House panel targets farmland sales to foreign adversaries
To protect U.S. farmland, the government would collect a 60-percent excise tax on purchases by foreign adversaries — citizens and companies from China, Russia, Iran, North Korea, Cuba and Venezuela — under legislation approved by the House Ways and Means Committee on Tuesday. The provision was wrapped into a broader package that would repeal many of the green energy incentives that were created by the climate, health and tax bill last summer.
Food inflation rate is falling rapidly
Although it remains high, the food inflation rate is one third lower than it was at the start of the year, the government said on Tuesday. The food inflation rate of 10.1 percent in January has tumbled to 6.7 percent on an annualized basis, according to the Consumer Price Index report.
TODAY’S QUICK HITS
RFS delayed one week: Biofuel trade group Growth Energy and the EPA agreed to delay for one week, to June 21, the release of the Renewable Fuel Standard for this year, 2024 and 2025. (Growth Energy)
Bunge to buy Viterra: Bunge Ltd. said it would acquire fellow grain handler Viterra in a deal worth $18 billion to create one of the largest grain trading and processing companies in the world. (Associated Press)
Vote on USDA funding: The House Appropriations Committee was scheduled to vote on the annual USDA-FDA spending bill on Wednesday with Chairwoman Kay Granger saying she would limit outlays to last year’s level. (House Appropriations)
Child labor in agriculture: A new initiative, aimed at the cocoa, coffee and cotton sectors, seeks to reduce child labor in agriculture, which accounts for 70 percent of child labor worldwide. (FAO)
Bill bans neonic insecticides: Legislators sent Gov. Kathy Hochul a bill that would make New York the first state to ban the use of neonicotinoid-coated seeds, blamed for harming bees and other pollinators. (DTN/Progressive Farmer)
