âThere are a plethora of ways, I think, for us at the USDA to use existing tools and create new tools that provide the financial incentives and direction that reward farmers for the conservation practices they want. in turn reduce emissions, improve soil health and protect water, âhe said.
Vilsack expressed optimism that agricultural interests and environmental protection do not have to be mutually exclusive.
âWe are actually answering your question about how you can merge the interests of conservation and conservation-minded people with the financial interests of running a farm, recognizing that farmers care deeply about conservation. land and water, and at the same time. they also want to make a living, âsaid Vilsack.
Vilsack said he was encouraged by the way soybean prices rebounded after collapsing to a 12-year low two years ago. The administration of former President Donald Trump has renegotiated a number of international trade agreements, which has contributed to the fall of a myriad of crop prices. Soybean prices hit $ 8.02 per bushel in May 2019.
But since then, in part thanks to China’s re-purchase of US soybeans as part of a new trade deal with the United States secured by the Trump administration, the price of soybeans has peaked at seven. years to $ 13.20 in March 2021, according to USDA data.
Vilsack said the experience shows a more diverse foreign buying base, and finding new ways to use soybeans might be smart to avoid future fluctuations.