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Provisions of the Federal Agriculture Improvement and Reform Act of 1996
01 Jan 1996-Agricultural Information Bulletins (United States Department of Agriculture, Economic Research Service)-
TL;DR: The Agricultural Market Transition Act (AMT) as discussed by the authors is the first agricultural market transition act to guide agricultural programs from 1996-2000. Signed into law in April, the act makes significant changes in long-standing U.S. agricultural policies.
Abstract: This report provides an item-by-item description and explanation of the new Act, which will guide agricultural programs from 1996-2000. Signed into law in April, the act makes significant changes in long-standing U.S. agricultural policies. Major changes in U.S. commodity programs are included in the Act's Title I, known as the Agricultural Market Transition Act.
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TL;DR: In this paper, the authors present the results of the latest (2002) inventory of U.S. major land uses, drawing on data from the Census, public land management and conservation agencies, and other sources.
Abstract: This publication presents the results of the latest (2002) inventory of U.S. major land uses, drawing on data from the Census, public land management and conservation agencies, and other sources. The data are synthesized by State to calculate the use of several broad classes and subclasses of agricultural and nonagricultural land over time. The United States has a total land area of nearly 2.3 billion acres. Major uses in 2002 were forest-use land, 651 million acres (28.8 percent); grassland pasture and range land, 587 million acres (25.9 percent); cropland, 442 million acres (19.5 percent); special uses (primarily parks and wildlife areas), 297 million acres (13.1 percent); miscellaneous other uses, 228 million acres (10.1 percent); and urban land, 60 million acres (2.6 percent). National and regional trends in land use are discussed in comparison with earlier major land-use estimates.
188 citations
Posted Content•
TL;DR: In this article, the authors studied the degree to which government payments increase rents on agricultural lands to which the payments are attached (Barnard et al., Floyd, Gardner, Kuchler and Tegene), and found that a high incidence may reflect a low supply response to a government program, because a small share of the payments is dissipated via lower output prices and higher prices for input factors besides land.
Abstract: Economic reasoning and some empirical evidence suggest that government payments increase rents on agricultural lands to which the payments are attached (Barnard et al., Floyd, Gardner, Kuchler and Tegene). The degree to which this occurs—the incidence of current expected government payments on current rent—is relevant for policy in two ways. First, it provides information about the distribution of payment benefits vis-a-vis landowners and farmers. For example, if payment benefits are intended for farmers rather than landowners, and the incidence is high, a share of the benefits may miss their target.1 Because about 60% of U.S. farmland is owned by nonoperators, there is a real potential for this kind of misallocation (Hopkins, Morehart, and Bohman). Second, the level of incidence may reflect the degree to which government programs that give rise to these payments alter production. A high incidence may reflect a low supply response to a government program, because a small share of the payments is dissipated via lower output prices (due to greater quantities supplied) and higher prices for input factors besides land (due to greater quantities demanded). A low incidence may reflect a large supply response and a greater appropriation of payment benefits to commodity consumers and suppliers of other input factors, such as machinery and human capital. Thus, reliable
152 citations
TL;DR: The authors reviewed the main concepts and associated empirical research of the dominant academic theory concerning the behavior of futures and options markets, namely, the efficient market hypothesis, and provided several important insights.
Abstract: Recent changes in farm policy have renewed interest in using marketing strategies based on futures and options markets to enhance the income of field crop producers. This article reviews the main concepts and associated empirical research of the dominant academic theory concerning the behavior of futures and options markets, namely, the efficient market hypothesis. This rich conceptual and empirical base provides several important insights. One is that, although individuals can beat the market, few can consistently do so. This insight is consistent with Grossman and Stiglitz's model of market efficiency, in which individuals who consistently earn trading returns have superior access to information or superior analytical ability. One implication is that, with few exceptions, the crop producers who survive will be those with the lowest cost of production because efforts to improve revenue through better marketing will have limited success. Some successful marketing strategies do appear to exist, but generally they are based on using the market as a source of information. One example is to base storage decisions on whether the current basis exceeds the cost of storage and then to use hedging to ensure an expected positive return.
128 citations
TL;DR: This study evaluates the economic consequences of hypothetical foot-and-mouth disease releases from the future National Bio and Agro Defense Facility in Manhattan, Kansas and finds the distribution of economic impacts to be very significant.
Abstract: This study evaluates the economic consequences of hypothetical foot-and-mouth disease releases from the future National Bio and Agro Defense Facility in Manhattan, Kansas. Using an economic framework that estimates the impacts to agricultural firms and consumers, quantifies costs to non-agricultural activities in the epidemiologically impacted region, and assesses costs of response to the government, we find the distribution of economic impacts to be very significant. Furthermore, agricultural firms and consumers bear most of the impacts followed by the government and the regional non-agricultural firms.
84 citations
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05 Sep 2017
TL;DR: In this article, the major land uses were grassland pasture and rangeland at 655 million acres (29 percent of U.S. total), forest-use land at 632 million (28 percent), cropland at 392 million acres, special uses (primarily parks and wildlife areas) at 316 million acres and miscellaneous uses (such as wetlands, tundra, and unproductive woodlands) at 196 million acres).
Abstract: The United States has a total land area of about 2.3 billion acres. In 2012, the major land uses were grassland pasture and rangeland at 655 million acres (29 percent of U.S. total); forest-use land at 632 million (28 percent); cropland at 392 million acres (17 percent); special uses (primarily parks and wildlife areas) at 316 million acres (14 percent); miscellaneous uses (such as wetlands, tundra, and unproductive woodlands) at 196 million acres (9 percent); and urban land at 70 million acres (3 percent). This study presents findings from the most recent (2012) inventory of U.S. major land uses, drawing on data from USDA, the U.S. Census Bureau, public land management and conservation agencies, and other sources. The data are collected for each State to estimate the use of several broad classes and subclasses of agricultural and nonagricultural land over time. National and regional trends in land use are compared with earlier major land-use estimates.
84 citations