Trans-Pacific Partnership will lift U.S. agricultural exports
Farm Bureau released an economic analysis estimating the trade pact will boost annual net farm income in the United States by $4.4 billion.
The report forecasts farm-price increases for corn of five cents per bushel, a 12 cent per bushel increase for soybeans, a two-cent per bushel increase for wheat and a 16 cent per hundredweight increase for rice. Cotton prices are not expected to change.
However, cash receipts are projected to rise by $21 million. AFBF also predicts price increases for beef at $2.66 per hundredweight, a $2.45 increase for pork and a $1.45 increase for poultry. Dairy products would also increase; including milk rising 21 cents per hundredweight.
The agreement has been approved by negotiators from the 12 TPP nations. The U.S. International Trade Commission is preparing a formal analysis for the administration, which will formally ask Congress to ratify the deal. ■