At the 2023 Rural Economic Outlook Conference, I caught up with Texas A&M’s Bart Fischer and talked about the next farm bill.

Aside from his role as Research Assistant Professor and Co-Director of the Agricultural and Food Policy Center at Texas A&M University, Fischer is also the former Chief Economist of the House Agriculture Committee. Fischer was a key player in the 2014 and 2018 farm bills.

“We don’t know how the process is going to unfold, but it will unfold, and eventually, we will have a new farm bill,” Fischer said. “For me, right now, the message I conveyed this morning was it is much more important to get a good farm bill done at this point.”

One topic Fischer touched on at the conference was the common misconception that if a farm bill is not reauthorized, there will be no crop insurance. Crop insurance, he added, is authorized outside of the farm bill.

Conservation programs such as EQIP (Environmental Quality Incentives Program), Fischer said, were reauthorized until 2031 last fall during the Inflation Reduction Act.

“Ironically, a lot of the farm bill has already been reauthorized,” Fischer said.



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CoBank Quarterly: High Interest Rates, Strong U.S. Dollar Taking an Oversized Toll on Agricultural and Rural Economies

2023 Farm Bill prospects dim with Congress mired in tense partisanship and upheaval.

The combination of high interest rates and a strong U.S. dollar is beginning to take a disproportionate toll on rural industries like agriculture, forest products, mining, and manufacturing. Most international transactions are still conducted in dollars, and a strong dollar makes U.S. exports more expensive and imports cheaper. That disproportionally hurts the backbone of the rural economy, according to a new quarterly report from CoBank’s Knowledge Exchange.

While the U.S. economy is outperforming expectations, the rest of the world—Europe and China in particular—has fallen short. As a result of the U.S. economic position relative to other countries, the dollar has gotten much stronger than previously anticipated. The expectation that interest rates will remain high for the foreseeable future has also contributed to the strengthening dollar.

“The challenge for agriculture and other rural industries that rely heavily on global markets is their export partners simply can’t afford to buy U.S. products,” said Rob Fox, director of CoBank’s Knowledge Exchange. “When you combine the loss of exports with a general slowdown in the U.S. economy, it’s a double whammy for many businesses operating in rural America.” 

The disruptive geopolitical and economic events in recent years resulted in the historically irregular situation where commodity prices and the dollar were both moving upward in tandem. But those events are now fading as market drivers. The fundamental inverse relationship between the broad array of commodities and the dollar has largely returned.

NCBA’s Mary-Thomas Hart says Beef Cattle Production is as Sustainable as it Gets

In this episode of Beef Buzz, I am talking with the National Cattlemen’s Beef Association Chief Counsel Mary-Thomas Hart about sustainability in the beef cattle industry.

“When we think about sustainability in the U.S. beef industry, I think it is important to consider sustainability as a three-legged stool, so you have three parts,” Hart said.

Those three parts, Harts said, are environmental sustainability, economic sustainability, and social sustainability. In 2021, Hart said NCBA set four sustainability goals that address all three pillars of the sustainability stool.

“The first is to demonstrate climate neutrality of U.S. cattle production by 2040, the second is to increase opportunities for producer profitability, and the third is related to ecosystem services and the social value that cattle ranches provide in rural communities,” Hart said. “The fourth is related to workforce development and worker safety. Through those four goals, we hope to not only maintain the high standard we have in the U.S. beef industry but to urge continuous improvement within our industry.”

When it comes to sustainability, Hart said it is important to think of not only the cattle, but the operation as a whole.

She adds that we have a great story to tell-saying the U.S. has the lowest greenhouse gas emissions per pound of beef for any beef-producing nation in the world.



“We have made significant improvements reducing our emissions per pound of beef by about 40 percent since 1960,” Hart said. “That happens in every segment of the supply chain.”

