Latest News From Jim Wiesemeyer

USDA May Now Face Court Challenge in Its Implementation of ERP for 2022 Losses
USDA May Now Face Court Challenge in Its Implementation of ERP for 2022 Losses

 Some Republican House and Senate members have expressed their concerns to USDA Secretary Tom Vilsack, particularly regarding the new payment formula used for ERP in 2022.

High Interest Rates Are Already Impacting Farmers, And It's Coming at the Expense of Ag Loans
High Interest Rates Are Already Impacting Farmers, And It's Coming at the Expense of Ag Loans

Farmers are opting to tap into their savings from recent prosperous years instead of taking out loans at the highest interest rates since 2007, according to surveys conducted by regional Federal Reserve banks.

The U.S. And Europe Are At Odds Over Trump-Era Tariffs, And It's Now Causing Strained Relations
The U.S. And Europe Are At Odds Over Trump-Era Tariffs, And It's Now Causing Strained Relations

While the U.S. and EU aim to make progress during an upcoming summit, reaching a final agreement is uncertain. This issue has significant implications for U.S./EU ties, climate goals, and geopolitics.

Trade Relations Between the U.S. and China Just Got Even More Complicated
Trade Relations Between the U.S. and China Just Got Even More Complicated

China's Commerce minister expressed concerns over trade and tech restrictions to U.S. Senate Majority Leader this week. That's as the U.S. Commerce Department added 42 more Chinese companies to the export blacklist.

The Government Didn't Shut Down, And That's Good News For The Farm Bill
The Government Didn't Shut Down, And That's Good News For The Farm Bill

With the government funding in place for now, work on a new farm bill can continue, with the same questions (timing, funding, Title 1 reform, etc.) still being unanswered. 

How Will A Looming Government Shutdown Impact Agriculture?
How Will A Looming Government Shutdown Impact Agriculture?

When the House and Senate returns on Tuesday, lawmakers will have just five days left to avoid a shutdown, which would impact several USDA services, including key reports. 

Crude Awakening: Rising Oil Prices Complicate Fed's Rate-Hike Decisions
Crude Awakening: Rising Oil Prices Complicate Fed's Rate-Hike Decisions

As brent crude futures soar toward $100, it's creating a new battle in the Federal Reserve's effort to fight inflation. One money manager warns another rate hike is likely. 

Food Inflation Outlook for 2023 Drops Below Previous Projections
Food Inflation Outlook for 2023 Drops Below Previous Projections

For 2024, USDA projects that food price inflation will be lower than that seen in 2023 and significantly lower than the rise seen in 2022.

Major CRP Changes Could be Coming in the Farm Bill
Major CRP Changes Could be Coming in the Farm Bill

House Republicans, particularly on the House Ag Committee, are debating changes to the Conservation Reserve Program as part of the upcoming farm bill reauthorization.

WOTUS Meetings on the Calendar with New Recommendations in Tow
WOTUS Meetings on the Calendar with New Recommendations in Tow

EPA has been asked to exclude ditches from the definition of federal waters, include wetlands when they can't be distinguished from navigable waters, and erase the independent interstate waters and wetlands category.

Dairy Policy Hearing Set to Address the Federal Milk Marketing Order
Dairy Policy Hearing Set to Address the Federal Milk Marketing Order

The hearing, which will take place in the Indianapolis suburb of Carmel, Indiana, could potentially result in the first significant reform of milk marketing orders since 2000.

New Farmland Bill Would Create a Public Database for Foreign Land Ownership
New Farmland Bill Would Create a Public Database for Foreign Land Ownership

The Farmland Security Act of 2023 seeks to further boost transparency in foreign ownership of U.S. farmland.

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Organic Milk Producers Look to Differentiate from Traditional Milk

Organic dairy farmers emphasized the need for consideration of an organic exemption in any forthcoming federal order hearing, citing the current system as insupportable for their industry.

Preliminary Trade Agreement Between U.S., Taiwan Garners Approval from Senate
Preliminary Trade Agreement Between U.S., Taiwan Garners Approval from Senate

The leaders also drafted a proposed legislation earlier this month that promises treaty-like benefits for businesses seeking cross-border investment opportunities via the tax code.

Farm Bill 2023 Draft is Expected by Mid-September
Farm Bill 2023 Draft is Expected by Mid-September

House Ag Committee Chairman G.T. Thompson, along with other members, is seeking additional funding sources for the bill, but that will likely be the biggest farm bill hurdle that may trip up lawmakers.

The Countdown is on for EPA to Revise WOTUS
The Countdown is on for EPA to Revise WOTUS

EPA has a deadline from the Eight Circuit Court of Appeals to offer a progress report on the Waters of the U.S. rule by Sept. 15.

