U.S. farmers spent far less on agriculture production in 2015 compared to 2014, according to the Department of Agriculture’s National Agricultural Statistics Service. A new report shows farmers spent $362.8 billion on agricultural production in 2015, down 8.8 percent from 2014, reversing a long-term trend of growing costs. Feed and farm services, the two largest expenditure categories for U.S. farmers in 2014, both declined 8.2 percent last year. Producers spent $58.5 billion on animal feed and $41.6 billion on farm services in 2015. One of only two expenditure categories that increased last year was livestock, poultry and related expenses, on which the producers spent $45.4 billion last year, an increase of 0.7 percent from 2014. The other was miscellaneous capital expenditures at $700 million, an increase of 16.7 percent. Livestock producers spent $182.6 billion, down 6.6 percent from 2014. Crop growers spent $180.3 billion, down 10.9 percent from 2014. Per farm, the average expenditures total was $176,181 compared with $191,500 in 2014, down 8.0 percent.

In response to feedback from the National Cattlemen’s Beef Association and independent studies by Informa Economics, CME Group Friday announced what it calls enhancements to the live cattle futures market. For starters, CME Group will add a seasonal discount of $1.50 per hundredweight on live cattle tendered to its Worthing, South Dakota delivery location for the October contract only. Research concluded the discount would better align delivery values with cash market prices. CME Group will also revise grading and quality specifications and delay the listing of addition futures contracts. With just 20 percent of cattle sales negotiated in cash markets across the U.S., CME Group will delay listing any additional contract months beyond October 2017 to evaluate ways to improve cash market transparency, review cash market developments and consider the introduction of cash-settled products.

The U.S. Department of Agriculture this week announced 19 grants totaling $36.5 million for research and extension to support American farmers growing fruits and vegetables, tree nuts, dried fruits, horticulture and nursery crops including floriculture. The grants are funded by the USDA National Institute of Food and Agriculture Specialty Crop Research Initiative, authorized by the 2014 Farm Bill. Agriculture Secretary Tom Vilsack says the investments will help “address challenges at the national and local levels to help sustain all parts of America’s food and agriculture system.” The funded projects address research and extension needs that span the entire spectrum of specialty crops production. To date, USDA has awarded almost $400 million through the specialty crops program.

A discussion panel at the National Association of Governors Meeting in July concluded that agriculture will be a big loser if the Trans-Pacific Partnership isn’t passed by Congress. The TPP involves 12 nations and covers 40 percent of the world’s economy. The agreement opens up new and lucrative markets for American agricultural products overseas. Farm Progress Dot Com says governors at the meeting called attacks on TPP “misguided,” citing attacks from members of Congress as well as the presidential candidates in the upcoming election. U.S. Trade Representative Michael Froman was in Iowa for the meeting as the Administration’s top person trying to sell the agreement to a skeptical Congress. He said the agreement is projected to boost the U.S. economy by $4.4 billion annually. Froman told the audience, “We’ve got to get it done this year. If we don’t get it done, given the current political climate, I’m not sure it would get done.” Supporters say it would give the U.S. influence over trade in the Pacific Rim, and supporters warn that China is ready to step in if the U.S. doesn’t.