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Shining Light on Farm & Food Policy for 20 Years.
Tuesday, May 14, 2024
The House Agriculture Committee is considering raising reference prices based on a commodity’s relative input costs, an approach that could benefit some southern crops over commodities such as soybeans and corn.
Much larger corn crops in Argentina and the U.S. will be driving down global prices and spurring international trade in the 2023-24 marketing year, USDA said Friday.
Groups representing producers of U.S. row crops are far from united on what Congress should do to improve commodity programs, even as the House and Senate Agriculture committees look to start writing a new farm bill in coming weeks.
The USDA slashed its forecast for Argentina’s corn and soybean production in response to widespread drought and raised its prediction for Chinese wheat imports in its April World Agricultural Supply and Demands Estimate.
The USDA on Friday said raised its planting forecasts for corn, soybean and most wheat, but slashed its prediction for cotton planting as dryness in Texas continues.
Soybean and wheat growers are taking the lead in pushing for lawmakers to increase farm program reference prices in the next farm bill, even as lawmakers wrestle with how to come up with the extra money that would be required.
U.S. farmers are going to be producing and exporting a lot more grain and oilseeds for their respective 2023-24 marketing years, according to new forecasts released Thursday at USDA’s annual Agricultural Outlook Forum.
The official new estimates for farm bill costs do little to ease the funding squeeze facing lawmakers who want to increase reference prices for major commodities to reflect the higher input costs farmers are paying.
Meanwhile, the Congressional Budget Office forecast raises new questions about the future of conservation funding provided through the Inflation Reduction Act.
Deere and Co. said Friday its net income jumped 117% in the latest quarter compared to the same period a year earlier, and the farm equipment giant raised its earnings estimate for fiscal 2023.
History may be in the making now that USDA has raised its forecast for Brazilian corn exports to 50 million metric tons for the 2022-23 marketing year. That would push Brazil past the U.S., the long-established world leader in corn exports, which is expected to ship 48.9 million tons to foreign buyers.