WOTUS Ruling Causing Confusion in Key Ag States
WOTUS Ruling Causing Confusion in Key Ag States

State officials find these states serve as early examples of the challenges other places may face in response to the recent Sackett ruling on WOTUS.

U.S. Inflation Continues to Decline, Down from 4% in May
U.S. Inflation Continues to Decline, Down from 4% in May

Meanwhile, service prices and the core index (which excludes food and energy) remain high, with the core CPI descending to 4.8%.

China's Exports Decline 12.4% Year-Over-Year
China's Exports Decline 12.4% Year-Over-Year

This slump, deeper than May's 7.5% drop, represents the largest decline since February 2020.

Is it Time to Repurpose CRP?
Is it Time to Repurpose CRP?

Dr. Carl Zulauf of Ohio State University, via a FarmDoc Daily article, proposes merging General CRP and Continuous CRP into a Site Specific CRP.

USTR Comments on USMCA Meetings
USTR Comments on USMCA Meetings

During a bilateral meeting on Thursday, U.S. Trade Representative Katherine Tai discussed with Mexico's Secretary of Economy Tatiana Clouthier various issues concerning energy and biotech corn.

USDA Could Use the Farm Bill's Conservation Title for Climate Change
USDA Could Use the Farm Bill's Conservation Title for Climate Change

Erik Lichtenberg, University of Maryland professor, says Congress could reorient farm bill conservation funds for climate change, but it could cut into their support.

US and China: A New Trade War?
US and China: A New Trade War?

Beijing on Monday announced export controls on gallium and germanium. Now the Biden administration is set to restrict Chinese companies’ access to U.S. cloud-computing services that use AI chips.

EPA to Release More WOTUS Rule Information
EPA to Release More WOTUS Rule Information

EPA plans to revise the "Waters of the United States" (WOTUS) regulation by Sept. 1. Both the EPA and the Corps of Engineers have regulatory duties for federal waterways.

McConnell: Extra funding for farm bill ‘hard to come by'
McConnell: Extra funding for farm bill ‘hard to come by'

While Sen. McConnell says the budget has little give, Sen. Boozeman has consistently said he will not support a farm bill that doesn't provide an increase in the Price Loss Coverage (PLC) program's reference prices.

Stabenow Proposes $20 Billion Farm Bill Solution?
Stabenow Proposes $20 Billion Farm Bill Solution?

Senate Ag Chair Debbie Stabenow (D-Mich.) opened the door to shifting almost $20 billion from her party’s climate and tax credit law enacted last year to more general spending in the upcoming farm bill.

Scrutiny of Land Purchases by Foreigners Proposed in New Bill
Scrutiny of Land Purchases by Foreigners Proposed in New Bill

Under the bill, the USDA and the FDA would become members of CFIUS and their powers would be expanded to better consider ag needs when it decides if a purchase would create national security risks.

US Has Seen Consistent Growth in Ag Exports to Mexico Under NAFTA, USMCA
US Has Seen Consistent Growth in Ag Exports to Mexico Under NAFTA, USMCA

Over the 29 years of free trade, U.S. ag exports to Mexico increased both in terms of volume and value, although there were some years where growth was not positive.

Farm Bill Will Not See an Increase in Funds
Farm Bill Will Not See an Increase in Funds

Senate Ag Chair Debbie Stabenow, (D-Mich.) says there will be no new funding for the 2023 farm bill. However, Stabenow stressed she will not allow a cut in conservation funding.

When Will Dairy's Minimum Pricing System Change?
When Will Dairy's Minimum Pricing System Change?

USDA will soon decide whether to hold a formal hearing and propose changes to dairy's minimum pricing system, which would then require a vote from dairy farmers.

3 Reasons the Farm Bill is Behind Schedule
3 Reasons the Farm Bill is Behind Schedule

The Senate and House Ag committees are facing delays in drafting the next farm bill, and it is expected to be the most expensive farm bill to date, clocking in at around $1.5 trillion.

Ag Trade Between Russia and China Increased to 153% in April
Ag Trade Between Russia and China Increased to 153% in April

China's exports to Russia reached a record high in April, amounting to $9.6 billion.

Ag Will be Granted  $11 Million to be Part of the Climate "Solution"
Ag Will be Granted $11 Million to be Part of the Climate "Solution"

John Kerry, Special Presidential Envoy for Climate, says ag need to be "front and center" as the climate solution.

