News Update February 6, 2021

News Update February 6, 2021

President Biden’s ag Secretary nominee pledged to address discrimination in USDA. He met before the Senate ag committee confirmation hearing, Tom Vilsack told lawmakers he will also seek to remove barriers for access and anyone that qualifies for nutrition assistance. In his statement, he vowed to ensure that USDA will do his part two and the COVID-19 pandemic also lead the federal government in building and maintaining new markets stop the farm debt cycle create transparency and pricing through the supply chain. Bill sec, who was ag Secretary during the Obama administration also seeks to restore employee morale at USDA. Back to he said the level it was when he was last ag secretary for the committee advanced the nomination to the full Senate follow in his confirmation hearing. The ag economy barometer from the CME Group and Purdue drifted lower in January the reading number 167. to decline of seven points compared to December that was also equal to the November reading. Organizers say the barometers declined over the last three months attributable to weaker expectations for the future. That future of expectations index has fallen 35 points, or about 19%. So that’s just October, the decline in future expectations and in contrast to the index of current conditions, which in January 21 points are 12% higher in October, the ongoing strength of the current condition index appears to be driven by the crop price strength. But the deterioration of the future expectations index seems motivated by concerns about future environmental and tax policies and the outcome of the trade dispute with China. Meanwhile, three out of four three out of 10 farms that is are aware of opportunities to receive some carbon capture payments on their farm, about a fifth of those farms are already engaged in discussions about contracting to receive those payments, and farm bankruptcies round slightly. 2020 but one industry economist warns that farmers not quite out of the woods yet caseload statistics us courts engaged chapter 12 Farm bankruptcies totaled 552 filings in 2020 and down 43 or 7% from 2019 third highest over the last decade. According to the Kansas City Federal Reserve delinquency rates and commercial banks continue to increase USDA also temporarily suspended debt collections, foreclosures and other activities so farm loans to support distressed farm borrowers. JOHN Newton newest Farm Bureau Chief Economist says the key to turning the farm economy around is a recovery from COVID restored biofuel demand, increased trade new income sources and adapting to climate smart practices and ecosystem service type markets. You find more ag news online at a view dotnet. Stay with us. We’ll have more in just a moment.

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