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Agriculture in the WTO: Rules and Limits on U.S. Domestic Support [September 6, 2018]
"Trade plays a critical role in the U.S. agricultural sector. The U.S. Department of Agriculture (USDA) estimates that exports account for about 20% of total U.S. agricultural production. Furthermore, given the substantial volume of its agricultural exports, the United States plays a significant role in many international agricultural markets. As a result, U.S. farm policy is often subject to intense scrutiny both for compliance with current World Trade Organization (WTO) rules and for its potential to diminish the breadth or impede the success of future multilateral negotiations.In part, this is because a farm bill locks in U.S. policy behavior for an extended period of time during which the United States would be unable to accept any new restrictions on its domestic support programs."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2018-09-06
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Farm Policy: USDA's 2019 Trade Aid Package [August 12, 2019]
From the Document: "Under the 2019 trade aid package, USDA will use its authority under the Commodity Credit Corporation (CCC) Charter Act to fund three separate programs to assist agricultural producers in 2019 while the Administration works to resolve the ongoing trade disputes with certain foreign nations, most notably China. The three programs are similar to the 2018 trade aid package but are funded at different levels: 1. The Market Facilitation Program (MFP) for 2019, administered by USDA's Farm Service Agency, is to provide up to $14.5 billion in direct payments to producers of affected commodities (compared with up to $10 billion in 2018). 2. A Food Purchase and Distribution Program, administered through USDA's Agricultural Marketing Service, will use $1.4 billion (compared with $1.2 billion in 2018) to purchase surplus commodities affected by trade retaliation such as fruits, vegetables, some processed foods, beef, pork, lamb, poultry, and milk for distribution by USDA's Food and Nutrition Service to food banks, schools, and other outlets serving low-income individuals. 3. The Agricultural Trade Promotion Program, administered by USDA's Foreign Agriculture Service, will be provided $100 million ($200 million in 2018) to assist in developing new export markets on behalf of U.S. agricultural producers."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2019-08-12
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Agriculture in the WTO: Rules and Limits on U.S. Domestic Support [Updated June 4, 2019]
From the Introduction: "Trade plays a critical role in the U.S. agricultural sector. The U.S. Department of Agriculture (USDA) estimates that exports account for about 20% of total U.S. agricultural production. Furthermore, given the substantial volume of its agricultural exports, the United States plays a significant role in many international agricultural markets. As a result, U.S. farm policy is often subject to intense scrutiny both for compliance with current World Trade Organization (WTO) rules and for its potential to diminish the breadth or impede the success of future multilateral negotiations. In part, this is because a farm bill locks in U.S. policy behavior for an extended period of time during which the United States would be unable to accept any new restrictions on its domestic support programs."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2019-06-04
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Farm Policy: USDA's 2018 Trade Aid Package [Updated June 14, 2019]
From the Document: "In early 2018, the Trump Administration--citing concerns over national security and unfair trade practices--imposed increased tariffs on certain imported products in general and on U.S. imports from China in particular. Several of the affected foreign trading partners (including China) responded to the U.S. tariffs with their own retaliatory tariffs targeting various U.S. products, especially agricultural commodities. On July 24, 2018, Secretary of Agriculture Sonny Perdue announced that the U.S. Department of Agriculture (USDA) would be taking several temporary actions to assist farmers in response to trade damage from what the Administration has characterized as 'unjustified retaliation.'"
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-; Monke, Jim; Stubbs, Megan . . .
