Wall Street Journal writers Katy Stech Ferek and Natalie Andrews reported in Tuesday’s paper that, “A new era of divided government dawns this week as the 118th Congress begins, with Republicans looking to deploy their power with a fragile majority in the House and Democrats doing the same in the Senate.”
Farm Policy News
China: Road to Recovery Could “Be Uneven and Painful”
Keith Bradsher reported on the front page of Tuesday’s New York Times that, “China’s reversal of its Covid restrictions in early December was meant to help places like Guangzhou [the commercial hub of southern China]. But the chaotic approach has contributed to a tsunami of infections that has swept across the nation, overwhelming hospitals and funeral parlors.”
Global Food Crisis: Russia’s War With Ukraine “Contributing to Widespread Starvation,” and “Injects Volatility Into Grain Futures”
Edward Wong and Ana Swanson reported on the front page of today’s New York Times that, “Hulking ships carrying Ukrainian wheat and other grains are backed up along the Bosporus here in Istanbul as they await inspections before moving on to ports around the world.”
After September Peak, Dollar Rally Eases- Trade Implications
Chelsey Dulaney reported in Friday’s Wall Street Journal that, “The U.S. dollar’s rally in 2022 gave the world a reminder of the currency’s ability to inflict pain on the global economy. Investors are optimistic that the dollar’s strength has now run its course.”
WOTUS Update, “EPA Revises Clean-Water Protections”
Washington Post writer Scott Dance reported in Saturday’s paper that, “The Biden administration on Friday imposed a rule expanding the definition of waterways that the U.S. Environmental Protection Agency has authority to regulate, a move that reverses a Trump-era change and seeks to overcome nearly a decade of challenges to EPA powers, including a pending Supreme Court case.”
Small Towns and Wind Farms, Energy Policy in Focus; While Cover Crops Garner Attention
David Gelles reported on the front page of today’s New York Times that, “Depressed property values. Flickering shadows. Falling ice. One by one, a real estate appraiser rattled off what he said were the deleterious effects of wind farms as a crowd in an agricultural community in central Illinois hung on his every word.”
China Demand, Argentina Weather Impacting Soybean Prices, Recent Cold Spell Causes Winter-Kill Worries in Wheat
Bloomberg writers Tatiana Freitas and Megan Durisin reported yesterday that, “Soybean futures jumped to the highest in six months on expectations for greater demand from China and as dry conditions in parts of South America threaten supply.”
Production Costs in Focus
DTN writer Russ Quinn reported on Wednesday that, “Average retail fertilizer prices have begun to move noticeably lower for the fourth week of December 2022, according to sellers surveyed by DTN.”
FAS: U.S. Beef Exports to East Asia in 2022, Again on Record Pace
In a report yesterday from USDA’s Foreign Agricultural Service (FAS), “U.S. Beef Exports to East Asia on Record Pace,” Ivan Lee indicated that, “U.S. beef exports to East Asia in 2022 are again on record pace after a record year in 2021.”
Chinese President Xi Jinping Presses for Ag Tech Progress, as Dismantling of Covid Restrictions Continues
Earlier this week, Reuters writers Dominique Patton, Roxanne Liu and Bernard Orr reported that, “President Xi Jinping wants China to accelerate efforts to achieve self-reliance in agricultural technology, identifying seed development and core equipment among areas to focus on, state media reported.”
Senate Passes Budget, Ag Provisions Included, as Winter Storm Creates Challenges; Senate Approves Key Ag Trade Positions
Tony Romm reported on the front page of today’s Washington Post that, “The Senate on Thursday adopted a sprawling, roughly $1.7 trillion bill that would fund the government through most of 2023, as Democrats and Republicans resolved a last-minute standoff over immigration and voted to avert a shutdown in the final days of the year.”
WSJ: U.S. Farm Belt Booming; Farmland Values Climb
Jesse Newman and Jacob Bunge reported in today’s Wall Street Journal that, “High prices for crops and livestock are fueling a boom in the U.S. Farm Belt, making farmers, ranchers and agricultural companies rare winners as the broader American economy softens.”
U.S. Seeks New USMCA Consultations Over Canadian Dairy Quotas; Brazil Corn Exports Climb
Bloomberg writer Ana Monteiro reported yesterday that, “The US is requesting dispute-settlement consultations for a third time over Canada’s dairy quotas, saying it has found more areas of ‘deep concern’ and that the nation’s measures are inconsistent with its obligations under a North American trade pact.”
Bird Flu Impacts, and A Glance at Production Cost Variables
Bloomberg writers Megan Durisin and Elizabeth Elkin reported earlier this week that, “The bird flu outbreak ravaging global poultry flocks is now the worst since records began, driving a spike in the price of eggs, threatening free-range chicken and risking long-term impacts to animal health.”
Mexico and U.S. Reach for January Agreement on GMO Corn Imports, as ERS Highlights Importance of Mexico’s Corn Market
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.”
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.”