TPP Picks Up Key Ag Endorsement
The Trans-Pacific Partnership picked up another big-name endorsement, as the American Farm Bureau Federation in a Feb. 23 statement (here) expressed its support, and cited an in-house study (here) that found the pact will bolster yearly farm income in the…
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U.S. by $4.4 billion. Farm prices for corn, soybeans, wheat, rice, beef, pork, poultry, butter, cheese, nonfat dry milk, and all milk will rise, according to the study. The Farm Bureau added that it expects TPP to boost net trade for rice, cotton, beef, pork, poultry, butter, cheese, soybeans, and nonfat dry milk, but anticipates a 45.3-million-bushel decrease in the global corn trade. However, corn revenues are projected to spike by $680 million per year and prices expected to rise by 5 cents per bushel, because of a likely increase in domestic feed use in conjunction with the envisioned increase of beef and pork exports, the Farm Bureau said. President Barack Obama said he plans to submit TPP enactment legislation to Congress by the end of this year (see 1602230019).