Late this summer, growers will get their first chance in years to switch between the Agricultural Risk Coverage and Price Loss Coverage subsidies, Perdue told lawmakers last week.
The Trump administration called on China on Thursday to eliminate trade-distorting wheat and rice subsidies that cost U.S. farmers hundreds of millions of dollars a year in export sales.
The 2018 farm bill legalized industrial hemp production, but it is likely to be 2020 before the USDA produces the regulatory framework for the new crop, said Agriculture Secretary Sonny Perdue.
The USDA faces large spending cuts, said Perdue while a White House official said Trump will ask for one “one of the largest spending reductions in history” in the upcoming fiscal 2020 budget.
An amorphous “fear-your-food” movement could sideline, deter, or even derail the use of such crucial agricultural tools as pesticides and genetically engineered crops and livestock, warned Perdue.
Although farmers were expected to plant more corn this year while cutting back sharply on soybeans, there is skepticism that a large rush to corn will actually occur.
After hitting a pothole in 2018, U.S. net farm income will recover this year under the combined effects of financial belt-tightening and rising crop prices, said the USDA on Thursday.
Persistently low commodity prices are pushing some farmers to the financial edge, said the chairmen of the Senate and House Agriculture committees on Thursday.
With Trump tariff payments boosting Corn Belt farm revenue, farmer confidence shot to its highest level since last June said the monthly Ag Economy Barometer published by Purdue University.
Lenders, economists, and the government are equally dour about the economic outlook for agriculture.