The free-market think tank American Enterprise Institute has issued a paper calling for an end to U.S. farm bill crop subsidies and a shifting of those funds toward public research. The proposal would likely turn the U.S. into a net food-importing nation. The reason is three-fold:
Other nations would continue to deploy their own farm subsidies. The U.S. would lose its only negotiating chip for eventually removing the higher import barriers utilized by other countries in exchange for ending domestic farm supports. Public research is utilized by other nations, and so U.S. taxpayers would subsidize their research, freeing up more money for other countries to pour into farm supports.
The effort to discipline domestic farm supports at th...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...