2019-06-14
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Farm Policy: USDA's 2019 Trade Aid Package [Updated September 4, 2019]
From the Document: "Under the 2019 trade aid package, USDA will use its authority under the Commodity Credit Corporation (CCC) Charter Act to fund three separate programs to assist agricultural producers in 2019 while the Administration works to resolve the ongoing trade disputes with certain foreign nations, most notably China. The three programs are similar to the 2018 trade aid package but are funded at different levels: 1. The Market Facilitation Program (MFP) for 2019, administered by USDA's Farm Service Agency, is to provide up to $14.5 billion in direct payments to producers of affected commodities (compared with up to $10 billion in 2018). 2. A Food Purchase and Distribution Program, administered through USDA's Agricultural Marketing Service, will use $1.4 billion (compared with $1.2 billion in 2018) to purchase surplus commodities affected by trade retaliation, such as fruits, vegetables, some processed foods, beef, pork, lamb, poultry, and milk, for distribution by USDA's Food and Nutrition Service to food banks, schools, and other outlets serving low-income individuals. 3. The Agricultural Trade Promotion Program, administered by USDA's Foreign Agriculture Service, will be provided $100 million ($200 million in 2018) to assist in developing new export markets on behalf of U.S. agricultural producers."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2019-09-04
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Foreign Trade Remedy Investigations of U.S. Agricultural Products [March 11, 2020]
From the Document: "Foreign countries appear to be making greater use of punitive measures affecting U.S. agricultural exports. These measures, corresponding to duties the United States has long imposed on imports found to be traded unfairly and injuring U.S. industries, have the potential to reduce the competitiveness of U.S. agricultural exports in some foreign markets. Recent changes in U.S. agricultural policy, including over $23 billion in 'trade aid' payments in 2018 and 2019 to farmers affected by higher Chinese tariffs on certain U.S. products, may increase the likelihood of foreign measures that adversely affect U.S. agricultural trade. The imposition of anti-dumping and countervailing duties is governed by the rules of the World Trade Organization (WTO) and of WTO's 1995 Agreement on Agriculture (AoA). Under the AoA, member countries agreed to reform their domestic agricultural support policies, increase access to imports, and reduce export subsidies. The AoA spells out the rules to determine whether policies are potentially trade distorting. If a trading partner believes that imported agricultural products are being sold below cost ('dumped') or benefit from unfair subsidies, it may impose anti-dumping (AD) or countervailing duties (CVD) on those imports to eliminate the unfair price advantage."
Library of Congress. Congressional Research Service
Regmi, Anita; Hart, Nina M.; Schnepf, Randall Dean, 1954-
2020-03-11
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U.S. Farm Support: Compliance with WTO Commitments [October 4, 2019]
From the Document: "As a member of the World Trade Organization (WTO) agreements, the United States has committed to abide by WTO rules and disciplines, including those that govern domestic farm policy as spelled out in the Agreement on Agriculture (AoA). Since establishment of the WTO on January 1, 1995, the United States has complied with its WTO spending limits on market-distorting types of farm program outlays (referred to as amber box spending). However, the addition of large, new trade assistance payments to producers in 2018 and 2019, on top of existing farm program support, has raised concerns by some U.S. trading partners, as well as market watchers and policymakers, that U.S. domestic farm subsidy outlays might exceed the annual spending limit of $19.1 billion agreed to as part of U.S. commitments to WTO member countries. CRS [Congressional Research Service] analysis indicates that the United States probably did not violate its WTO spending limit in 2018 but could potentially exceed it in 2019."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2019-10-04
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U.S. Farm Income Outlook for 2017 [October 4, 2017]
"According to USDA's Economic Research Service (ERS), national net farm income--a key indicator of U.S. farm well-being--is forecast at $63.4 billion in 2017, up 3% from last year. The forecast rise in 2017 net farm income comes after three consecutive years of decline from 2013's record high of $123.8 billion. Net farm income is calculated on an accrual basis. Net cash income (calculated on a cash-flow basis) is also projected to be up in 2017 but by a larger share (12.6%), driven largely by sales from previous years' inventory, to $100.4 billion. The 2017 net farm income forecast is substantially below the 10-year average of $86.4 billion and would be the second lowest since 2003 in inflation-adjusted dollars. This is primarily the result of the outlook for continued weak prices for corn, soybeans, and cotton. Most crops and livestock product prices remain significantly below the average for the period of 2011-2013, when prices for many major commodities attained record or near-record highs. Net farm income is down 49% since 2013; net cash income is down 26%. Farm-sector production expenses have fallen slightly over that period (-1%) but not nearly as quickly as commodity prices and revenue, thus contributing to lower aggregate income totals."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2017-10-07
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U.S. Agricultural Policy Response to WTO Cotton Decision [Updated September 8, 2006]
