RBI Compliance in Case of Acquisition/ Transfer of Control of NBFC

Article discusses The procedure of acquisition/ transfer of control of NBFC, The requirement of prior approval of Reserve Bank for Acquisition/ Transfer of Control of NBFC, Application for prior approval for Acquisition/ Transfer of Control of NBFC and requirement of Prior Public Notice about change in control/ management of NBFC. Procedure of acquisition/ transfer of […]

India likely to raise import duties on more than 50 items next week – Times of India

  1. India likely to raise import duties on more than 50 items next week  Times of India
  2. EXCLUSIVE-India likely to raise import duties on more than 50 items next week  Nasdaq
  3. US pushes India to buy $5-6 billion more farm goods to seal trade deal: Report  Economic Times
  4. US wants India to commit buying $5-6 bn more farm goods to seal trade deal: Report  Livemint
  5. Indian Import Duties Expected To Rise As Gov't Aims To Boost Economy  pymnts.com
  6. View full coverage on Google News

What Farmers Are Reading This Week, January 17-24

Byline:

This week’s top national news centered around the USDA and trade war payments.

With spring on the horizon, Fendt also unveiled a new planter.

This week also saw updates from the dairy industry’s status with a top coffee company and news from the Iowa Pork Congress.

To catch up on any other recent news, check out the Successful Farming editors’ work from last week.

Read more: What Farmers Are Reading This Week, January 10-17

More MFP coming soon to a farm near you

A third tranche of Market Facilitation Program (MFP) payments could be on its way this year to U.S. farmers and ranchers affected by the trade war with China, according to Stephen Censky, deputy secretary at the USDA.

Censky told reporters in a press conference after his speech at the Iowa Renewable Fuels Summit on Thursday, Jan. 16, that the third installment of the payments is under consideration. If it is made, he stated, the third tranche would total $3.625 billion, which is the remaining 25% of the $14.5 billion set aside for the MFP.

Read more here.

A farmer overlooks his farm as the sunsets.
iStock: Jevtic

Dim ag outlook kicks off 2020 Farm Bureau Convention

AUSTIN, Texas -- Prices for commodities from corn to soybeans to wheat are poised to get a boost from the new trade agreement signed by China and the U.S. this week.

Yet caution remains about whether that demand can outpace an expected increase in supply in 2020, after farming suffered a “terrible production year” in 2019.

Read more here.

A walk around the new Fendt Momentum planter

A small group of farmers, dealers, and media got the first glimpse of the new Momentum planter from Fendt this week in Peoria, Illinois. Bob Crain, senior vice president and general manager of the Americas, says by combining Precision Planting technology with a smart toolbar, the company has created “the most agronomically advanced planter in the industry, bar none.”

Engineering manager Rex Schertz says, “Momentum is designed to consistently place every seed at the optimal depth and spacing regardless of variations in soil moisture, soil type, residue levels, terrain, or operating speed. It is built to help mimimize compaction and eliminate pinch rows, as well as reduce the frequency of downtime for refills or configuration changes and cleanout when switching crops.”

Read more here.

Prestage Foods of Iowa to negotiate a price for pigs in Feb

Iowa Pork Congress kicked off today in Des Moines, and Successful Farming caught up with Eric Hogle (right), director of livestock procurement with Prestage Foods of Iowa, to get an update on the company’s new pork plant near Eagle Grove.

SF: What's your message to pork producers today?

EH: We have another marketing opportunity for them. When you have an extra load here and there, we can negotiate a price and get them in the door. By the second week of February, we will have approval from the USDA Ag Marketing Service that the price we pay for pigs will be reported under the mandatory price reporting statutes. Our goal is to buy 10% to 15% of all of our pigs on the spot market.

Read more here.

A ticker board showing price movement for wheat, corn, and oats.
iStock: PashaIgnatov

Charts tell farmers that now is not the time to be pessimistic, analyst says

Last week we had our China-U.S. trade deal signing ceremony.

Under the agreement, China is expected to buy $200 billion more U.S. product than it did in 2017. This buying pattern is supposed to last for the next two years, in return for $32 billion dollar of tariffs to come off Chinese imports. 

Read more here.

Largest U.S. farm group supports higher THC limit for industrial hemp

The government should triple the level of THC permitted in industrial hemp and give farmers three times as long to harvest a field after it is tested, said national convention delegates in voting on American Farm Bureau Federation policy on Tuesday.

Both provisions are sore points with growers, who say USDA regulations, setting a 0.3 THC limit and allowing 15 days to harvest after samples are collected for testing, are so stringent that many farmers will fail them.

Read more here.

