Thursday February 4 Ag News

 PSC Issues important reminders for Grain Producers and Dealers

The Nebraska Public Service Commission (PSC) wants to remind producers and dealers of the importance of familiarizing themselves with Nebraska Grain laws when it comes to grain dealers.

It is important for a producer/seller to ensure they are working with a grain dealer licensed to do business in the state of Nebraska. A list of grain dealers licensed in Nebraska can be found on the Grain Department page of the PSC website. If a grain dealer is not licensed in Nebraska and the producer sells grain to that dealer, the producer will have no protection under Nebraska law.

The PSC reminds grain dealers state law (§75-903.) requires them to hold a Nebraska license in order to do business with producers/sellers from Nebraska.

Under the Grain Dealer Act if a producer/seller wants to ensure their transactions with a grain dealer are covered by the grain dealer’s security posted with the PSC, they must demand payment within 15 days of completion of their contract with the dealer. Producers/sellers who choose not to demand payment within 15 days after completion of their contract will be unsecured creditors of that dealer and forfeit any protection from the grain dealer’s security.

Information for grain dealers, producers/sellers and grain warehouses can be found on the Grain Department page of the PSC website https://psc.nebraska.gov/. Questions can be emailed to psc.grain@nebraska.gov



Ag land management webinar to explore cash rental rates, new property tax credit

The Department of Agricultural Economics at the University of Nebraska-Lincoln will continue its webinar series, “Land Management Quarterly,” on Feb. 15 at noon.

Started in 2019, the series offers management advice and insight for Nebraska landowners, agricultural producers and others interested in properly managing agricultural land.

The February episode will examine trends and methods for setting cash rents, the new property tax income credit for Nebraska, and considerations for updating agricultural rental arrangements for 2021. The interactive sessions may be attended live. They conclude with an “Ask the Experts” session, offering participants the chance to get answers to their land or lease questions.

The webinars are led by Jim Jansen and Allan Vyhnalek, who are both in the Department of Agricultural Economics. Jansen focuses on agricultural finance and land economics, as well as the direction of the annual Nebraska Farm Real Estate Market Survey and Report. Vyhnalek is a farm succession and farmland management extension educator.

“Land is one of Nebraska’s most critical assets,” said Jansen. “This webinar series will help those with a vested interest in land to better understand the financial and human forces reshaping the rural agricultural landscape.”

2021 Land Management Quarterly webinar dates are:
    Feb. 15, noon
    May 17, noon
    Aug. 16, noon
    Nov. 15, noon

Registration is free at agecon.unl.edu/landmanagement. The recording will be available the following day, along with recordings from the entire series.



Fischer Announces Committee Assignments for 117th Congress

Today, U.S. Senator Deb Fischer (R-Neb.) announced her committee assignments for the 117th Congress. She will serve on the following Senate committees:
-        Armed Services
-        Commerce, Science, and Transportation
-        Agriculture, Nutrition, and Forestry
-        Rules and Administration
-        Select Committee on Ethics

“Committee assignments have been announced for the 117th Congress. I will continue my work for Nebraskans on my four committees: Armed Services, Commerce, Agriculture, and Rules. I have also been appointed to the Ethics Committee by my colleagues, and I thank them for their confidence that I will serve with integrity and fairness while promoting high ethical standards in the U.S. Senate,” said Senator Fischer.



IRFA Thanks Governor Reynolds, Secretary Naig for Recognizing Biofuels’ Role in Iowa’s Economic Recovery

Today Governor Kim Reynolds released the final report from her Economic Recovery Advisory Board, which was tasked with helping chart a path forward for economic revival in the wake of the COVID-19 pandemic.

In response, Iowa Renewable Fuels Association (IRFA) Executive Director Monte Shaw made the following Statement:

“IRFA members are grateful to Governor Reynolds for her vision in creating the Economic Recovery Advisory Board to further spark Iowa’s economic recovery and job growth. A special thanks is also needed for Secretary of Agriculture Mike Naig in light of his diligent work with the Agriculture Working Group. IRFA agrees with Governor Reynolds and Secretary Naig that biofuels play an important role in Iowa’s economy and it is a priority to work toward greater access to higher blends of biofuels offering consumers less expensive, cleaner burning fuel options at the pump. Implementing these recommendations will boost farm income, create jobs, lower consumer costs and clean the air we breathe.”



