What will continued low crop prices and debt accumulation mean for production and policy?Macroeconomic factors in 2016 (i.e., uneven global economic growth and shifting currency values) are still in play in 2017, according to USDA testimony at the House Agriculture Committee last week. Economic growth remains slower globally than in the U.S., leaving the U.S. dollar strong against the currencies of importing countries. In turn, that essentially increases the effective prices of imports in local currency despite large domestic and global stocks, which continue to be bearish on market prices for most commodities. Moreover, the strong U.S. dollar undermines U.S. commodity export competitiveness against other countries. In short, these macro fa...

TAGS – Feed Grains, Soy & Oilseeds, Farm Inputs, Softs, North America