Dawn of June 6: Inflation and the farm bill capture Capitol Hill’s attention
Congress is back in session this week with a focus on the national scourge of mass shootings and runaway inflation facing consumers.
Treasury Secretary Janet Yellen, who admitted misjudging inflation risk, will testify before the Senate Finance Committee on Tuesday and the House Ways and Means Committee on Wednesday. The consumer price index for May will be released on Friday. Last month’s CPI showed supermarket prices rose 1% in April and 10.8% in the previous 12 months.
The Food and Agriculture Organization of the United Nations reported on Friday that global commodity prices remained near a record high in May despite some easing in dairy and sugar prices.
Meanwhile: The House Agriculture Committee will resume hearings on the farm bill this week. One subcommittee hearing will focus on the Supplemental Nutrition Assistance program, while a second will focus on the Crop Insurance and Commodity programs.
For this second hearing, lawmakers will have the opportunity to quiz economists on how farm bill programs worked during a time of high commodity prices and soaring input costs.
Senators call for White House Roundup legal filing to be withdrawn
Top members of the House and Senate Agriculture Committees are the latest lawmakers to ask the Biden administration to withdraw its Supreme Court brief in a high-profile Roundup case.
Sen. John Boozman, R-Ark., and Rep. Glenn Thompson, R-Pa., sent a letter to the White House on Friday noting that the Trump administration had taken a different position in the case, including the central issue is whether federal insecticides, fungicides, and rodenticides law prevails over state tort claims.
Solicitor General Elizabeth Prelogar’s brief says no, but the Trump administration has filed a brief in federal appeals court taking the opposite position. “Such a reversal coupled with the lack of consultation with subject matter experts is incredibly concerning,” Thompson and Boozman said, noting that General Secretary Tom Vilsack had said he had not been consulted.
The Supreme Court convenes on June 9 to discuss Monsanto’s petition.
WOTUS roundtable with Kansas groups scheduled for today
Another regional roundtable on the definition of “US waters” is scheduled for today, this one hosted by the Kansas Livestock Association. The National Cattlemen’s Beef Association said Friday it was “the only roundtable focused on the beef industry,” although the list of groups speaking goes beyond cattle.
In addition to KLA, the list of participating groups includes Tiffany Cattle Company, a food and marketing service, the Kansas Association of Conservation Districts and The Nature Conservancy in Kansas.
The virtual roundtable can be viewed online from 4 p.m. to 6:30 p.m. Eastern Time.
China dominates US cotton trade in late May
U.S. export sales and shipments of upland cotton were particularly strong the week of May 20-26, and Chinese demand was the main driver, according to the latest USDA trade data.
Overseas buyers have pledged to purchase 354,200 bales for delivery in the current 2021-22 marketing year and 109,100 bales for delivery in 2022-23. China was the biggest buyer for both categories.
And US cotton shipments for the week set a new high for the marketing year at 484,200 bales. This is an increase of 52% from the previous week and 33% from the average of the previous four weeks.
The United States shipped 160,500 of these bullets to China. Vietnam, Turkey and Pakistan were also important destinations for US exports.
Increase in rice imports in Haiti
Haitians are eating more rice, but the country is producing less as farmers struggle to buy fertilizer, fuel and other inputs, meaning Haiti will have to import more grain, according to a new analysis from the Agricultural Service. USDA Foreign.
The FAS now projects that Haiti will import 515,000 metric tons of rice in the 2022-23 marketing year, a 5% increase from 2021-22. While the United States is Haiti’s main rice supplier, imports from India and Pakistan are increasing, reducing the United States’ market share, according to the FAS office in Port-au. -Prince.
“Traditionally, US rice has been very competitive in the Haitian market, typically accounting for over 90% of imports,” FAS said in the analysis. “However, during (the 2020-21 marketing year), the US market share has fallen to 89% of total imported rice. Rice imports from India and Pakistan have significantly increased in 2020-2021 to 15,000 (tonnes) and 9,000 (tonnes), respectively, due to price.
Other “Right to Repair” Lawsuits Filed Against John Deere
Twelve lawsuits have now been filed against John Deere accusing the company of violating antitrust laws by restricting access to software embedded in its machines.
Nine of those cases were consolidated in the U.S. District Court in Northern Illinois, where they were assigned to Judge Iain D. Johnston, according to court documents.
Take note: John Deere was also the subject of a complaint to the FTC in March, accusing the company of violating both Sherman and FTC laws.
Phil Brasher, Steve Davies and Noah Wicks contributed to this report. Questions, comments, advice? Email [email protected]