Agriculture Policy News
From federal agencies to state governments, actions taken by elected officials and policymakers have a direct impact on America’s farmers and ranchers. Stay up-to-date on all things related to policy, including cabinet leadership, the farm bill, farmer-support programs, market access, environmental regulations, labor availability and the health of the ag economy.
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Latest Agriculture Policy News
Concerns over the world’s supply of grains and oilseeds are prompting the Biden administration to step in and encourage more production. Grain analysts say supplies of grains are tight due to the situation in Ukraine.
EPA Administrator Michael Regan hints at a major uptick in renewable fuel blending obligations to be announced on June 3rd, as ethanol production is stunted by railway inefficiencies.
Indonesia’s ban on palm oil exports is unlikely to last more than a month as Jakarta has limited infrastructure to store the surplus oil and the country faces mounting pressure from buyers, industry officials said.
USDA’s 2022 food price inflation forecasts are already at a 14-year high with forecasts for consumer food price inflation increased again this month. All food prices now seen rising 5% to 6% vs 4.5% to 5.5% in March.
Higher prices at the grocery store don’t seem to be causing consumers to veer away from the meat counter. Robust meat demand abroad is also setting sail, despite inflation and shipping struggles.
The Senate Ag Committee will hold a hearing this week on a revised bill that proposes to establish a regional mandatory minimum threshold for the percentage of cattle purchased under negotiated grid or pricing terms.
CBOT soybean oil prices hit a record high after Indonesia announced it will effectively ban palm oil exports as of April 28. With no timeline in place, some question the motive and duration of the announced ban.
The war in Ukraine will dictate food prices, according to Vilsack: “We don’t really know what the impact is going to be on Ukraine’s crop this year, or what it’s going to look like in terms of exportability.”
Food prices continue to climb across the board. According to the latest Consumer Price Index, increasing grocery prices account for the largest share of the hike. However, shoppers don’t view prices as high.
John Phipps says positive or negative, any trade balance has dubious value, and only limited prediction power. Other than bragging rights, they mean little with no economic advantage for having a positive trade balance.