President Donald Trump smiling at a campaign rally.
Gage Skidmore

As Senate passes USMCA, Trump tells farmers to remember the trade war money

As President Trump scored his second trade victory in two days, Senate approval of the new NAFTA, he asked farmers on Thursday to remember the billions of dollars they had received in trade war payments. The Senate passed the United States-Mexico-Canada Agreement a day after Trump and Chinese Vice Premier Liu He signed the Phase One agreement to de-escalate the Sino-U.S. trade war.

The USMCA is expected to generate modest increases in U.S. food and ag exports while preserving duty-free access for most U.S. farm goods to Mexico and Canada, a provision in place since NAFTA took effect in 1994. Mexico ratified the tri-national pact last summer. Canada is expected to act on it soon, which would complete the approval process. Senators passed a USMCA implementation bill 89-10, with Senate Finance Chairman Charles Grassley, a proponent, announcing passage while temporarily presiding over the Senate.

Read more here.

It's boom or bust for the pork industry in 2020. Watch out for the 4th quarter

2020 will be the best of times or the worst of times for the U.S. swine industry, says economist Steve Meyer, Kerns and Associates. Successful Farming caught up with Meyer at the Iowa Pork Congress to see what he forecasts for the year.

SF: What’s top of mind today for the swine industry?

SM: Continued uncertainty about China and the certainty of high hog numbers this fall with not enough places to kill them. We are still growing the sow herd. We haven't slowed down.

Read more here.

Prices plummet on trucks

A spending spree egged on by higher demand for trucking the past several years has had a head-on crash with the trade war. Until this spring, sales of both new and used Class 7 and 8 semitrucks were booming.

The trade war, however, has slowed demand for trucking, and a glut of 5- and 6-year-old trucks hit dealer and auction lots this past fall. “Dealers are reporting continued declines in used truck prices and growing truck inventories,” observes Steve Tam of ACT Research, a firm that focuses on commercial vehicle and freight industries. “Some truck dealers and truckers have been unpleasantly surprised that the rate of decline in truck prices has not slowed. The silver lining in the softer used truck market is that there are some bargains for savvy truckers and smart truck dealers now, compared with the overheated market we saw last year.” 

Read more here.

Secretary Perdue unsure when third MFP payment will hit mailboxes

AUSTIN, Texas -- As the Trump administration promises the third tranche of its Market Facilitation Program (MFP) payment is coming soon, U.S. Secretary of Agriculture Sonny Perdue says the administration is “hoping and expecting” that recent and upcoming trade deals will mean further MFP payments won’t be necessary.

In particular, Perdue says he thinks the Phase One agreement with China announced last week, which the administration expects will bring as much as $80 billion in purchases over the next two years, will curb the need for supplementing farmers’ income. MFP payments are intended to financially assist farmers and ranchers who have been directly and adversely impacted by foreign retaliatory tariffs imposed because of the trade war with China, and a the third upcoming payment has been estimated at $3.625 billion.

Read more here.

Starbucks plans to hold the milk

Yesterday, Kevin Johnson, CEO of Starbucks Coffee Company, published a letter to partners, customers, and stakeholders outlining plans to make the company more sustainable in the coming decade. 

“Our aspiration is to become resource positive, storing more carbon than we emit, eliminating waste, and providing more clean freshwater than we use,” he wrote.

Read more here.

More trade-war payments 'coming very quickly,' Trump tells farmers

In his third appearance in three years before the largest U.S farm group, President Trump told cheering farmers that they will get a final round of $3.6 billion in trade-war payments despite trade deals intended to spur money-making ag exports. Trump pointed to an upturn in farm income, aided greatly by federal subsidies in 2018 and 2019, and predicted on Sunday, “the big stuff is yet to come.”

Farm exports to China will triple under the Phase One agreement signed last Wednesday, while the United States-Mexico-Canada Agreement, approved by the Senate on Thursday, “will massively boost exports” to the U.S. neighbors, Trump said during a speech to the American Farm Bureau Federation. Interwoven with Trump’s list of victories in trade negotiations and opening markets abroad were reminders of the billions of dollars sent to farmers to offset the tariffs imposed on other nations in response to Trump’s policy of trade confrontation.

Read more here.

Top Listen of the Week

Making Financial Adjustments

We are several years into a trying economic environment for agriculture. Net farm income is an important measure of the profitability of your farm business. A strategy of hoping prices improve isn’t really a strategy.

Rod Hebrink is the president and CEO of Compeer Financial. He advises farmers to know what changes they need to make in their operation to adjust to the reality of revenue levels.

Read more and listen here.

Top Watch of the Week

Farmer Gift Ideas with the Shark Farmer