USDA Payments to Ag Producers and Ag Imports Increase Share
From the Ag Information Network, this is your Agribusiness Update.
**The USDA is issuing payments to agricultural producers impacted by natural disasters.
The assistance includes $143 million in crop insurance indemnities for Florida producers impacted by Hurricane Milton.
Ag Secretary Tom Vilsack says Florida farmers have been hit hard by hurricanes this year, and we’re continuing our efforts to help producers recover following hurricanes like Milton.
Producers with federal crop insurance coverage should see payments within the next 30 days.
**In the bulk of U.S. imports agricultural products account for an increasing share.
From fiscal years 2004 to 23, the value of U.S. ag imports rose an average 3.7% annually, exceeding the overall rate of increase for TOTAL U.S. imports.
Led by increases in processed food and beverages, horticultural and livestock products, ag imports are forecast to reach $204 billion in FY 2024 and a record $212 billion in 2025.
**While the lame-duck session of Congress represents one last chance at a farm bill, industry experts say it would require compromise on several tricky issues.
One report says Senate Ag Committee Chair Debbie Stabenow holds the key to finishing a farm bill this year IF, big if, she can work out a deal with the other major farm bill players.
An AgWeb report gives the odds of getting a farm bill done at only 15%.
