Agri-Pulse DriveTime

Today's DriveTime features highlights from Lydia Johnson's interview with House Agriculture Committee Chairman Glenn "GT" Thompson. On this week's Agri-Pulse Newsmakers Thompson discusses the farm economy, financial assistance for farmers and work on Farm Bill 2.0.

A farm land values survey points to lower marks in the state of Illinois. Illinois Congressman Eric Sorensen isn't sure ag policy should be called a farm bill and believes Washington needs to step up to support renewable fuels.

The USDA updated its farm income forecast indicating a sharp contrast between crop and livestock receipts. Private forecasts suggest the Ag Department's September Crop Report will continue to suggest record production for U.S. corn and soybeans.

Iowa Senator Joni Ernst confirms reelection rumors. China continues to purchase soybeans from sources other than the U.S. Rice proves a stumbling block for trade negotiations with Japan.

A key agriculture leader in the U.S. Senate may not seek another term. Two legislators are in Taiwan for talks and water levels on the lower Mississippi may become an issue this fall.

The USDA is forecasting a smaller ag trade deficit based on an increase in its export forecast. John Bode with the Corn Refiners Association refutes MAHA claims on HFCS and Dan Christenson with Pepsico says they intend to provide products consumers want to buy.

Global demand for corn and soybeans isn't keeping up with growing supplies from Brazil and pending record crops in the U.S.  Steve Nicholson with Rabbobank says the extended outlook for farm income is grim. Rodney Weinzierl with Illinois Corn Growers says the liquid fuel debate should shift to octane.

Deputy Agriculture Secretary Stephen Vaden spent the day at the Farm Progress Show in Decatur, Illinois. Vaden said the Trump administration is tracking low commodity prices and seeking options to assist farmers through negative balance sheets. Vaden said the discovery of New World Screw Worm in a traveler is no concern to the livestock industry.

New World Screw Worm was detected in the U.S. in early August from an individual infected with pest larvae. Some industry officials want answers why the news was released to only a few.

There is a great disparity between cash returns for crops and livestock. Dr. John Newton with Terrain says China's absence from the export scene further complicates the commodity price outlook. Renewable fuel advocates didn't get the news they hoped for on SRE's from the EPA today.