E.U. Tariff Suspension Extended and High Ag Prices Continue in 2024

E.U. Tariff Suspension Extended and High Ag Prices Continue in 2024

Bob Larson
Bob Larson
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.

**U.S. Trade Representative Katherine Tai applauded the European Union’s announcement that it’s extending the suspension of tariffs on U.S. Goods.

Tai says for the past two years, the U.S. and E.U. have engaged in critically important negotiations.

She says she’s glad the EU has announced that it is taking steps to join us in extending the time for these negotiations.

**Lingering high prices are expected to take a bigger toll on the economy in 2024.

CoBank says the biggest problem for farm margins heading into the new year is the elevated cost of production.

While fertilizer prices have fallen, other production costs remain high.

But ag commodities will benefit from more upside price risk than down.

Profitability for the livestock sector should modestly improve as lower feed costs and domestic demand offset weak global exports.

**Milk production in the 24 major milk-producing states during November totaled 17.3 billion pounds, ½ percent lower than November of ‘22.

October’s revised production, at 17.9 billion pounds, was down 0.6 percent from a year earlier.

The October revision represented a decrease of 37 million pounds or 0.2 percent from last month’s preliminary production estimate.

Production per cow in the 24 major states average for November was three pounds below November of ‘22.

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