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Shining Light on Farm & Food Policy for 20 Years.
Friday, March 29, 2024
Global prices for food commodities fell last month and ended the year 10% below their level in December 2022, the UN Food and Agriculture Organization reported Friday.
The USDA’s Economic Research Service on Thursday lowered its forecast for U.S. agricultural exports in fiscal year 2024 to $169.5 billion. That’s down $2.5 billion from USDA’s previous forecast in August and down $9.2 billion from exports in FY 2023.
Leaders of U.S. agribusiness giants expect the farm economy to remain relatively strong through next year despite higher interest rates and softening commodity markets.
The biofuel industry is growing optimistic that a broad range of agricultural feedstocks, including soybean oil, will be eligible for a valuable new tax credit that’s intended to stimulate production of sustainable aviation fuel.
Higher margins in its ag services and oilseeds business helped push ADM to an operating profit of about $6.5 billion for its fiscal year 2022, an increase of 41% over 2021.
It could take years for sustainable aviation fuels to take off despite significant, but temporary, new tax credits included in a newly enacted package of financial incentives intended to jump-start progress on the Biden administration’s climate goals.
In this opinion piece, several food industry associations argue that EPA’s proposed RVOs for advanced biodiesel would drive up food prices and negatively impact food supply.
The biofuel tax incentives in President Joe Biden’s Build Back Better bill could insure a growing market for soybean oil and other farm commodities, but the trucking industry worries the subsidies will kick off a war with the airlines over feedstocks.
One by one, oil refiners hoping to ride the wave of demand for renewable diesel created by California’s low carbon fuel standard have announced ambitious plans for their own plants. But, the surge will likely come at a cost to biodiesel producers, who often rely on the same soy-based feedstocks to create their product in much smaller plants.