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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: regli who wrote (42949)	12/18/2005 3:27:23 PM
From: mishedlo	of 116555

Farm subsidy proposals anger US farmers Wednesday, 12/10/2005 The United States administration is taking some heat at home for its latest proposal to slash farm subsidies as part of agricultural trade reform. US Congress's two agriculture chairmen have warned the Bush administration not to write the next US farm law into world trade deal talks. The move came after the US tabled a plan to cut its own domestic supports by 60 per cent and the EUs by 83 per cent. abc.net.au US Agriculture Secretary Mike Johanns says US lawmakers will write the next farm bill, but that the US must be bold on supports to win key tariff cuts: "Market access for us is the key and I've repeated that during the negotiations … Ambassador Portman has," he said. "We need a bold proposal on market access." But US Senate Agriculture Chairman Saxby Chambliss warned Mr Johanns in a letter against reducing overall US farm program spending of between $15 billion and $20 billion a year and making structural changes to the US farm safety net. Meanwhile, wheat prices in the United States have jumped after the country won a one million tonne supply contract to Iraq. Kansas City and Chicago Wheat Futures have closed higher, after the US beat Australia to the $260 million contract.

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