Ag Headlines, Saturday April 16, 2016

Lower Farm Income Dampening Farm Economy

Agriculture groups are telling lawmakers farmers are facing increased financial pressure in an economic downturn brought on by low commodity prices. At a House Agriculture subcommittee hearing Thursday, the American Farm Bureau and the National Farmers Union told lawmakers the downturn of the farm economy is forcing farmers to tighten their belts. Net farm income has declined from $123 billion in 2013 to an estimated $55 billion for 2016. Farm Bureau President Zippy Duvall told the subcommittee lower prices will affect income for all farmers and ranchers, but will have an even greater impact on new and young farmers. Farm Bureau took the time to urge lawmakers to approve the Trans-Pacific Partnership, stop the Waters of the U.S. rule and establish a national GMO labeling standard to alleviate pressure on the agriculture sector. National Farmers Union President Roger Johnson urged the subcommittee to focus on commodity programs that he says need more attention in the next Farm Bill. Those programs include the Agricultural Risk Coverage program and the Stacked Income Protection Plan, or STAX program.

Senate Agriculture Committee Approves CFTC Bill

The U.S. Senate Agriculture Committee voted 11 to 9 along party lines to reauthorize the Commodity Futures Trading Commission for five years. The committee voted Thursday morning,following a seperate Senate floor vote, according to the Hagstrom Report. Committee Chairman Pat Roberts says the bill will provide relief from regulation to the end users of financial instruments regulated by the CFTC. Ranking Committee Democrat, Debbie Stabenow of Michigan, said the CFTC does not have the resources it needs to do its job and introduced an amendment for a user fee program to provide the agency more money. However, the committee voted down her amendment. The House passed its version of the CFTC authorization last year.

Source:  NAFB News