"In a dispute settlement case (DS267) brought by Brazil against certain aspects of the U.S. cotton program, a WTO [World Trade Organization] Appellate Body (AB) recommended in March 2005 that the United States remove certain 'prohibited subsidies' by July 21, 2005, and remove the adverse effects resulting from certain 'actionable subsidies' by September 21, 2005. When the United States failed to meet these deadlines, Brazil claimed the right to retaliate against $3 billion in U.S. exports to Brazil based on the prohibited subsidies, and proposed $1 billion in retaliation based on the actionable subsidies. The United States objected to these retaliation amounts and requested WTO arbitration on the matter. However, in mid-2005 the United States and Brazil reached a procedural agreement to temporarily suspend retaliation proceedings. On August 21, 2006, Brazil submitted a request for a WTO compliance panel to review whether the United States has fully complied with panel and AB rulings. The United States blocked the WTO's Dispute Settlement Body (DSB) from approving Brazil's request on August 31, 2006; however, Brazil is expected to make a second request (which the United States will be unable to block) at the DSB meeting set for September 28, 2006. If a compliance panel finds that the United States has not fully complied with the AB rulings, Brazil could ask the WTO arbitration panel to resume its work. Although the United States has already complied with a portion of the AB's recommendation by eliminating the Step 2 program (August 1, 2006), additional permanent modifications to U.S. farm programs may still be needed to fully comply with the WTO ruling on 'actionable subsidies.' This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2006-09-08
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U.S. Farm Economy [Updated September 6, 2006]
"According to USDA's Economic Research Service (ERS), national net farm income -- a key indicator of U.S. farm well-being -- is expected to experience a decline in 2006 following three years of robust receipts and income. Net farm income is forecast to decline by $19.4 billion (or 26%) to $54.4 billion in 2006 due to declines in cash receipts (down $3.6 billion) and government payments (down $6.1 billion) combined with a sharp rise in production expenses (up $9.5 billion). Crop receipts are projected to reach a record high in 2006, despite a smaller crop outlook, on the strength of higher prices. However, gains in crop receipts are expected to be more than offset by sharply lower livestock receipts due to weaker hog, broiler, and dairy prices. The projected rises in crop prices are expected to reduce price-triggered marketing loan benefits, leading to lower total government payments. Finally, energy, fertilizer, and pesticide costs, as well as interest charges, are expected to rise significantly in 2006, cutting into net farm returns. Farm asset value of $1,919 billion and total farm debt of $217 billion are both projected at record levels in 2006. However, the debt-to-asset ratio of 11.3% represents a fourth consecutive year of decline (and the lowest level since 1960), suggesting a strong financial position for the agricultural sector as a whole. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2006-09-06
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U.S. Farm Income [February 28, 2014]
"According to USDA's Economic Research Service (ERS), national net farm income--a key indicator of U.S. farm well-being--is forecast at $95.8 billion in 2014, down 27% from last year's record $130.5 billion. The 2014 forecast would be the lowest since 2010, but would remain $8 billion above the previous 10-year average. The forecast for lower net farm income and net cash income is primarily a result of the outlook for lower crop receipts and government payments. In contrast, livestock returns are forecast to be steady to slightly higher. The 2014 farm bill […] eliminated direct payments of nearly $5 billion per year, while market prices for program crops--despite their plunge since late 2013--are expected to remain above trigger levels for price-contingent programs, thus keeping government program support at historically low levels in 2014. […]These data suggest a strong financial position heading into 2014 for the agricultural sector as a whole relative to the rest of the U.S. economy, but with substantial regional variation. Declining prices for most major program crops signal tougher times ahead. Eventual 2014 agricultural economic well-being will hinge greatly on the final crop harvests and harvest-time prices, as well as both domestic and international macroeconomic factors, including economic growth and consumer demand."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2014-02-28
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U.S. Farm Income Outlook for 2016 [February 16, 2016]
"According to USDA's Economic Research Service (ERS), national net farm income--a key indicator of U.S. farm well-being--is forecast at $54.8 billion in 2016, down 3% from last year. The 2016 forecast represents the third consecutive year of decline and would be the lowest since 2002 in both nominal and inflation-adjusted dollars. Net farm income is calculated on an accrual basis. Net cash income (calculated on a cash-flow basis) is also projected lower in 2016, down 2.5% to $90.9 billion. The forecast for lower net farm income and net cash income is the result of the outlook for lower crop and livestock receipts--down a combined 2.5% ($9.6 billion). The fall in cash receipts reflects continued declines in prices for most commodities compared with the period of 2011-2013, when prices for many major commodities experienced record or near-record highs. Partially offsetting the decline in farm revenues is a mild decline of about 3% in farm cash expenses. In addition, government payments are projected up by 31% to $13.9 billion. The 2014 farm bill (Agricultural Act of 2014; P.L. 113-79) eliminated direct payments of nearly $5 billion per year and replaced them with a new suite of revenue support programs. In particular, the new Price Loss Coverage (PLC) and Agricultural Risk Coverage (ARC) programs are expected to trigger payments in excess of $9 billion in 2016."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2016-02-16
