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Finding Solutions for Farmers and Ranchers in 2024

In 2023, my first full year serving as executive vice president at the American Farm Bureau Federation, I enjoyed witnessing the complete cycle of the grassroots policy development process, from county Farm Bureau meetings to last year’s convention in Puerto Rico. Together, our farmer and rancher members have accomplished much, and we have the potential to do even more in 2024.

Farm Bureau took a giant step forward on the right to repair issue in 2023 by signing memorandums of understanding with five farm equipment manufacturers. The agreements formalize farmers’ rights to access tools and parts to repair their equipment. Our members called upon us to find a private solution to this issue, and we answered that challenge. Now, almost three-quarters of agricultural equipment in America is covered by right to repair agreements.

The U.S. Supreme Court handed down a major victory for America’s farmers and ranchers in its Sackett v. EPA ruling. The justices ruled unanimously that EPA overstepped its authority under the Clean Water Act. It forced EPA to rewrite the Waters of the United States rule. Our work continues to create a rule that is clear and concise, while protecting our nation’s waterways.

Farm bill

Every American should be urging Congress to pass a new farm bill as a top 2024 priority. This legislation is a critical tool to ensure our nation’s food and farm security and to meet new challenges, continue innovating and advance sustainability goals. While Congress passed an extension of the 2018 farm bill, providing short-term stability and allowing for more time to get revisions right, a new farm bill must be a priority in the new year. Supply chain challenges we experienced during the COVID-19 pandemic, trade wars and weather disasters are just a few examples of why we need modernized legislation. The farm bill has always been a bipartisan effort and we encourage lawmakers to work in that spirit to get the job done early in 2024.

Ag labor

Securing labor remains one of agriculture’s most frustrating challenges and urgent needs. The H-2A visa program doesn’t provide enough workers to meet the demand of many farms, and a flawed wage calculation system makes it difficult for many farmers to afford help. AFBF has long called for a bipartisan, workable solution for labor reform and while we were unable to find that solution in 2023, it must be a top priority for lawmakers in 2024 to create meaningful labor reform.

Trade

Many of the trade issues we faced in 2023 will continue into 2024. The U.S. Trade

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A Reopening of the Strait of Hormuz is Bearish Long Team Diesel/Fertilizer!

Video: A Reopening of the Strait of Hormuz is Bearish Long Team Diesel/Fertilizer!


The Iran/U.S. peace deal and the reopening of the Strait of Hormuz is bearish farm diesel prices and fertilizer.
A peak in crude oil = a peak in soy oil futures + a peak in canola futures short-term.
The SpaceX IPO increased Elon Musk’s net worth by $300 billion in 1 day more than what Warren Buffet made in his entire lifetime! WOW!
The NEW Fed chairman Kevin Warsch was too hawkish and hates providing guidance and visibility on interest rates. U.S. $ Index breaks above $100.
Cattle on Feed BULLISH!
S&P Global shock- the U.S. could lose 30 million corn acres by 2050. They say we need E15 mandated now!
China has started buying U.S. soybeans, but we need more volume.