Agricultural Policy Review
Fall 2024
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A 2024 presidential campaign proposes escalating US tariffs against all trade partners, with exceptionally high tariffs on Chinese goods. With inevitable retaliation, this creates a trade siege of “fortress America,” which disadvantages US exports around the world in favor of trade from other countries.
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When discussing farmland values, net income and interest rates often take center stage. However, a closer look reveals a complex web of factors influencing land markets, especially in agricultural regions like Iowa.
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Vast networks of drains, pipes, and tiles that support food production on some of the world’s most fertile farmland, such as the US Corn Belt, are in need of expansion and renewal amidst the growing challenges posed by climate change.
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The issue of weed susceptibility to herbicides exhibits features of a public-good problem, necessitating diversified management actions among neighboring farmers—a strategy that may incur short-term costs but ultimately benefits all farmers in the area in the long term.
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The pork and poultry industries are maintaining high production, while beef production declines with fewer cattle across the country. For crops, corn and soybeans are both expected to see record national average yields. However, the large crop production numbers are overwhelming strong crop usage projections for the 2024 marketing year, leading to lower prices for Iowa crops.