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U.S. Agricultural Policy Response to WTO Cotton Decision [July 11, 2005]
"On March 3, 2005, a World Trade Organization (WTO) Dispute Appeals Panel ruled against the United States in a dispute settlement case (DS267) brought by Brazil against certain aspects of the U.S. cotton program.1 The United States was given a July 1, 2005, deadline to bring certain cotton programs into compliance with WTO rules. On July 5, 2005, U.S. Secretary of Agriculture Mike Johanns announced that the Administration was sending proposed statutory changes to Congress to comply with the WTO case including elimination of the Step 2 cotton program, removal of a 1% cap on fees charged under the GSM-102 export credit guarantee program, and termination of the GSM-103 export credit guarantee program. In light of USDA's proposed changes, and with the expectation that they will be fully implemented in an expeditious manner, Brazil has temporarily suspended its pursuit of WTO-sanctioned retaliatory trade measures against U.S. agricultural products. The U.S. National Cotton Council (NCC) has announced its opposition to the removal of the Step 2 cotton program. Modifications to or the elimination of the programs as suggested by USDA, ultimately will be decided by Congress. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2005-07-11
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Origins of the COVID-19 Pandemic [May 3, 2021]
From the Document: "In late 2019, a new coronavirus, SARS-CoV-2 [severe acute respiratory syndrome coronavirus 2], was identified in Wuhan, China. The virus, which causes Coronavirus Disease 2019 (COVID-19), has contributed to significant morbidity (illness) and mortality (death), as well as severe public health and economic effects, among other impacts. Several Members of Congress have made public statements and introduced legislation calling for an investigation into the origin of SARS-CoV-2. Determining the origin and pathway by which a zoonotic disease (i.e., one that originated in animals) emerges and is transmitted to humans can help scientists prevent further outbreaks, inform the public health response, and aid in the development of therapeutics and vaccines. Further, such knowledge may guide the development of policies and practices that reduce the potential for the emergence of other zoonotic diseases. Scientists note that determining the origin of zoonotic diseases could take years, and in some cases, an origin may never be conclusively identified. [...] From January 14 through February 10, 2021, a team of 34 experts--17 from China and 17 from other countries and organizations--traveled to Wuhan to collect and analyze existing and additional data. On March 30, 2021, WHO [World Health Organization] released its report on the mission, which summarized findings from site visits and discussions with Chinese local and national experts. The report presented four hypotheses on the origin of SARS-CoV-2 and assessed their likelihood of being the cause."
Library of Congress. Congressional Research Service
Salaam-Blyther, Tiaji; Sheikh, Pervaze A.; Tharakan, Sara M. . . .
2021-05-03
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U.S. Farm Economy [Updated September 4, 2007]
"According to USDA's Economic Research Service (ERS), national net farm income -- a key indicator of U.S. farm well-being -- is expected to rise nearly 48% in 2007 on the strength of higher commodity prices, which, in turn, are being driven largely by the rapidly growing demand for corn as a feedstock in ethanol production.1 Net farm income is forecast at $87.1 billion, up from $59 billion in 2006, as projected record agricultural cash receipts of $276.4 billion (up $37.1 billion or 16%) more than offset record high production expenses (up $249.9 billion or 7%) and a decline of over $2 billion in government payments. Crop and livestock receipts are both projected to reach record levels in 2007 of $136.2 billion and $140.2 billion, respectively. Higher prices are behind the surge in both crop and livestock receipts. The projected rise in crop prices is expected to reduce price-triggered marketing loan benefits and counter-cyclical payments, leading to lower total government payments. Total farm asset value of $2,223 billion and total farm debt of $214 billion are both projected at record levels in 2007. However, the debt-to-asset ratio of 9.6% is down sharply from last year's value of 10.5% and represents the lowest level since 1960, suggesting a strong financial position for the agricultural sector as a whole. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2007-09-04
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U.S. Farm Economy [Updated May 31, 2007]
