Agribusiness Update for Tuesday 06/17/14

The U.S. Department of Agriculture has announced up to 14.5-million dollars that will be available through the 2014 Farm Bill for two USDA bioenergy programs. USDA's Rural Development will be accepting applications for up to 12-million dollars in payments from companies looking to offset costs associated with converting fossil fuel systems to renewable biomass fuel systems. USDA's National Institute of Food and Agriculture will make 2.5-million dollars in grants available to enhance national energy security through the development of bio-based transportation fuels, biopower and new bio-based products.

Secretary of Agriculture Tom Vilsack is in Europe this week to meet with agricultural and trade officials and stakeholders to discuss expansion of ag trade, agriculture's important role in the U.S.-European Union Transatlantic Trade and Investment Partnership, and how the trade agreement will benefit both economies. Since 2009 - nearly one-third of U.S. economic growth has been due to exports. The U.S. has seen record ag exports over the past five-years - reaching a record 140.9-billion dollars and supporting nearly 1-million jobs in the U.S. during the last fiscal year alone.

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