Brazil to surpass U.S. as cotton exporter in ‘very near future’
Already the world’s leading soybean and corn supplier, Brazil is on track to overtake the United States and become the largest cotton exporter in the very near future,” said the National Cotton Council, an umbrella organization for the U.S. cotton industry. Cotton production and exports are rising in Brazil while U.S. exports are forecast to fall for the second year in a row.
Record ag trade deficit on course to be halved in five years
The U.S. agricultural trade deficit, forecast at a record $30.5 billion this fiscal year, will narrow in the near term as exchange rates improve and trading partners gain economic strength, said the Agriculture Department in its 10-year agricultural baseline. The deficit will shrink to $14.7 billion in 2028 and hold steady after that.
TODAY’S QUICK HITS
Biden to slow EV transition: The Biden administration will revise a proposed regulation to allow a slower ramp-up in sales of electric vehicles, sources said, a concession to carmakers and labor unions; ethanol and farm groups also opposed the rule. (New York Times)
Middle ground on SAF: Updated scientific modeling will impede corn ethanol’s path to tax credits available for sustainable aviation fuel, but refiners could still qualify if they partner with farmers who use sustainable practices. (Reuters)
Wisconsin bleeds farms: Wisconsin lost 10 percent of its farms and 30 percent of its dairy farms in the five years ending in 2022, prompting a debate whether consolidation is a matter of agricultural efficiency or the result of policies that favor big farms. (Wisconsin Public Radio)
Hovde to challenge Baldwin: Businessman Eric Hovde is expected to become the first formal Republican challenger to Wisconsin Democratic Sen. Tammy Baldwin, who is running for a third term. (Associated Press)
Say no Lake Superior: Travel guide Fodor’s put Lake Superior on its annual “No List” because of invasive species, algae blooms, pollution-contaminated fish, and stresses from over-tourism. (Fodor’s)
ON THE CALENDAR
Tuesday
Geoff Cooper, chief executive of the Renewable Fuels Association, and Agriculture Secretary Tom Vilsack speak at National Ethanol Conference, San Diego. The conference ends on Wednesday.
National WIC Association holds annual policy conferences online, through Feb. 22.
USDA releases Chickens and Eggs — Annual report, 3 p.m. ET.
Wednesday
Ohio State University economists discuss international issues that will affect grain marketing this year as part of the 2024 Economic Outlook and Policy Webinar Series.
The National Turkey Federation holds 2024 annual convention, through Saturday, Austin, Texas.
Thursday
Farmdoc daily at the University of Illinois hosts a webinar, “The renewable diesel boom: What does the future look like?” noon ET.
Friday
USDA releases monthly Food Price Outlook, 9 a.m. ET. At present, USDA forecasts grocery prices will fall 0.4 percent this year compared to prices last year. It would be the first instance of grocery deflation since 2016, when prices fell 1.3 percent, and 2017, when they fell 0.2 percent.
USDA releases monthly Cattle on Feed and Cold Storage reports, 3 p.m. ET.
Saturday
American Frozen Food Institute holds AFFI-CON, “the premier business event for frozen food and beverage makers, industry suppliers, and logistical partners,” through Feb. 27, San Diego.
Sunday
Sweetener Users Association and International Dairy Foods Association hold annual International Sweetener Colloquium, through Feb. 28, Aventura, Florida.
