U.S. Agriculture Secretary Ed Schafer discussed some of the big issues facing agriculture today and in the future during an address to agribusiness company executives meeting in St. Louis Thursday for the Association of Equipment Manufacturers AgExecutive Forum.

Two primary issues he addressed were trade and renewable energy, as well as the importance of the financial rescue plan passed by Congress last week, which he said was absolutely necessary although he expects it will take some time for it to work. “It’s sort of like reining in a team of runaway horses,” Schafer said. “You gotta really haul back on those reins hard for a long period of time before they start calming down.”

Schafer says the agriculture sector is in strong financial shape, with high commodity prices helping farmers to pay down debt and the competitive dollar boosting ag exports to record levels. “Despite increases we have seen in the cost of fuel and fertilizer and other inputs, we expect net farm income to post an all time high again this year at a little over $100 billion,” Schafer said.

Listen to Schafer’s address here:
aem-forum-schafer-speech.mp3

You can also download the 24:00 speech with this link: Ed Schafer speech to AEM AgExecutive Forum (mp3)

And you can also see the recorded video from the live webcast this morning here.

Check out the Flickr Photo Album from the AEM AgExecutive Forum here.