more than 260% since 1997, while total soybean production costs have risen 157%. “In 1997, U.S. farmers spent an average of $19.72 per acre on soybean seeds,” […]
Brazil Floods Likely to Affect Future Crop Seasons
Bloomberg’s Clarice Couto reported Wednesday that “catastrophic floods in Brazil will have long-lasting impacts for agriculture, with soaked soils making it harder for farmers to plant crops including rice and wheat for next season.” “Growers in Rio Grande do Sul will likely be forced to shift away from their traditional crops and into new cultures, […]
Farm Bill Lobbying Exceeds $500 Million, Report Says
The Hill’s Saul Elbein reported Monday that “pharmaceutical, manufacturing and big agriculture interests have spent more than $400 million lobbying Congress on a new farm bill, a new report has found.” “That’s more than four times the amount of money spent by the public sector and civil society, according to public data compiled by the […]
House Farm Bill Text Expected This Week
Politico’s Meredith Lee Hill and Grace Yarrow reported Monday that “another eventful week lies ahead as the House farm bill markup approaches and key players jockey over final policy details. House Ag Chair G.T. Thompson (R-Pa.) released a title-by-title overview of the current House farm bill draft ahead of the upcoming May 23 markup. We’re […]
Traders Speculate China Tariffs to Include Used Cooking Oil
Bloomberg’s Michael Hirtzer and Tarso Veloso reported Friday that “soybean oil futures surged by the most since July as traders bet that Chinese used cooking oil may be included on the list of tariffs expected to be announced by the US.” “Speculation spread in the market Friday that imports of used cooking oil from China […]
Audit Finds Potential Fraud in Biofuels Tax Credit Program
Progressive Farmer’s Todd Neeley reported Thursday that “a new audit of biofuel tax credits called for the IRS to use more of its enforcement tools after $30.3 million in credits were improperly granted in 2022, according to an April 2024 report from the Treasury Inspector General for Tax Administration.” “The IG said in its report […]
China Approves GM Wheat Crops
Reuters’ Mei Mei Chu reported Wednesday that “China has approved the safety of gene-edited wheat for the first time as Beijing cautiously moves forward with commercial growing of genetically modified food crops.” “The approval for the gene-edited disease-resistant wheat is seen as a milestone, as the ingredient – used to make pasta, noodles and bread […]