Time Running Out for Farm Bill and Ag Trade Mission to Colombia
From the Ag Information Network, this is your Agribusiness Update.
**The stakes are high for a new farm bill, and time is running out.
The American Farm Bureau released its Market Intel Analysis of the consequences of not finishing the Farm Bill and adding another extension of the 2018 bill.
While crop insurance is a permanent program, it does need improvements to make it more affordable.
Plus, the fixed reference prices set in 2014 don’t account for unforeseen market forces like the exceptional inflation in recent years.
**As commodity prices continue to drop, many producers may face economic losses with less balance sheet resiliency.
Agricultural Economic Insights reports recent loan data revealed farmers utilized more non-real estate debt in early 2024.
In the first quarter, total non-real estate debt was 14% higher than 2023, the fastest rate in five decades.
The last time non-farm real estate debt jumped so quickly was in the late 1970s.
**Alexis Taylor, USDA Under Secretary for Trade and Foreign
Agricultural Affairs, will lead 24 agribusinesses and organizations on a trade mission to Bogota, Colombia, August 13-15.
The goal is to boost American agricultural exports and build upon the successes of the U.S.-Colombia Trade Promotion Agreement.
Taylor says Colombia is a significant growth market for U.S. agricultural exports featuring an expanding middle class and rising consumer purchasing power.
