Agriculture Secretary Tom Vilsack and American Farm Bureau Federation President Zippy Duvall got together to discuss the benefit of the Trans-Pacific Partnership (TPP) for agriculture as AFBF released an economic analysis of the pending trade agreement. “Until today, we didn’t have a specific documented review or study of that benefit,” said Vilsack, said in thanking Farm Bureau for doing the analysis.
AFBF’s analysis forecasts farm-price increases for corn (5 cents per bushel), soybeans (12 cents per bushel), wheat (2 cents per bushel) and rice (16 cents per hundredweight). While cotton prices are not projected to change, cash receipts are projected to increase by $21 million. AFBF also predicts price increases for beef ($2.66 per hundredweight), pork ($2.45 per hundredweight) and poultry ($1.40 per hundredweight). In the dairy sector, prices will increase for butter ($2.81 per hundredweight), cheese ($1.68 per hundredweight), nonfat dry milk ($1.29 per hundredweight) and all milk (21 cents per hundredweight).
Listen to the press call here: USDA-AFBF on TPP Benefits to Ag