The civic record
Read. Follow. Verify.Senate Roundtable: The 2016 Agricultural Economic Outlook
Record date · January 1, 2015
Track this bill to get notified when it advances a stage. One tap to stop, anytime.
What This Bill Does
A Senate subcommittee held a roundtable discussion with agricultural economists to review the economic outlook for U.S. farmers and agribusinesses in 2016. The discussion focused on how global economic trends, such as slowing growth in China and a strong U.S. dollar, are impacting agricultural exports and domestic farm income.
This discussion provides the economic context for upcoming federal budget decisions regarding the U.S. Department of Agriculture and the Food and Drug Administration.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
U.S. agricultural producers
They face a more competitive international trade environment and shifting export demand for specific commodities.
Agribusinesses
They are subject to the economic conditions and trade fluctuations discussed by the committee.
Key Facts
- U.S. agricultural exports are forecast at $125 billion for fiscal year 2016, a 10.5% decrease from the previous year.
- One-third of the decline in agricultural exports is attributed to reduced sales to China.
- China's GDP growth is projected to slow to 6.1% in 2016, with a long-term trend toward 5%.
- Grain and feed exports are projected to decrease by $4.4 billion.
Show all 11 facts
- Soybean exports are projected to decrease by $6.3 billion, though volume is expected to remain the second-highest on record at 46 million metric tons.
- Cotton exports are forecast to drop by $900 million due to shrinking global demand.
- Rice exports are forecast to drop by $300 million due to volume declines.
- A strong U.S. dollar makes it more difficult to export products to countries with weaker currencies like Egypt and Nigeria.
- A strong U.S. dollar makes it easier for U.S. buyers to import agricultural inputs like fertilizer from countries like Canada, Russia, and Ukraine.
- 80% of U.S. agricultural products are sold domestically, meaning a strong U.S. economy provides significant support for the sector.
- The subcommittee plans to begin the appropriations process for the FDA and USDA immediately following this roundtable.
Frequently Asked Questions
Why are U.S. agricultural exports expected to drop in 2016?
Does a strong U.S. dollar hurt farmers?
What else do you want to know?
News Coverage
Follow the record
Votes, people, money & the original sourceFull breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Shift from Micro to Macro Drivers
The USDA Chief Economist noted a transition in the agricultural outlook from being driven by local factors like drought and energy prices to global macroeconomic factors like currency values and Chinese GDP growth.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance60How much this matters to a regular citizen
- Controversy10Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
Publisher tools