"According to USDA's [United States Department of Agriculture] Economic Research Service (ERS), national net farm income -- a key indicator of U.S. farm well-being -- is expected to rise 10% in 2007 on the strength of higher commodity prices, which, in turn, are being driven largely by the rapidly growing demand for corn as a feedstock in ethanol production. Net farm income is forecast at $66.6 billion, up from $60.6 billion in 2006, as projected record agricultural cash receipts of $258.7 billion (up $16 billion) more than offset higher production expenses and a decline of nearly $4 billion in government payments. Crop and livestock receipts are both projected to reach record levels in 2007 of $133.5 billion and $125.2 billion, respectively. While higher prices are behind the surge in crop receipts, mostly steady prices and larger output account for the livestock sector's increased value. The projected rise in crop prices is expected to reduce price-triggered marketing loan benefits and counter-cyclical payments, leading to lower total government payments. In addition, the rise in cash receipts is expected to be partially offset by record high production expenses of $251.3 billion (up nearly 6%). Total farm asset value of $1,994 billion and total farm debt of $235 billion are both projected at record levels in 2007. However, the debt-to-asset ratio of 11.8% equals last year's value and represents the lowest level since 1960, suggesting a strong financial position for the agricultural sector as a whole. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2007-05-31
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U.S. Farm Economy [Updated September 2, 2008]
"According to USDA's Economic Research Service (ERS), national net farm income -- a key indicator of U.S. farm well-being -- is expected to rise to a record $95.7 billion in 2008, over 10% above the previous year's record ($86.8 billion) on the strength of higher commodity prices, which are being driven by the outlook for continued strong domestic and international demand and sharply lower stocks for major grains and oilseeds. Consequently, the outlook for the U.S. farm economy as a whole is for another year of record profitability as projected record agricultural cash receipts of $335.8 billion (up $51 billion or 18%) more than offset a $40.4 billion jump in production expenses to a record high of $294.8 billion. Government payments are projected up slightly in 2008 at $13.2 billion. An increase in ad hoc and emergency program payments are expected to more than offset declines in commodity program payments due to the projected rise in crop prices which, in turn, are expected to reduce price-triggered marketing loan benefits and counter-cyclical payments. Total farm asset value of $2,359 billion and total farm debt of $212 billion are both projected at record levels in 2008. However, the debt-to-asset ratio of 9.0% is down sharply from last year's value of 9.6% and represents the lowest level since 1960, suggesting a strong financial position for the agricultural sector as a whole. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2008-09-02
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U.S. Farm Economy [Updated April 17, 2008]
"According to USDA's Economic Research Service (ERS), national net farm income -- a key indicator of U.S. farm well-being -- is expected to rise to a record $92.3 billion in 2008, over 4% above the previous year's record ($88.7 billion) on the strength of higher commodity prices, which are being driven by the outlook for continued strong domestic and international demand and sharply lower stocks for major grains and oilseeds.1 Consequently, the outlook for the U.S. farm economy as a whole is for another year of record profitability as projected record agricultural cash receipts of $313.2 billion (up $28 billion or 10%) more than offset record high production expenses of $279.2 billion. Government payments are projected up over 11% in 2008 at $13.7 billion. An increase in ad hoc and emergency program payments are expected to more than offset sharp declines in commodity program payments due to the projected rise in crop prices which, in turn, are expected to reduce price-triggered marketing loan benefits and counter-cyclical payments. Total farm asset value of $2,514 billion and total farm debt of $228 billion are both projected at record levels in 2007. However, the debt-to-asset ratio of 9.1% is down sharply from last year's value of 9.9% and represents the lowest level since 1960, suggesting a strong financial position for the agricultural sector as a whole. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2008-04-17
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U.S. Farm Income [August 29, 2014]
"According to USDA's Economic Research Service (ERS), national net farm income--a key indicator of U.S. farm well-being--is forecast at $113.2 billion in 2014, down 14% from last year's record $131.3 billion. The 2014 forecast would be the lowest since 2010, but would remain $25 billion above the previous 10-year average. [...] At the farm-household level, average farm household incomes have surged ahead of average U.S. household incomes since the late 1990s. In 2012 (the last year for which comparable data were available), the average farm household income of $108,844 was about 53% higher than the average U.S. household income of $71,274. These data suggest a strong financial position heading into 2015 for the agricultural sector as a whole relative to the rest of the U.S. economy, but with substantial regional variation. However, declining prices for most major program crops signal tougher times ahead, and considerable uncertainty surrounds producer participation in the new safety net programs of the 2014 farm bill. Eventual 2014 agricultural economic well-being will hinge greatly on the final crop harvests and harvest-time prices, as well as both domestic and international macroeconomic factors, including economic growth and consumer demand."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2014-08-29
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U.S. Farm Income [August 30, 2013]
