Federal

Merger bids amid the top six seed and chemical companies have been giving farmers cause for worry for months. On Tuesday, Sept. 20, representatives from agribusinesses, farmer organizations and others participated in a Senate Judiciary Hearing on “Consolidation and Competition in the U.S. Seed and Agrochemical Industry.” Here are some highlights of the witness testimony at this hearing.  Senator Chuck Grassley (R-IA)“It’s no secret that I’ve long been concerned about concentration and competition in the agriculture sector. [node:read-more:link]

The recent wave of mergers and acquisitions in the agriculture and chemical businesses won't raise prices for farmers or stifle innovation, industry executives told the Senate Judiciary Committee.  Of the top six U.S. and European agribusiness companies, five are in talks for a merger or a buy-out. [node:read-more:link]

The U.S. [node:read-more:link]

Bayer AG Chief Executive Werner Baumann defended the company’s planned $66 billion acquisition of U.S. seed maker Monsanto Co. to a gathering of investors and analysts, while laying out increased midterm sales and earnings targets for the crop and pharmaceuticals businesses. “There was a perception that this was something that came out of the blue and was completely off strategy,” Mr. [node:read-more:link]

Sens. Thad Cochran (R., Miss.) and Jon Tester (D., Mont.) introduced legislation to amend a 95-year-old law to address technological advances now being used in livestock sales.  The senators’ bill (S. 3350) would amend the Packers & Stockyards Act of 1921 to ensure that the law’s protections are extended to online or video livestock auctions and to ensure modern electronic banking options.  “The Packers & Stockyards Act was written to protect the integrity of livestock sales and to promote competition. [node:read-more:link]

The Trans Pacific Partnership (TPP) sets forth each nation’s tariff commitments. It is argued by many in agriculture that TPP is a good deal and needs all of our support. Others are more critical. The annex sections dealing with Japan appear to be fodder for those who have concern about the fairness of TPP regarding the United States. The section on rice, for example, does not appear to be great.  While Canada has four chapters regarding tariff eliminations and tariff rate quotas and Chile has two, there are eight such chapters related to Japan. [node:read-more:link]

The Agricultural Development Bank of China [AGDBC.UL], one of the country's main policy lenders, agreed to loan at least 3 trillion yuan ($450 billion) by 2020 for the modernization of China's agriculture industry, state media said on Sunday.  The Ministry of Agriculture and the bank, which lends in line with government policy, signed an agreement to protect national food security, support the sector doing business overseas and develop China's seed industry, according to the official Xinhua news agency.  It was not immediately clear whether this commitment is separate from the bank's plan a [node:read-more:link]

U.S. Department of Agriculture (USDA) Under Secretary for Natural Resources and Environment Robert Bonnie today announced a new three-year, $328 million restoration strategy to improve water quality and help coastal ecosystems heal following the Deepwater Horizon oil spill. The strategy will guide how USDA will steer conservation efforts on private lands in priority areas of the Gulf of Mexico region. [node:read-more:link]

The Senate has approved a bill to boost efforts to combat illegal wildlife poaching and trafficking, a growing problem worldwide with an estimated cost of up to $10 billion a year.  The measure is aimed at protecting a variety of animals, from lions, elephants and rhinos to exotic birds and sharks. It supports ongoing work of a presidential task force on wildlife trafficking and directs U.S. agencies to work with countries affected by wildlife crime, such as the 2015 killing of Cecil the lion by an American during an illegal hunt in Zimbabwe. [node:read-more:link]

Half of private sector employees don’t have access to a workplace retirement savings plan, but by next year several states expect to have new plans up and running. Washington state is anticipating an early 2017 start date for its Small Business Retirement Marketplace, where financial services firms will offer low-cost plans to businesses with less than 100 employees, including solo business owners. The Marketplace will be voluntary for employers—and employees. [node:read-more:link]