From The Editor
Dec. 23, 2011
Hello Pro Farmer Members!
Even with the markets open today, our schedule with our printer meant we had to put this week's newsletter to bed yesterday. And with everything that was going on in Washington, we had to "write around" a couple of issues.
Actually, we didn't do too bad with the payroll tax extension issue. We suspected House Leader Boehner (R-Ohio) would agree to a deal. We explain in the newsletter why Boehner's idea was a better idea than the Senate's two-month extension... and we hint at how farm programs might become part of the payroll tax negotiations when Congress has to revisit the issue again in about 60 days (which they will).
Remember the farm bill proposals from the Senate and House Ag Committees delivered to what was supposed to be a budget-cutting "Super Committee?" Don't be surprised if they blow the dust off these proposals early in 2012. The across-the-board spending cuts scheduled to be initiated in January 2013 would cut about $15 billion from USDA's farm program spending. The proposed bill from last month would have cut $23 billion from spending. Don't be surprised if Congress looks to the proposed $23 billion in spending cuts as one way to help pay for the payroll tax cut extension.
Of course that means the farm budget would probably still be subject to the across-the-board cuts about one year from now, too.
We're also still waiting on official word from the EPA about usage mandates for renewable fuels under RFS2. Word is the Office of Management and Budget signed off on the final rule from EPA yesterday, but EPA still hasn't announced it. We're not expecting any major surprises in the mandated usage levels, but the industry needs the details ASAP to prepare for the new year.
Finally... everyone at Pro Farmer wishes you and yours a very Merry Christmas as we all celebrate the birth of our savior Jesus Christ!
And despite the fact we published the 52 issue of Pro Farmer this week, we will be back with a rare 53rd issue next week!
That's it for this week...