Lawmakers Meet with Biden to Discuss Farm Bill 2023
Lawmakers Meet with Biden to Discuss Farm Bill 2023

Rep. Thompson signaled he wants to hear “commitment from everyone, including the president, that we will get this done and in the manner I've been speaking about. Bipartisan, bicameral, on time and highly effective.'"

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Ag Bankers Stress Crop Insurance, Farm Lending Link in Senate Ag Hearing

Lenders In the hearing seemed to agree on a boost to lending limits in USDA guaranteed loans as lawmakers ready for the next farm bill.

U.S. Trade with the World Rose in March
U.S. Trade with the World Rose in March

Exports rose 2.1% in March from the prior month to a seasonally adjusted $256.2 billion while imports declined 0.3% to $320.4 billion, the Commerce Department said.

Canada Warns on 'Product of USA' Regulation
Canada Warns on 'Product of USA' Regulation

Currently, foreign meat that is processed in U.S. plants can be labeled “Product of USA.”  Arun Alexander, Canada’s deputy ambassador, isn't convinced this is a good practice.

4 Items EPA Discussed this Week that Will Impact Producers
4 Items EPA Discussed this Week that Will Impact Producers

Michael Regan, EPA administrator, appeared before the House Ag Committee on Wednesday to discuss everything from WOTUS to the farm bill. Here are the highlights that will directly impact producers.

USTR's Trade Strategy: Stronger Ties with Like-Minded Countries
USTR's Trade Strategy: Stronger Ties with Like-Minded Countries

Non-tariff barriers “are real and can be more significant hurdles than tariffs,” U.S. Trade Representative Katherine Tai says.

USTR Tai Continues to Push Trade Policy Focused on Non-Tariff Barriers
USTR Tai Continues to Push Trade Policy Focused on Non-Tariff Barriers

While Tai has faced strong criticism about a lack of new trade agreements being pursued, she claimed this week that the U.S. is “nearing a consensus on the need to do things differently.”

Cargo Ships Leave West Coast Ports As Labor Talks Show 'Little to No' Progress
Cargo Ships Leave West Coast Ports As Labor Talks Show 'Little to No' Progress

Rail strikes ran headlines in late 2022 and came to an end in December when Congress passed an agreement. But there may be another strike looming in the transportation sector unless the Biden administration changes pace.

Is There Anything New from the Latest Farm Bill Debate?
Is There Anything New from the Latest Farm Bill Debate?

We need to know the final funding level in the debt limit debate before there are can be any attempt to mix and match farm bill titles and funds.

Bipartisan Group Pushes for Stepped-Up Basis Tax Rule Protections
Bipartisan Group Pushes for Stepped-Up Basis Tax Rule Protections

A resolution introduced Tuesday would support the “preservation” of the rule and “oppose efforts to impose new taxes on family farms or small businesses.”

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What Bodies of Water are Considered WOTUS?

The EPA’s new definition of Waters of the U.S. takes effect Monday. Here's a rundown of what is considered WOTUS and, therefore, subject to federal regulation.

US Importers Carried the Burden of Chinese Tariffs Placed by President Trump
US Importers Carried the Burden of Chinese Tariffs Placed by President Trump

Former President Donald Trump placed tariffs on more than $300 billion in Chinese goods during his presidency, raising costs for American companies, according to the ITC.

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Free-Trade Approach Pushed on the Biden Administration is Met with Backlash

"It would be a lost opportunity if we just sit on the sidelines and watch other countries engage while the playing field continues to tilt against us," said Rep. Smith (R-Neb.).

New Conservation Funding and CRP Took Priority in Senate Ag Hearing
New Conservation Funding and CRP Took Priority in Senate Ag Hearing

"The prioritization of resource concerns must be left to the local level where producers decide how they can best address their unique and varied landscapes and needs," said Sen. John Boozman.

US Trade Rep Tai to Discuss Biden's Trade Agenda Today
US Trade Rep Tai to Discuss Biden's Trade Agenda Today

"In this current situation, the traditional approach to free trade agreements — which isn't just tariff cuts, but that they do tariff cuts on a fully comprehensive basis — isn't what we need right now,” Tai says.

U.S. Debt Will Likely Become a Major Issue in Washington
U.S. Debt Will Likely Become a Major Issue in Washington

“Over the long term, our projections suggest that changes in fiscal policy must be made to address the rising costs of interest and mitigate other adverse consequences of high and rising debt," CBO Director Swagel said

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Crop Insurance, Production Costs, ERP Among Key Topics at Senate Ag Farm Bill Hearing

A Senate Ag Committee hearing Thursday on the new farm bill raised a issue that is now evident: the Title 1 farm bill safety net can no longer deal with the current ag environment.