December 31, 2021
Missed some agricultural news this week? Here are seven stories to fill you in.
2019 MFP payments inaccurate and unfair
A Government Accountability Office report reveals 2019 MFP payments to corn producers were approximately $3 billion more than USDA’s estimate of trade damage to corn. The calculation method for payments resulted in higher payments for Southern farmers than producers of the same crop in other parts of the country. – Farm Futures
German ag minister calls for higher food prices
Cem Oezdemir called for higher prices over the weekend for food and agricultural goods, saying “junk prices” drive “farms into ruin, prevent more animal welfare, promote the extinction of species and pollute the climate.” Germany’s food costs are already above the European Union average. – Bloomberg
Watch for new food trends
Interactive foods, celebrity food collaborations, potato milk and more are on the menu for 2022, as the Oklahoma State University Robert M. Kerr Food and Agricultural Products Center highlights food trends on the rise for the upcoming year. What's going to land in your pantry after the New Year? – Farm Futures
China to approve more GMO corn
China is looking to grant safety approval to more genetically modified corn varieties by domestic producers. The move comes as China’s scooping up global grain supplies to feed its hog herd recovering from African swine fever. Corn imports soared to record levels, sparking a global price rally as investors were also worried about supply. – Bloomberg
Farmers blame Mosaic for fertilizer costs
National Corn Growers Association President Chris Edgington continues to sign the alarm about fertilizer companies' role in high fertilizer prices. The latest action comes in a signing of a letter by state corn affiliates seeking the removal of the tariffs. Since 2020, all nitrogen fertilizers are now more than double in price: anhydrous is up by 131% and urea by 110%. Potash is up by 120%. – Farm Futures
Beef quality on the rise
Domestic beef demand is the strongest it has been in three decades, gaining about 8% market share over the last two decades. Carcass quality continues to increase, and consumers are willing to pay more for what they want. As cow numbers and fed cattle supplies decline in 2022, CattleFax projects a significant increase in returns to producers. – American Hereford Association
2022 Farm Futures Business Summit
Looking to improve on your farm business and finance skills this winter? Check out the variety of sessions in store and the great speaker lineups for the 2022 Farm Futures Business Summit and Ag Finance Boot Camp Jan. 19-22 in Iowa City. Learn more and register today! – Farm Futures
And your bonus…
Year in review
As another year comes to a close, the Farm Progress family wishes you a happy new year! As you reflect upon 2021, take a look at the top Farm Futures stories from this year. Also, don’t miss the ag policy highs and lows in 2021.
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