As of today, by President Biden no longer has the use Of Trade Promotion Authority, also known as fast track. The Administration hasn’t submitted any legislation to Congress to reauthorize that power for the President. President Obama signed the expiring authorization was signed into law in 2015. That power gives the President the authority to negotiate trade deals with other countries and then bring the deal to Congress for an up or down vote with no amendments allowed. The expiring fast track authority was supposed to end in 2018 but it was extended when then President Donald Trump asked for an extension and Congress gave it to him.
Yesterday’s USDA Acreage and Quarterly Grains Stocks report shows farmers planted more corn and soybeans this spring than they did last year. Planted corn acres are estimated at 92.7 million acres — up 2 percent from 2020 while soybean plantings are up 5% to 87.6 million acres. The report also projects this year’s corn harvest will be 14.956 billion bushels on yields of 177 bushels an acre — 2 percent more than last fall. The soybean harvest is expected to come in at 4.3 billion bushels on yields of 50 bushels an acre. The report projected U.S. corn stocks on the first of June were 4.1 billion bushels — down 18 percent from a year ago and the lowest in the last seven years. Soybean stocks on June 1 were 767 million bushels — 44 percent less than last year.
The Farm Bureau Federation has surveyed food prices around the country for favorite items on the Fourth of July cookout menu and found prices are higher. The Wisconsin Farm Bureau report shows the average cost to feed a party of 10 at the Independence Day cookout will be $60.35. That’s $3.88 more than the price in 2019, the year before the pandemic. Nationally the price is about $59.50, about $5 more than in 2019. The farmers’ share of the cost comes to 14.3 cents for every dollar spent on food.
It’s back to more normal times for the Wisconsin FFA as they are set to hold an in person state convention Monday through Thursday at the Alliant Energy Center in Madison It will be the FFA’s 92nd state convention. Their theme this year is “Unstoppable.”