Trade leaders from South Korea are asking for a step by step approach to the U.S.-Korea Free Trade Agreement. Following last week’s discussion on terminating the agreement by President Donald Trump, Korea says: “Let’s go step by step, rather than just jumping the gun.” It is possible Trump could seek to renegotiate the trade deal, like his move regarding the North American Free Trade Agreement, but the administration would have to notify Congress before doing so. Cabinet members, including Agriculture Secretary Sonny Perdue, briefed the White House last week on the implications of withdrawing from the agreement. Further, former House Speaker John Boehner said withdrawing from the agreement would “do more harm than good.” Boehner helped ratify the agreement in 2011, and told Politico that “we must renew and strengthen our relationships in the Pacific region, not just with South Korea, but with China,” instead of withdrawing from trade deals.

The Department of Agriculture expects a larger corn and a record soybean harvest in the most recent round of monthly reports. USDA forged against expectations and raised corn production to an estimated 14.1 billion bushels and soybeans to a record 4.4 billion bushels. USDA is forecasting the average corn yield at 169.0 bushels per acre, and the soybean yield at 49.9 bushels per acre. Production for the 2017-18 corn crop increased 31 million bushels from the August projection, but still six percent lower than the 2016-17 crop. Yield is expected to be lower, but overall crop projections by USDA put the crop at third-largest on record. The projected range for the season-average corn price received by producers was lowered 10 cents on both ends to a range of $2.80 to $3.60 per bushel. The farm price for soybeans was also lowered 10 cents a bushel to an average of $9.20. As for cotton, USDA estimated larger production, exports, and ending stocks relative to last month. However, USDA says those projections came before Hurricane Harvey, adding the agency will go back to collect harvested acres for cotton for Texas and Louisiana for the October Crop Production report.

U.S. beef exports remained well above last year’s pace in July, posting one of the highest monthly export value totals on record, according to the U.S. Meat Export Federation. However, July pork export volume dipped below its year-ago level for the first time in 15 months, with export value also down slightly. July beef exports totaled 104,488 metric tons, up five percent year-over-year, while export value reached $623.7 million, up 18 percent from a year ago and the highest since December 2014. For January through July, exports increased 11 percent in volume and 15 percent in compared to the first seven months of last year. Pork exports totaled 173,675 metric tons in July, down four percent year-over-year, valued at $488.9 million, down 0.6 percent. January-July volume was still up 11 percent from a year ago to 1.43 million metric tons, while export value was up 13 percent to $3.7 billion.

The National Farmers Union is hosting more than 300 farmers in Washington D.C. this week, while Growth Energy is hosting 150 ethanol industry leaders, and pork producers arrive on Capitol Hill later this week. Farmers Union representatives are lobbying Congress to stand up for farmers and ranchers who are facing tough times, according to NFU President Roger Johnson. Johnson says NFU members are concerned about the prospect of an adequate farm safety net through the 2018 Farm Bill, along with healthcare and biofuel issues. Meanwhile, the 150 ethanol industry leaders will be advocating Congress members to cosponsor the Consumer and Fuel Retailer Choice Act, which would correct an outdated regulation that restricts retailers from selling fuel containing 15 percent ethanol during the summer fueling season. Finally, the National Pork Producers Council will host more than 125 pork producers Wednesday and Thursday in Washington, D.C. to meet with lawmakers. NPPC says producers will focus on trade, regulations and support and funding for a Foot-and-Mouth Disease vaccine bank.

U.S. news website Axios reports that Agriculture Secretary Sonny Perdue was part of the briefing team last week that convinced President Donald Trump to reconsider withdrawing the U.S.-Korea Free Trade Agreement, known as KORUS. Axios reports that Trump’s withdrawal from KORUS was much more than a serious consideration, it was as close as it gets to a done deal, stalled by senior level staff who raised concerns that the President had not been fully briefed on the consequences of his decision. Perdue was joined by Secretary of State Rex Tillerson and Defense Secretary James Mattis who made a national security case against withdrawing from the agreement. This would be the second trade agreement Perdue helped sway the President away from terminating. Perdue met with the President as Trump was intending to withdraw from the North American Free Trade Agreement in April, before choosing to renegotiate the agreement.

The USDA’s 2017 Land Values Summary shows that the average acre of American cropland is worth $4,090. That’s unchanged from last year and the third-highest in history. Pastureland values increased by $20 from last year to a national average of $1,350. That’s the highest value for pastureland USDA has ever recorded. The Southern Plains states of Texas and Oklahoma saw the biggest increase in their cropland values, which went six percent higher. The Northern Plains states of Kansas, Nebraska, and the Dakotas dropped 4.4 percent in value from last year. Over half the states with irrigated cropland saw the values increase. Texas saw its irrigated cropland value jump more than seven percent from last year, followed by a six percent jump in Louisiana. Kansas and Nebraska irrigated cropland fell five percent in value from last year. Pastureland values in the Delta Region, including Arkansas, Louisiana, and Mississippi, saw the biggest jump of three percent from 2016. The Corn Belt saw the biggest decrease in pastureland value of 1.7 percent from last year.

White House officials have temporarily halted discussions on the possibility of terminating a free trade agreement with South Korea. A senior White House official told Reuters on Wednesday night that the deal could still be terminated but there were no immediate plans to do so. President Trump had been talking with his senior advisers about the possibility of withdrawing from the free trade agreement because of concerns that it’s tilted in favor of South Korea. However, Trump also needs help from South Korea as he tries to end a crisis regarding North Korea’s nuclear and missile programs after a sixth North Korean missile test this week. Reuters says there are Trump advisers urging the president to stick with the deal and avoid straining relations with a key ally in Asia. The U.S.-Korea Free Trade Agreement, known as KORUS, was negotiated by Trump’s predecessor, Barack Obama. KORUS has been a frequent target of Trump’s, noting that America runs a $28 billion trade deficit with South Korea.

House lawmakers began debating bills on Wednesday to fund the U.S. Department of Agriculture and the Food and Drug Administration. Politico’s Morning Ag Report says the funding would be for all of the fiscal year 2018 and be part of a package of eight government spending bills. The ag appropriations bill would set aside $20 billion in discretionary funding for the USDA and FDA. That’s $1.1 billion lower than last year but still over $4 billion more than President Trump requested in his budget. By voice vote, the House adopted more than a dozen amendments to their ag appropriations bill. Most of the amendments would increase spending on certain USDA programs. One amendment would reverse proposed cuts to the Natural Resources Conservation service and actually increase funding by $5.6 million. Another amendment would restore almost a half million dollars to the USDA loan program to address rural broadband infrastructure. The ag appropriations bill is part of a larger package that includes controversial funding ideas for other departments. That means the Senate, which would need to have Democratic votes, likely won’t agree to what the House is expected to advance.