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Shining Light on Farm & Food Policy for 20 Years.
Friday, December 20, 2024
Corn and soybean prices fell Friday following USDA’s release of its latest World Agricultural Supply and Demand Estimates report, which projects a record soybean crop and “smaller supplies, larger exports, and reduced ending stocks” for corn.
A bipartisan group of lawmakers is asking USDA to give poultry processors six more months to implement the department’s new regulations on producer contracts, but USDA says the requirements are "simple" and that companies don't need additional time.
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.
Farm earnings are likely to fall sharply this year despite the $16 billion in COVID-19 assistance payments now being distributed, and farmers’ income is likely to drop again in 2021 without additional government aid, according to a widely followed forecast of the agricultural economy.
Without government relief, some analysts are sharply lowering their estimates of net farm income because of the impact of the COVID-19 crisis on agricultural markets, with the livestock sector and corn growers bearing much of the hit.
Farmers are expected to produce record amounts of meat, milk and major crops this year as the agriculture economy rebounds from 2019’s trade and weather disruptions, but exports are forecast to rise relatively modestly in coming months despite the new trade deal with China, USDA says.