"The U.S. farm sector is vast and varied. It encompasses production activities related to traditional field crops (such as corn, soybeans, wheat, and cotton) and livestock and poultry products (including meat, dairy, and eggs), as well as fruits, tree nuts, and vegetables. In addition, U.S. agricultural output includes greenhouse and nursery products, forest products, custom work, machine hire, and other farm-related activities. The intensity and economic importance of each of these activities, as well as their underlying market structure and production processes, vary regionally based on the agro-climatic setting, market conditions, and other factors. As a result, farm income and rural economic conditions may vary substantially across the United States. However, this report focuses singularly on aggregate national net farm income and the farm debt-to-asset status as reported by the U.S. Department of Agriculture (USDA). Annual U.S. net farm income is the single most watched indicator of farm sector well-being, as it captures and reflects the entirety of economic activity across the range of production processes, input expenses, and marketing conditions that have persisted during a specific time period. When national net farm income is reported together with a measure of the national farm debt-to-asset situation, the two summary statistics provide a quick indicator of the economic well-being of the national farm economy."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2013-08-30
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U.S. Farm Economy [Updated February 21, 2007]
"According to USDA's [United States Department of Agriculture] Economic Research Service (ERS), national net farm income -- a key indicator of U.S. farm well-being -- is expected to rise 10% in 2007 on the strength of higher commodity prices, which, in turn, are being driven largely by the rapidly growing demand for corn as a feedstock in ethanol production.1 Net farm income is forecast at $66.6 billion, up from $60.6 billion in 2006, as projected record agricultural cash receipts of $258.7 billion (up $16 billion) more than offset higher production expenses and a decline of nearly $4 billion in government payments. Crop and livestock receipts are both projected to reach record levels in 2007 of $133.5 billion and $125.2 billion, respectively. While higher prices are behind the surge in crop receipts, mostly steady prices and larger output account for the livestock sector's increased value. The projected rise in crop prices is expected to reduce price-triggered marketing loan benefits and counter-cyclical payments, leading to lower total government payments. In addition, the rise in cash receipts is expected to be partially offset by record high production expenses of $251.3 billion (up nearly 6%). Total farm asset value of $1,994 billion and total farm debt of $235 billion are both projected at record levels in 2007. However, the debt-to-asset ratio of 11.8% equals last year's value and represents the lowest level since 1960, suggesting a strong financial position for the agricultural sector as a whole. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2007-02-21
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U.S. Farm Income [December 3, 2013]
"The U.S. farm sector is vast and varied. It encompasses production activities related to traditional field crops (such as corn, soybeans, wheat, and cotton) and livestock and poultry products (including meat, dairy, and eggs), as well as fruits, tree nuts, and vegetables. In addition, U.S. agricultural output includes greenhouse and nursery products, forest products, custom work, machine hire, and other farm-related activities. The intensity and economic importance of each of these activities, as well as their underlying market structure and production processes, vary regionally based on the agro-climatic setting, market conditions, and other factors. As a result, farm income and rural economic conditions may vary substantially across the United States. However, this report focuses singularly on aggregate national net farm income and the farm debt-to-asset status as reported by the U.S. Department of Agriculture (USDA). Annual U.S. net farm income is the single most watched indicator of farm sector well-being, as it captures and reflects the entirety of economic activity across the range of production processes, input expenses, and marketing conditions that have persisted during a specific time period. When national net farm income is reported together with a measure of the national farm debt-to-asset situation, the two summary statistics provide a quick indicator of the economic well-being of the national farm economy."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2013-12-03
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U.S. Agricultural Policy Response to WTO Cotton Decision [Updated March 31, 2006]
"In March 2005, a World Trade Organization (WTO) appellate panel ruled against the United States in a dispute settlement case (DS267) brought by Brazil against certain aspects of the U.S. cotton program. To comply with the 'prohibited subsidy' portion of the WTO ruling, U.S. Secretary of Agriculture Mike Johanns announced (July 5, 2005) that the Administration was sending proposed statutory changes to Congress including elimination of the Step 2 cotton program, removal of a 1% cap on fees charged under the GSM-102 export credit guarantee program, and termination of the GSM-103 export credit guarantee program. Congress complied with a portion of this request by including a provision in the Deficit Reduction Act of 2005 (P.L. 109-171; signed into law on Feb. 8, 2006) that calls for the elimination of Step 2 on Aug. 1, 2006. In light of this provision, and with the expectation that the additional proposed changes will be fully implemented in an expeditious manner, Brazil has temporarily suspended its pursuit of WTO-sanctioned retaliatory trade measures against U.S. agricultural products. Additional permanent modifications to U.S. farm programs may still be needed to fully comply with the 'actionable subsidies' portion of the WTO ruling. Such changes ultimately would be decided by Congress. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2006-03-31
