USDA Chief Economist Seth Meyer says a drive to diversify revenue streams through the growth of climate-smart commodities has potential but also needs to be better understood from an economic standpoint.
The Agriculture Department is promising to deliver $700 million to delayed pandemic aid to biofuel producers by this summer, and the money will be especially welcome should soaring gas prices dampen ethanol demand.
The Biden administration is considering a multi-year reduction to the nation’s biofuel mandate, a move that would surely anger farmers and biofuel interests hoping to see stronger support for the program.
Producers hit with wet planting conditions, a drought, and high winds are preparing for a long and slow corn and soybean harvest the next couple of weeks. Weather pattern changes for the upper Midwest could only make matters worse if the crop isn't harvested in time.
Over 100 biofuel plants across the country are fully idling or cutting production rates as gas prices fall because people are staying at due to the COVID-19 outbreak and major oil producers feud over output.
The Trump administration’s announcement of a new trade assistance package, plus congressional agreement on disaster relief for prevented plantings, will put billions of dollars into the struggling farm economy, but the prospective aid is injecting new uncertainty into the planting decisions facing growers across the soggy Plains and Midwest.