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.”
Farm Policy News
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.”
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.”