Speaking on Thursday at USDA’s Agricultural Outlook Forum in Arlington, Virginia, USDA Chief Economist Robert C. Johansson provided a broad outlook for U.S. agriculture. Today’s update provides an overview of key aspects of Dr. Johansson’s presentation.
Farm Policy News
Federal Reserve Ag Credit Surveys- 2018 Fourth Quarter Farm Economy Conditions
Last week, the Federal Reserve Banks of Chicago, St. Louis, Kansas City, and Minneapolis released updates regarding farm income, farmland values and agricultural credit conditions from the fourth quarter of 2018. Today’s update highlights core findings from the Fed reports.
U.S., China Trade Talks in Washington this Week
After continuing last week in Beijing, U.S., China trade talks will resume again this week in Washington, D.C. In addition, recent news items continue to highlight impacts of the ongoing trade dispute on the farm economy. Today’s update focuses on these two issues in more detail.
Farm Income, and Global Commodity Trade- USDA Projections to 2028
On Thursday, the U.S. Department of Agriculture released the complete set of tables prepared for the upcoming USDA Agricultural Projections to 2028 report, which is scheduled to be released on March 13th. Recall that in November, the Department released tables containing long-term supply, use, and price projections to 2028 for major U.S. crops. The new tables included projections for farm income and global commodity trade, which are highlighted below.
Farm Bill- Conservation Title, Update from USDA’s Economic Research Service
On Monday, the U.S. Department of Agriculture’s Economic Research Service (ERS) published an overview of the Conservation Title of the 2018 Farm Bill. Today’s update looks at a couple key points from the ERS summary.
U.S., China Trade Talks Continue as the Farm Economy Shows Signs of Strain
China purchased more U.S. soybeans last week as trade negotiations between the two countries are set to continue this week in Beijing. Meanwhile, a front page article in the Wall Street Journal last week pointed to signs of strain in the U.S. agricultural economy. It appears that farmers will continue to deal with uncertainty on the trade front as 2019 unfolds.
Drought-Tolerant Corn in the U.S., New Report from USDA’s Economic Research Service
Earlier this week, the U.S. Department of Agriculture’s Economic Research Service (ERS) published a report that looked at trends in the development of drought-tolerant corn in the United States. Today’s update looks at some key points from the ERS report.
An Overview of U.S. Farms From USDA’s Economic Research Service
The U.S. Department of Agriculture’s Economic Research Service (ERS) recently released its annual brochure exploring characteristics of America’s farms. Today’s update highlights a few of the key findings from the ERS brochure.
2019 Agricultural Outlook- CoBank Report; and Farm Economy News
CoBank recently released a report that explored a variety of issues that will impact the U.S. agricultural economy in 2019. Meanwhile, recent news items have discussed issues associated with farm lending and farm income. Today’s update briefly highlights core points from the CoBank report, and also looks at the recent news items discussing important elements of the agricultural economy.
2019 Agricultural Outlook- Extension Updates
Recent updates from Purdue University, the University of Illinois, and Iowa State University provide a snapshot of variables impacting the U.S. agricultural economy in 2019. Today’s update looks briefly at key points from each of these three land grant university reports.
Kansas City Fed Update: Ag Lending Variables and Farmland Values
Nathan Kauffman and Ty Kreitman indicated in a recent update from the Federal Reserve Bank of Kansas City (“As Rates Tick Up, Growth in Operating Loans Boosts Farm Lending”) that, “Rounding out a year characterized by lower farm incomes, uncertainties about agricultural trade and the growth of lending volumes, interest rates on agricultural loans trended higher. The mounting combination of higher leverage and rising rates could put additional pressure on some farm operations.” Today’s update looks at the Kansas City Fed update in more detail with a particular focus on agricultural lending variables and farmland values.
Ag Trade Issues: EU and China
As the U.S. and European Union trade negotiations unfold, the two sides have competing perspectives over what will be discussed: The U.S. has included agriculture in its Summary of Specific Negotiating Objectives, while the EU has not. Despite the discord, recent trade data indicates that the EU has purchased an increasing amount of U.S. soybeans. Meanwhile, Bloomberg News reported Friday that Chinese negotiators made a “buying spree offer” during the U.S.-China trade discussions earlier this month in Beijing.
Federal Reserve: Observations on the Ag Economy- January 2019
On Wednesday, the Federal Reserve Board released its January 2019 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.
As China Trade Conflict Persists, President Trump Addresses Farm Bureau Members
As he did last January in Nashville, President Donald Trump addressed the American Farm Bureau Federation’s Annual Convention in New Orleans on Monday. Today’s update highlights news reports surrounding the President’s appearance at the convention.
Shutdown Impacting USDA Data and Programs- Market Signals Missing
The partial Federal government shutdown continues. Today’s update points to news items that catalogue some of the impacts of the ongoing budget impasse on USDA data and agricultural markets, as well as disruptions in other USDA administered programs.
China Purchases U.S. Soybeans, and U.S.-China Trade Talks Conclude
As trade talks between the U.S. and China kicked off this week in Beijing, news reports pointed out that China “made their third large U.S. soybean purchase in the past month on Monday.” The trade talks went a day longer than scheduled, and concluded with a statement that noted: “The talks also focused on China’s pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States.” Meanwhile, a Financial Times article explored how the ongoing U.S.-China trade row is negatively impacting the U.S. farm sector.
USDA Report- Agricultural Conservation on Working Lands: Trends From 2004 to Present
The USDA’s Office of the Chief Economist (OCE) recently released a report title, “Agricultural Conservation on Working Lands: Trends From 2004 to Present.” A fact sheet that accompanied the report explained that, “The first step toward increasing adoption of conservation practices is to establish a baseline of current adoption rates;” and added that the report, “uses survey data to track U.S. adoption of selected agricultural conservation practices that both reduce GHG [green house gas] emissions and provide additional environmental benefits.” Today’s update includes brief excerpts and highlights from both the report and fact sheet.
Soybean Prices Climb as U.S.-China Trade Developments Unfold
A U.S. government delegation will travel to Beijing this week to discuss the ongoing trade war between the two countries. A recent news article noted that optimism associated with the talks has been a contributing variable in a climb in the price of soybean futures.
Ag Economy: Recent Updates from the Federal Reserve Banks of Dallas and Minneapolis
An update this week from the Federal Reserve Bank of Dallas, as well as a short paper last month from the Federal Reserve Bank of Minneapolis, provide insight into portions of the U.S. agricultural economy.
New Waters of the U.S. Rule From EPA
Last month, on the same day that the Senate passed the Farm Bill Conference Report, and a day before the House took similar action, the Trump Administration released a new proposed waters of the United States, or WOTUS, rule. Today’s update highlights news items that focused on the new proposal.