Agribusiness Update for Tuesday 12/02/14

President Obama would veto the current tax extenders bill that Congress is writing, because the bill does not include tax breaks for the middle class according to a report. Congressional Democrats would support the president and conservatives find the cost too high, making it difficult to override a veto. The proposed bill would include the deduction farmer's use for business equipment.  A $500,000 deduction expired at the end of last year and was lowered to $25,000 for 2014. Farm groups and others want Congress to reinstate the $500,000 deduction as well as reinstate 50 percent bonus depreciation for other business machinery.

Reports are that the Trans-Pacific Partnership talks are likely to get ugly before a deal is reached. New Zealand ambassador to Japan, Mark Sinclair says it was always difficult to "judge from the outside" the processes around the proposed regional free-trade agreement. One of the tough negotiations noted for New Zealand is promoting dairy exports into countries like Japan because the deal is so broad-based but he did say he was optimistic about the current momentum in the talks.

That's today's Agribusiness Update from the Ag Information Network of the West.