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AgDay Daily Recap -March 18, 2014

March 18, 2014
 
 

TODAY ON AGDAY

MARCH 18, 2014

 

UKRAINE MARKETS:

GOOD MORNING I'M CLINTON GRIFFITHS. U-S GRAIN MARKETS SHOWED LITTLE REACTION MONDAY DESPITE TENSION IN THE CRIMEAN REGION, WHICH VOTED TO RE-JOIN RUSSIA.

SOUTH KOREA TRADE:

IT'S BEEN TWO YEARS SINCE A FREE TRADE AGREEMENT BETWEEN THE U-S AND SOUTH KOREA CAME INTO FORCE. BUT THE ASIAN NATION STILL HASN'T FULLY COMPLIED WITH THE F-T-A. AND THAT LACK OF COMPLIANCE COULD IMPACT SOUTH KOREA'S ACCEPTANCE INTO ANOTHER MAJOR TRADE PACT. A SENIOR U-S OFFICIAL SAYS SOUTH KOREA WILL NOT BE WELCOMED INTO THE MUCH-LARGER TRANS-PACIFIC PARTNERSHIP UNTIL ALL PROBLEMS ARE RESOLVED. ACCORDING TO THE UN-NAMED OFFICIAL THERE ARE STILL PROBLEMS WITH CUSTOMS REGULATIONS AND AUTO SHIPMENTS. THE T-P-P INVOLVES THE U-S, EUROPE AND ELEVEN PACIFIC NATIONS. SOUTH KOREA IS THE FIFTH LARGEST EXPORT MARKET FOR U-S AGRICULTURAL PRODUCTS.

FOOD AND AGRICULTURE POLICY RESEARCH:

ECONOMISTS AT THE FOOD AND AGRICULTURAL POLICY RESEARCH INSTITUTE - BETTER KNOWN AS 'FAPRI' - SAY FARMERS SHOULD GET USE TO FOUR DOLLAR CORN FOR THE NEXT DECADE. FAPRI GENERATES AN ANNUAL REPORT FOR CONGRESS. THEIR NUMBER CRUNCHERS SAY DUE TO BIGGER CROPS IN 2013 GRAIN PRICES AND GRAIN FARMER INCOMES WILL BE LOWER. THE ECONOMISTS SEE NET FARM INCOME DROPPING 24% FROM LAST YEAR. THEY ALSO EXPECT A FOUR MILLION ACRE DECLINE IN CORN THIS SPRING.
OF COURSE, LIVESTOCK PRODUCERS WILL BENEFIT FROM THE PROJECTED LOWER FEED COSTS.

WATER RIGHTS BILL:

THE HOUSE OF REPRESENTATIVES PASSED THE WATER RIGHTS PROTECTION ACT THURSDAY THE LEGISLATION PROHIBITS THE SECRETARY OF THE INTERIOR AND THE USDA FROM REQUIRING THE TRANSFER OF WATER RIGHTS WITHOUT ADEQUATE AND JUST COMPENSATION. ADDITIONALLY, IT SUPPORTS LONG-ESTABLISHED STATE WATER LAWS - CLARIFYING THAT THE FEDERAL GOVERNMENT DOES NOT HAVE JURISDICTION.

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