Despite having the support of the Senate Agriculture Committee, two Biden nominees to the Agriculture Department must wait until mid-November, at the earliest, for a Senate vote.
U.S. agriculture is running the risk of becoming overly reliant on large exports to China just over a year after Washington and Beijing de-escalated their trade war, said the head of the Farm Credit Administration on Wednesday.
The chairman of the Farm Credit Administration appealed for Farm Belt patience on Trump trade agreements on Wednesday. "The groundwork has been laid for trade normalization and improved farm prices," said Glen Smith during a House Appropriations subcommittee hearing.
The latest in a series of mergers that are remaking the business of farm credit in America will, in early July, bring together three lenders in the upper Midwest, AgStar Financial Services, Badgerland Financial, and 1st Farm Credit Services. The new Wisconsin-based institution, to be called Compeer Financial, will hold over $18 billion in assets and will be the country’s third-largest farm credit association.
Dallas Tonsager, the undersecretary in charge of USDA rural development programs during President Obama's first term, was appointed chairman of the Farm Credit Administration for a term that expires in May 2020. Tonsager has been a member of the FCA board since March 2013.
U.S. farmland values will hold steady or decline somewhat in the near term due to lower grain prices and high production costs, lenders and financial experts told a House Agriculture subcommittee.