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Shining Light on Farm & Food Policy for 20 Years.
Monday, May 06, 2024
Farmers are facing a cyclical turn in the industry with a period of lower crop prices, reduced net farm income and a likely increase in interest rates.This week's guest on Open Mic is David Lynn, Senior Vice-President for Financial Services with Farm Credit Mid-America. Lynn believes the industry is better prepared than in years past to weather the financial downturn. Lynn says farmers are more dependent on crop insurance than ever before and he fears program changes could put more farmers at risk. Lynn believes the uncertain US tax code is a challenge for farmers and says commercial ag lenders would be better served to look for ways to work together to serve rural communities than challenging a lending institution that operates under strict guidelines from the federal government.
USDA Deputy Secretary Krysta Harden says it is critical for the government to provide a reasonable safety net for farmers, but that all programs- including crop insurance and conservation - must be scrutinized as part of the annual budget process. She shares her perspectives on farm bill implementation, USDA’s budget plan for 2016, and the importance of giving President Obama “fast track” authority to expand trade. Harden says the USDA will soon release its definition of “actively engaged in farming” with intent to have the policy in place for the 2016 crop year after an open comment period.
International trade can be a “gold mine” for beef and pork producers as well as the grain growers they rely on for feed. However, U.S. red meat exports are challenged from lower domestic production and the rising value of the U.S. dollar. In this week’s Open Mic in-depth interview, Philip Seng, President and CEO of the US Meat Export Federation, says the value, quality and consistency of the US product has helped the industry maintain and expand its place in the globe – despite tough competition from places like Australia and the European Union. Seng says over the next decade Asia will be home to 65 percent of the world’s middle class and that’s another reason to concentrate on global trade deals like the Trans Pacific Partnership.
As Chairman of the House Agriculture Committee in the 114th Congress, Mike Conaway has revised the subcommittee structure to allow for closer policy oversight and careful attention to reauthorization of nutrition programs and futures trading. In his first audio interview on ag issues this year, Conaway covers a wide variety of topics. He expects congressional action on immigration policy but isn’t sure tax reform will be a part of the early congressional agenda. The Texas Republican says the budget process will dominate the early days of the new congress and expects budget reconciliation to play a major role in policy reform and debate. Conaway says the government must respect industry investments made within the Renewable Fuels Standard but questions overall volumes.
South Dakota U.S. Senator John Thune believes even a divided government can be successful. After meeting with other GOP leaders at the White House last week, Thune believes the 114th Congress can work with the Obama administration on both trade cyber security and national security. Thune says a revision to the nation's tax code is possible but the executive and legislative branches of government are obviously at odds over the Keystone Pipeline and Obamacare. Senator Thune didn't agree with every provision of the new farm bill and says some supports may be difficult to defend if producers allow policy to dictate planting decisions.
Agriculture Secretary Tom Vilsack says American agriculture needs to build on the positive momentum of 2014. For the year ahead Vilsack says the relationship between the new GOP led congress and the Obama Administration on trade, transportation, budget and regulatory issues will set the pace for the industry. Vilsack says USDA continues to work toward implementation of new farm policy including a definition of those actively engaged in farming. Nutrition is on the agenda for the new year with a scope ranging from school lunches to new dietary guidelines for the nation from the USDA.
