The Department of Agriculture expects U.S. farm exports to hit a record $157 billion for fiscal 2021, an increase of $21 billion over the year before, as the global economy recovers and China increases its already strong demand for U.S. corn, soybeans and meat.
USDA’s top climate adviser is trying to dispel concerns that the administration’s carbon spending will crowd out private investors. That’s a concern shared by some entities that are building private carbon credit markets.
Farmers are getting new options to cover differences in farming practices and crops, and many growers will be able for the first time this year to buy an endorsement to cover a portion of their deductibles.
The outgoing Trump administration is tapping unspent USDA funding to provide coronavirus relief to contract producers for the first time while providing supplemental payments to hog farms. USDA also is adjusting payments calculations for many producers who have already received Coronavirus Food Assistance Program payments.
Lawmakers have their focus on impeachment for now, but Democratic leaders are likely to try to pivot quickly over the next weeks as President-elect Joe Biden takes office. Climate policy as well as immigration and tax reform will be on the agenda for the Senate.
The recent boom in commodity prices is likely to continue through 2021 and into 2022, with supplies historically low worldwide at the same time Chinese demand for animal feed is growing and a worsening drought grips Brazil and Argentina, according to a top ag economist.