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Mark Your Calendars for the 96th PSA Annual Convention

PSA Membership Update

Last Call for Advertisers in the New Membership Directory
The new PSA membership directory will be published in a few weeks.  If you have any updates to your company listing that have not been sent into the office please do so this week.  And, if you have not sent in your advertisement and wish to do so please send those to donna@agamsi.com ASAP.  Thank you.
Click Here for Advertisement Agreement

Convention:
Please mark your calendars for February 12-15, 2023 and join the PSA membership for the 96th  Annual Convention at The Seabird Resort in Oceanside, CA.  www.theseabirdresort.com

Committees:
Interested in joining a PSA committee?  The committees are a great way to get involved in PSA.  It is within the committees that industry problems are identified, analyzed, discussed--and where solutions and courses of action are born.  Here the individual can have their voice heard and contribute effectively to the organization.   
Click Here To Learn More About Each of the Committees and Sign Up

News:
Content is always welcome at the PSA office to share in our newsletter and in our social media forums.  If you have exciting news to share about your company or things happening in your area please send to the office via donna@agamsi.com.

An Overview of the Inflation Reduction Act

The Inflation Reduction Act, a scaled-down version of the Build Back Better Act, passed the Senate yesterday and now heads to the House, where votes have been scheduled for this Friday.

Senate Democrats describe the bill as a "historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030." Senate Republicans have dubbed it the Inflation Production Act.

The Congressional Budget Office anticipates a net deficit reduction of $102B over the next decade while the Committee for a Responsible Federal Budget calls for a $305B reduction. A Penn Wharton Budget Model study found a $248B deficit reduction.

Also, notable and not much discussed: The IRA is the largest deficit reduction bill since the Budget Control Act of 2011. 

Read the Full Overview Here

Food Prices to Rise in 2023, But Not as Much as They Did in 2022, ERS Projects

Agri-Pulse reports that food inflation should ease next year, USDA’s Economic Research Service said in an economic outlook released last month.

After an expected rise of between 10-11% in 2022, food-at-home, or grocery, prices are projected to rise between 2 and 3% in 2023, ERS said. The price of food at restaurants is expected to increase 6.5-7.5% this year, and 3-4% in 2023.

The outlook noted the steady rise in food prices over the past year. The food-at-home Consumer Price Index increased 1% from May to June and was 12.2% higher than June 2021, and the food-away-from-home CPI rose 0.9% in June and was 7.7% higher than June 2021.

Wyden, Klobuchar, Bennet Introduce Grasslands Bill

Sens. Ron Wyden (D-OR), Amy Klobuchar (D-MN) and Michael Bennet (D-CO) this week introduced the North American Grasslands Conservation Act, which would authorize $290 million annually in grants to incentivize the voluntary conservation of grasslands and the sagebrush steppe.

The program would be established in the Fish and Wildlife Service, a division of the Interior Department, but the bill also directs the Interior and Agriculture secretaries to carry out research relating to native seed crop systems.

Biden Appoints Emergency Board to Find Compromise with the Railways

President Biden signed an executive order last month to create a presidential emergency board (PEB) under the Railway Labor Act to help resolve the ongoing labor dispute in the freight rail sector.

The clock already started ticking for the board, which will have 30 days to investigate the facts of the dispute and send a report to the president. The report will contain non-binding recommendations for a resolution. And a 30-day cooling-off period follows the report. During both the investigation phase and the cooling-off period, striking will not be permitted. If no agreement is reached after the cooling-off period, work stoppages are permitted. This timeline suggests the earliest possible strike/lockout date at September 16.

Adding another layer of complexity to this situation, contracts have expired and negotiations begun covering more than 22,000 workers at 29 seaports on the west coast, including the nation's busiest at Los Angeles/Long Beach.

Thune Introduces Food and Energy Security Act

Feedstuffs reports that several Senate Republican colleagues joined Sen. John Thune (R-SD) in introducing the Food and Energy Security Act, legislation that would prohibit the Biden administration from imposing regulations such as its proposed climate reporting rule if it would drive up food, energy or gas prices. Specifically, the bill would require federal financial and securities regulators to estimate the impact of their rules on affected businesses involved in the agriculture or energy supply chains.

The bill would also prohibit federal regulators from implementing any rule that would increase food or energy prices if inflation is higher than 4.5%. Since the start of 2022, inflation has consistently been over 7% with the inflation rate hitting 9.1% in June—a four decade high.

The legislation was co-sponsored by U.S. Sens. John Barrasso (R-WY), Mike Braun (R-IN), Mike Crapo (R-ID), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Bill Hagerty (R-TN), John Hoeven (R-ND) Jim Risch (R-ID), and Mike Rounds (R-SD).

ITC Will Not Impose Tariffs on UAN Imports from Russia, Trinidad, and Tobago

The U.S. International Trade Commission ruled July 18 against imposing tariffs on nitrogen fertilizers imported from Russia and Trinidad and Tobago. ITC’s decision takes effect immediately and should narrow the price differential between urea and UAN (urea ammonium nitrate solutions).

“This comes as a welcome relief,” says National Corn Growers Association President Chris Edgington. “We have been sounding the alarms and telling the ITC commissioners that tariffs will drive up input prices to even more unaffordable levels for farmers and cripple our supply. I am so glad they listened.”

Russia and Trinidad and Tobago supplied more than 80% of U.S. imports of UAN fertilizer, according to an analysis released by the American Farm Bureau Federation in July 2021. That year, according to ITC data, the U.S. imported about $540 million worth of UAN from Russia and Trinidad and Tobago.

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