Cotton Council Appreciates Bridge Payments and Cost of Farming Gap Grows
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**The National Cotton Council says they appreciate the timely announcement of payment rates under the Farmer Bridge Assistance program, an important development for U.S. cotton producers.
The FBA rate for cotton of $117.35 per planted acre offers critical support to growers as they navigate current market conditions and production costs.
NCC Chairman Patrick Johnson says the FBA program provides a welcome and much-needed level of assistance for cotton growers.
**U.S. farmers are facing one of the widest gaps in a decade between what they pay to produce food and what they earn from selling it.
That’s according to Investigate Midwest’s Lauren Cross who reports new USDA data shows the October prices paid index climbed to 154.6, while the prices received index fell to 120.5.
That means production costs were more than 50% higher than in 2011, while prices received were about 21% higher.
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**With Venezuela making the front page in recent days, with the removal of President Nicolás Maduro, it’s important to remember what a valuable market it is for U.S. farmers.
As of last year, the United States was the second-largest exporter of farm products to Venezuela with a 26% market share, according to USDA.
The main U.S. ag exports include soybean meal, corn, wheat, soybeans and rice.
