The U.S. and Japan this week agreed to accelerate trade talks to advance a trade agreement. The first round of talks focused on agriculture and cars, according to Bloomberg News. Japan’s Economic Revitalization Minister will meet again next week with U.S. Trade Representative Robert Lighthizer to continue the negotiation.

Japan is seeking to avoid U.S. tariffs on cars exported to the U.S., while President Trump is seeking greater access for agricultural goods to Japan and many measures similar to those found in the Trans-Pacific Partnership. Farm groups are pressing the administration to reach an agreement quickly to counter lost market share in Japan from competitors that were included in the TPP replacement.

Trump removed the U.S. from TPP upon taking office, and the member countries moved forward with an agreement that allowed Japan to import 60 percent more beef from TPP nations. Further, U.S. pork exports to Japan have dropped around 35 percent this year, since the new TPP agreement was enacted.

Farmland damaged by spring flooding is at risk of declining values, according to Farmers National Company, a farm management, real estate and auction service. The company says there will be short term and longer-term effects on flooded farmland and its value, depending on if farmers can plant and grow a crop this year, and future production forecasts.

Farmers National notes that the value of farmland depends on the income it can generate and how consistent production is. The less income the land produces, and the riskier production is each year, will impact long term land values. The concerns come as the Kansas City Federal Reserve Bank last week reported that overall, risks of further declines in farmland values have increased.

Those risks, among other indications, include a recent increase in farmland sales in some states that suggests a decline in farmland values could be on the horizon. A Persistently low volume of land sales has contributed to the stability of farmland values through an economic downturn.

Some in agriculture fear a trade deal with China will leave farm trade worse off than before the trade war began. Bloomberg News reports that some farmers are unnerved by Trump’s enthusiasm for tariffs and his tendency to pick industry winners and losers.

Mark Powers, president of the Northwest Horticultural Council, says tariffs are expected to remain on cherries this year, adding the retaliatory tariffs costs Northwest cherry growers $96 million last year, as sales dropped 41 percent. President Trump has previously said of the negotiations that tariffs on China would be lasting “a substantial period of time” after an agreement is entered.

Agriculture groups fear that would allow China to continue retaliatory tariffs on U.S. agricultural products. However, Jim Sutter of the U.S. Soybean Export Council told Bloomberg it doesn’t seem likely the tariffs would continue, stating he “would be surprised if the Chinese found that an acceptable solution.” Talks between the U.S. and China continue as the Trump administration seeks to wrap up an agreement soon.

U.S. agriculture is disappointed in the European Union’s failure to include agriculture in trade talks with the United States. “Agriculture will certainly not be part of these negotiations,” European Union Trade Commissioner Cecilia Malmstrom said earlier this week while announcing the EU is ready to begin trade talks with the United States.

The two sides seek an agreement before the end of this year. Pushback from U.S. agriculture includes ag state senators such as Chuck Grassley of Iowa, who threatens and deal that excludes agriculture would be “unlikely” to win approval in Congress. The American Soybean Association called the EU announcement a disappoint. Soybeans exported to the EU in 2017 were valued at $1.6 billion.

ASA President Davie Stephens says U.S. farmers had “high hopes” the negotiations could address longstanding concerns regarding EU policies on agricultural biotechnology and pesticide laws. ASA is urging the Trump Administration to push back against the EU and insist that agriculture issues are addressed in trade discussions.

Higher limits are now available for borrowers interested in farm loans from the Department of Agriculture. USDA announced last week the increase would help farmers purchase farms or cover operating expenses. The 2018 Farm Bill increased the amount that producers can borrow through direct and guaranteed loans available through USDA’s Farm Service Agency, and made changes to other loans, such as microloans and emergency loans.

FSA Administrator Richard Fordyce called farm loans “increasingly important” to farmers and ranchers “as natural disasters, trade disruptions and persistent pressure on commodity prices continue to impact agricultural operations.” Key changes include increasing the Direct Operating Loan limit from $300,000 to $400,000.

The Direct Farm Ownership Loan limit increased from $300,000 to $600,000, and the Guaranteed Farm Ownership Loan limit increased from $1.429 million to $1.75 million. Producers can now receive both a $50,000 Farm Ownership Microloan and a $50,000 Operating Microloan. For more information on FSA farm loans, visit fsa.usda.gov.

Trade talks are underway between Japan and the United States this week as Trade Representative Robert Lighthizer meets with Japan’s Economic Advisor. Agriculture complaints are “front and center” according to Politico, ever since President Trump withdrew the U.S. from the Trans-Pacific Partnership.

The Trump administration is expected to push for similar concessions for U.S. agriculture as seen in the TPP. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership, called the CPTPP, replaced the original agreement that the U.S. backed away from, giving U.S. agriculture’s competitors a market advantage. Japan will be seeking market access in return, which could include growing markets for its specialty agricultural products.

The preliminary talks are expected to wrap up early this week. But for now, there’s little word on what objectives the Trump administration has for any deal with Japan, with the expectation that talks this week will surface more details.

The Department of Agriculture Monday announced changes to future World Agricultural Supply and Demand Estimates Reports. Starting with the May 10 issue, USDA announced price range forecasts will be eliminated in favor of single price points for all crops and livestock.

USDA says the international Supply and Use tables for Crops will include an aggregate value for “World less China,” representing the balance sheet values outside of China. Also, the ordering of countries and lists of Major Importers/Exporters will be updated to eliminate outdated aggregations, such as “Former Soviet Union,” and better reflect current trade patterns.

The World Agricultural Supply and Demand Estimates, or WASDE, is prepared monthly by the USDA World Agricultural Outlook Board based on information from USDA and other domestic and foreign official sources. It includes forecasts for U.S. and world wheat, rice, and coarse grains, oilseeds, and cotton. U.S. coverage is extended to sugar, meat, poultry, eggs, and milk.