Capitol Hill logjam, funding shortage shift farm bill target to December
On Tuesday, leaders of the Senate and House Agriculture committees made it official: December is the new target for passage of the farm bill. The 2018 farm law expires on Sept. 30, but there is little peril until dairy subsidies terminate on Dec. 31, said House Agriculture chairman Glenn Thompson.
With inflation, $4.80 a bushel is the new $4 a bushel for corn
U.S. corn stocks will be relatively abundant in the near term, never dropping below 2 billion bushels at their lowest point, according to forecasters. Ordinarily, large supplies mean low prices, but two agricultural economists say a season-average price of $4.80 a bushel could be the new normal for corn.
TODAY’S QUICK HITS
Grain ship leaves Ukraine: A cargo ship carrying 3,000 tonnes of wheat left Chornomorsk following a temporary corridor in the Black Sea that was created by the Ukrainian Navy last month in an effort to revive grain exports. (Kyiv Independent)
Sustainability goals languish: Global progress toward UN goals for agricultural sustainability has stalled or reversed due to “multiple shocks” that include the pandemic, armed conflicts, inflation, and climate change, said a report written for the UN General Assembly. (FAO)
Keep consumer rules strong: Dozens of environmental, farm, labor, and consumer groups sent letters to lawmakers in opposition to legislation, such as the so-called EATS Act, that would curtail state and local regulations of pesticides, animal welfare, and consumer safety. (EWG)
Tuberville blames ‘the left’: Although leaders say they are searching for farm bill funding, Alabama Sen. Tommy Tuberville, a member of the Senate Agriculture Committee, said “my colleagues on the left don’t want to raise those reference prices.” (YouTube)