Legislation that would modernize the tax code and streamline regulations for producers of craft beverages will provide opportunities for rural entrepreneurship and expand domestic markets for crops, according to American Farm Bureau Federation President Zippy Duvall.
The market is currently anticipating fewer corn acres and additional soybean acres planted in 2017. The average trade estimate is for 89.9 million acres of corn and 89.75 million acres of soybeans planted in 2017. These totals are down 93,000 acres and up 268,000 acres, respectively, from the March intentions for corn and soybeans.
The highly anticipated June Acreage report will be released Friday, June 30, 2017, and will either confirm trade expectations or lead to a market surprise. A larger than anticipated change in corn and soybean acreage will likely increase uncertainty in new-crop corn and soybean prices. For soybeans, any large increase in soybean acres will be in addition to record-large South American production and increasing domestic inventories.
A modernized North American Free Trade Agreement must build upon market gains for U.S. agriculture and settle remaining challenges for our nation’s farmers and ranchers in our neighboring markets, Don Shawcroft, Colorado Farm Bureau president, stated in a hearing before the U.S. Trade Representative today.