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U.S. Agricultural Policy Response to WTO Cotton Decision [Updated January 18, 2006]
"In March 2005, a World Trade Organization (WTO) appellate panel ruled against the United States in a dispute settlement case (DS267) brought by Brazil against certain aspects of the U.S. cotton program. To comply with the 'prohibited subsidy' portion of the WTO ruling, U.S. Secretary of Agriculture Mike Johanns announced (July 5, 2005) that the Administration was sending proposed statutory changes to Congress including elimination of the Step 2 cotton program, removal of a 1% cap on fees charged under the GSM-102 export credit guarantee program, and termination of the GSM-103 export credit guarantee program. In light of USDA's proposed changes, and with the expectation that they will be fully implemented in an expeditious manner, Brazil has temporarily suspended its pursuit of WTO-sanctioned retaliatory trade measures against U.S. agricultural products. The U.S. National Cotton Council (NCC) has announced its opposition to the removal of the Step 2 cotton program whose elimination is contained in the pending budget reconciliation bill, S. 1932, the Deficit Reduction Act of 2005. Additional permanent modifications to U.S. farm programs may still be needed to fully comply with the 'actionable subsidies' portion of the WTO ruling. Such changes ultimately would be decided by Congress. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2006-01-18
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U.S. Farm Income Outlook for 2015 [February 18, 2015]
"According to USDA's Economic Research Service (ERS), national net farm income--a key indicator of U.S. farm well-being--is forecast at $73.6 billion in 2015, down 32% from last year's level of $108.0 billion. The 2015 forecast would be the lowest since 2009. Net cash income is projected down 22.4% in 2015 to $89.4 billion. The forecast for lower net farm income and net cash income is primarily a result of the outlook for lower crop and livestock receipts--down a combined 6.3%. The fall in cash receipts comes despite record corn and soybean harvests in 2014, as commodity prices plunged in the last half of 2014 and are expected to remain at substantially lower levels compared with the period of 2012- 2014, when prices for many major program crops experienced record or near-record highs. Government payments are projected up by 15% to $12.4 billion, which partially offsets the $25.8 billion decline in crop and livestock receipts. The 2014 farm bill (Agricultural Act of 2014; P.L. 113-79) eliminated direct payments of nearly $5 billion per year and replaced them with a new suite of price and revenue support programs. In particular, the Price Loss Coverage (PLC) program replaced the previous Counter-Cyclical Price (CCP) program, but with a set of reference prices based on substantially higher support levels for most program crops."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2015-02-18
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Status of the WTO Brazil-U.S. Cotton Case [October 1, 2014]
"On October 1, 2014, Brazil and the United States reached an agreement to resolve the long-running cotton dispute in the World Trade Organization (WTO). The two countries signed a new memorandum of understanding (MOU) that spelled out the terms of the agreement: Brazil relinquishes its rights to countermeasures against U.S. trade or any further proceedings in the dispute; the United States agreed to new rules governing fees and tenor for the GSM-102 export credit guarantee program; Brazil agreed to a temporary Peace Clause with respect to any new WTO actions against U.S. cotton support programs while the 2014 farm bill (P.L. 113-79) is in force or against any agricultural export credit guarantees under the GSM-102 program as long as the program is operated consistent with the agreed terms; the United States would make a onetime final payment of $300 million to the Brazil Cotton Institute (BCI) with explicit use-of-fund conditions; and both counties agreed to routine semi-annual reporting under the MOU. The cotton dispute settlement case (DS267) was initiated by Brazil--a major cotton export competitor--in 2002 against specific provisions of the U.S. cotton program. In September 2004, a WTO dispute settlement panel ruled that (1) certain U.S. agricultural support payments for cotton distorted international agricultural markets and should be either withdrawn or modified to end the market distortions; and (2) U.S. Step-2 payments and agricultural export credit guarantees for cotton and other unscheduled commodities were prohibited subsidies under WTO rules and should be withdrawn."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2014-10-01
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Status of the WTO Brazil-U.S. Cotton Case [December 12, 2013]
