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CFTC Ag Advisory Committee meets in DC

The Commodity Futures Trading Commission holds a meeting of its Agricultural Advisory Committee today at the CFTC headquarters in Washington. The members of the commission and staff are seated at the center, with the members of the committee on both sides. Photo by Jerry Hagstrom, The Hagstrom Report
CFTC-RFP-121222
The Commodity Futures Trading Commission’s Agricultural Advisory Committee met today, Dec. 8, in Washington.
The meeting was held at the CFTC headquarters from 9 a.m. to 12:45 p.m.
CFTC Chairman Rostin Behnam noted that since the advisory committee last met in June 2021, “extreme weather events in the U.S. and across the globe continue to impact crop and livestock production, resulting in supply shortages and price increases on everything from butter to baby formula.”
Other commissioners also welcomed the committee and described what they learned traveling in rural America.
Agriculture Department Economist Cynthia Nickerson noted that despite weather shocks, the war in Ukraine, drought and higher input costs, higher commodity prices have made 87% of commercial farms and 47% of intermediate-sized farms profitable, though many smaller farms were not.
Scott Herndon, president of Field to Market, presented that organization’s attempts to achieve sustainability while enhancing farmers’ incomes. He noted that Field to Market is working with agribusinesses and farmers to help the businesses and farmers report and address what are known as the Scope 3 carbon emissions that the Securities and Exchange Commission has proposed requiring to be filed.
Tim Andriesen, managing director for agricultural products at the Chicago Mercantile Exchange, explained how price limits in agricultural markets have evolved over time.
In an analysis, DTN/The Progressive Farmer noted that Russia’s invasion of Ukraine forced CME to immediately reevaluate how the trading board looks at price limits for commodity markets.
Tom Erickson, a former CFTC commissioner with a law practice based in Minneapolis and Washington, and Jessica Stephens, director of logistics for Bungee North America and chair of the North American Export Grain Association and Contracts Committee, discussed domestic and international shipping, freight and storage impact on the grain trade.
A CFTC spokesman said that the agency will post a video of the meeting on its website.
The Commodity Futures Trading Commission holds a meeting of its Agricultural Advisory Committee today at the CFTC headquarters in Washington. The members of the commission and staff are seated at the center, with the members of the committee on both sides. Photo by Jerry Hagstrom, The Hagstrom Report
CFTC-RFP-121222
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