State Veterinarian Dr. Rod Hall Looking for Your Help Regarding the Veterinary Loan Repayment Program

Our State Vet- Dr. Rod Hall has asked us to share a special message with you- so here tis:

"I’d appreciate your assistance in spreading the word about the Veterinary Medical Loan Repayment Program. It is a program funded by USDA that provides loan relief for veterinarians who practice a significant portion of their practice on food animals in designated areas that lack adequate food animal veterinary service. Veterinarians who receive the award receive $25,000 per year for three years ($75,000 total) paid on their student loans in exchange for working at least three years in their area.

"Oklahoma is allotted seven shortage area nominations. My team and I are responsible for developing the nominations and submitting them for approval. This year we had six veterinarians receive the grant. It is time for us to decide which seven areas to nominate for the 2024 cycle. The nominations must be submitted by November 13. I’d appreciate it if you would let your stakeholders know this is available, and ask them to mention it to the veterinarians who take care of their food animals, and encourage them to apply if they have outstanding student loan debt. 

"I’d also appreciate knowing of any areas that producers believe have a shortage of food animal practitioners. I know we won’t be able to nominate all the areas that producers believe have shortages, but I’d like to visit with them to hopefully identify the seven most needful areas."

Contact Dr. Rod Hall by emailing him by clicking on his name.

Folks in rural Oklahoma are invited to attend the Oklahoma Water Resources Board’s second round of stakeholder input meetings in December. As the largest user of water in Oklahoma, it is crucial for agriculture to have a voice in these meetings.

The stakeholder meetings will center on the impending updates to Oklahoma’s Comprehensive Water Plan with discussions on water policy, future water supply and demand, water challenges and more.

For more information on the stakeholder input meetings and OCWP changes, visit the OWRB website.

CAB Insider: Feedyard Insights Bring Focus to Profitability

Last week’s 628,000 head total inspected slaughter featured a bit of recovery from the prior week’s exceptionally small 612,000 head. Packers remain disciplined with production as fed cattle prices remain in a low to mid-$180’s trading range and boxed beef values continue to seek their fall price bottom.

Focusing on fed cattle slaughter, the past four Saturdays have averaged just 7,500 head, in keeping with the latest pattern. In the past four Fridays, harvested head counts ranged from 71% to 95% of the weekly Monday through Thursday daily averages.

CME Live Cattle contract price volatility has been the overriding factor tempering spot cash cattle values most recently. The threat and subsequently averted government shutdown jostled equity markets and this volatility spilled over into commodity markets. The October LC contract has traded in a wide range from $186/cwt. to as low as sub-$182/cwt. in the past eight trading days. Futures are leading the market during this period but the spot market stands to move to the front as the fourth quarter continues.

The total beef market complex awaits a turning of the tide as anticipated fourth-quarter demand has historically turned boxed beef values upward in the second half of October. The waiting will commence this week as Urner Barry’s carcass cutout values this Monday showed a $3.02/cwt. decline in the Choice cutout price to mark $288.75/cwt.

Strong Finish for Q3: 4WD Tractor Sales Surge in North America

Unit sales of 4WD ag tractors experienced a notable upswing in both the U.S. and Canada in September, closing the third quarter of 2023 in a strong position, according to the latest data from the Association of Equipment Manufacturers (AEM).

In the U.S., 100+hp 2WD tractors, and 4WD tractors grew year-over-year. Both segments, along with self-propelled combines remain positive for the year. The biggest overall growth among tractors happened in 4WD units, growing more than 113 percent in September. In Canada, 4WD sales finished the month in a similar position, up more than 91 percent.

“With the technology in today’s equipment, it’s no surprise to see the 4WD segment continuing to grow as farmers look to increase their yields,” said Curt Blades, senior vice president, industry sectors and product leadership at the Association of Equipment Manufacturers. “This segment has been strong all year, as farmers are continuing to invest in productivity gains for their operations.”

Overall unit sales of U.S. tractors are down 4.3 percent compared to sales in September 2022, with 100+hp 2WD units being the only other growth segment, while combine sales finished nearly flat, only selling 8 fewer units than the previous year. Canadian tractor sales fell nearly 14 percent, with combines declining more than 37 percent.