"The so-called 'Brazil cotton case' is a long-running World Trade Organization (WTO) dispute settlement case (DS267) initiated by Brazil--a major cotton export competitor--in 2002 against specific provisions of the U.S. cotton program. In September 2004, a WTO dispute settlement panel ruled that (1) certain U.S. agricultural support payments for cotton distorted international agricultural markets and should be either withdrawn or modified to end the market distortions; and (2) U.S. Step-2 payments and agricultural export credit guarantees for cotton and other unscheduled commodities were prohibited under WTO rules and should be withdrawn. […] Both Brazil and the United States have hoped that the WTO cotton dispute would be resolved definitively within the context of the next U.S. farm bill. In this regard, both the Senate-passed (S. 954) and House-passed (H.R. 2642) 2013 farm bills are in agreement over proposed changes to U.S. cotton support programs--cotton would no longer be included as a major program commodity, thus losing eligibility for certain price and income support programs proposed in Title I of the farm bill. Instead, those programs would be replaced by a new cotton program comprised of a stand-alone, county-based revenue insurance policy called the Stacked Income Protection Plan (STAX). The House- and Senate-passed farm bills are presently in conference to resolve differences. While a new farm bill might address issues related to the WTO Brazil-U.S. cotton case from a U.S. perspective, Brazil still retains substantial authority in making a final determination regarding the compliance of any policy changes to U.S. cotton support programs."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2013-12-12
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Farm Policy: USDA's 2018 Trade Aid Package [Updated June 19, 2019]
From the Introduction: "In early 2018, the Trump Administration--citing concerns over national security and unfair trade practices--imposed increased tariffs on certain imported products in general and on U.S. imports from China in particular. Several of the affected foreign trading partners responded to the U.S. tariffs with their own retaliatory tariffs targeting various U.S. products, especially agricultural commodities. On July 24, 2018, Secretary of Agriculture Sonny Perdue announced that the U.S. Department of Agriculture (USDA) would be taking several temporary actions to assist farmers in response to trade damage from what the Administration has characterized as 'unjustified retaliation.' Specifically, USDA would authorize up to $12 billion in financial assistance--referred to as the 'trade aid' package--for certain agricultural commodities under Section 5 of the Commodity Credit Corporation (CCC) Charter Act (15 U.S.C. 714c). [...] This report provides background on the trade dispute that triggered the trade-aid package as well as the authority used by USDA to respond to the trade dispute with financial assistance. Then the report describes the three components of the trade-aid package with details on their implementation."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-; Monke, James; Stubbs, Megan . . .
2019-06-19
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U.S. International Food Aid Programs: Background and Issues [April 1, 2015]
"For almost six decades, the United States has played a leading role in global efforts to alleviate hunger and malnutrition and to enhance world food security through international food aid assistance--primarily through either the donation or sale on concessional terms of U.S. agricultural commodities. Objectives of U.S. foreign food aid include providing emergency and humanitarian assistance in response to natural or manmade disasters and promoting agricultural development and food security. Historically, U.S. international food aid has been distributed through four main program authorities: (1) the Food for Peace Act (FFPA, also known as P.L. 480); (2) the Section 416(b) program (which has been inactive since 2007); (3) the Food for Progress Act of 1985; and (4) the McGovern-Dole International Food for Education and Child Nutrition Program. Since 2010, the U.S. Agency for International Development (USAID) has also used its authority under the Foreign Assistance Act of 1961 (FAA) to initiate cash-based food assistance under the Emergency Food Security Program (EFSP) as a complement to FFPA Title II emergency in-kind food aid donations. In addition, the 2014 farm bill (P.L. 113-79) added the local and regional purchase project which also relies on cash-based assistance. These six food assistance programs are administered either by the Foreign Agricultural Service of the U.S. Department of Agriculture (USDA) or USAID. The Section 416(b) program is permanently authorized by the Agricultural Act of 1949. EFSP is authorized through the FAA. The other programs are re-authorized in periodic farm bills; most recently (through FY2018) by the 2014 farm bill."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2015-04-01
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International Food Aid Programs: Background and Issues [June 23, 2014]
"For almost six decades, the United States has played a leading role in global efforts to alleviate hunger and malnutrition and to enhance world food security through international food aid assistance--primarily through either the sale on concessional terms or the donation of U.S. agricultural commodities. Foreign food aid assistance accounts for about 4% of total U.S. foreign aid each year, with economic and military assistance accounting for most outlays. The objectives of foreign food aid include providing emergency and humanitarian assistance in response to natural or manmade disasters, and promoting agricultural development and food security. […] While the 2014 farm bill made some modest changes to existing U.S. food aid programs, the Administration (as part of the annual appropriations process) and bipartisan bills in both the House (H.R. 1983) and Senate (S. 2421) have proposed making more sweeping 'reforms' to both the structure and intent of U.S. food aid programs. Changes would include eliminating cargo preference (i.e., legislation requiring use of U.S.-flag vessels for shipping food aid) and monetization (the process of selling U.S. commodities in recipient-country markets to generate cash for development activities), while expanding flexibility in the use of cash-based forms of assistance."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2014-06-23