RFA Thanks Senators for Urging Swift EPA Action on Small Refinery Waivers

A bipartisan group of 15 senators is urging the U.S. Environmental Protection Agency to take immediate action to end the abuse of small refinery exemptions and restore integrity to the Renewable Fuel Standard. In a letter to EPA Acting Administrator Jane Nishida, the senators asked the agency to review three small refinery waivers issued by the previous administration just hours before the inauguration of President Joe Biden. “If these waivers do not meet the three-part test laid out in the Tenth Circuit Court of Appeals then we urge you to immediately reverse them and deny the refiners’ waiver requests,” the senators wrote.

The letter also urges EPA to implement, on a nationwide basis, the Tenth Circuit Court’s decision limiting small refinery exemptions. “Because the Tenth Circuit decision is the most definitive legal pronouncement to date regarding EPA’s small refinery waiver authority, we encourage the Agency to adhere to that decision for the purposes of deciding all pending exemption petitions during the pendency of the Supreme Court’s review of the decision,” according to the letter. Finally, the letter encourages EPA to swiftly issue the proposed 2021 renewable volume obligations and move forward with a recent E15 streamlining proposal.

“We thank this bipartisan group of renewable fuel supporters for their determined efforts to put the RFS back on track and expand the market for ethanol,” said RFA President and CEO Geoff Cooper. “We agree with the senators that EPA must adhere to recent court decisions regarding the RFS and stay within its statutory authority. When properly implemented, the RFS is an incredibly powerful tool for reducing greenhouse gas emissions, slashing harmful tailpipe pollution, enhancing national energy security, and supporting the rural economy.”

Sens. Amy Klobuchar (D-MN) and Charles Grassley (R-IA) led the letter, which was also signed by Sens. Tina Smith (D-MN), Joni Ernst (R-IA), Tammy Baldwin (D-WI), Roy Blunt (R-MO), Dick Durbin (D-IL), Ben Sasse (R-NE), Tammy Duckworth (D-IL), John Thune (R-SD), Debbie Stabenow (D-MI), Roger Marshall (D-KS), Mike Rounds (R-SD), Deb Fischer (R-NE) and Josh Hawley (R-MO).



Senate Shows Support for Ethanol

On Wednesday, Sens. Amy Klobuchar, D-Minn., and Chuck Grassley, R-Iowa, led a letter signed by 13 other farm-state Senators to the Environmental Protection Agency (EPA) to highlight the “pressing concern of restoring integrity to the Renewable Fuel Standard (RFS) and to alert you to pressing policy decisions that the Administration must make to bring regulatory certainty to the transportation fuels sector of the economy.”

Also, Wednesday, Sen. John Thune, R-S.D., along with Klobuchar, reintroduced the Adopt GREET Act, legislation that would require the EPA to update its greenhouse gas modeling for ethanol and biodiesel.

“This bill will ensure EPA uses the most recent science and data to accurately measure the greenhouse gas emission reduction benefits of ethanol,” said NCGA President John Linder, president of the National Corn Growers Association. “The Department of Energy’s GREET model clearly shows ethanol is a key carbon reduction solution, resulting in significantly fewer greenhouse gas emissions than gasoline. Corn farmers thank Senator Thune and Senator Klobuchar for their leadership and look forward to working together to enact this legislation and take steps to advance greater use of low-carbon ethanol.”

Earlier in the week, during his Senate Agriculture, Nutrition and Forestry Committee confirmation hearing, U.S. Department of Agriculture (USDA) Secretary Tom Vilsack expressed his support for expanding the use of higher blends of biofuels.

"General Motors, Ford — they're not going to stop producing cars with internal combustion engines, so we need an alternative fuel source to complement electric. Over a long period of time, we're going to need both. We're going to promote biofuels octane capacity. One way to do that is to promote higher-blend biofuels used in higher-efficiency new engines,” Vilsack told the Committee.

In his confirmation hearing before the Senate Environment and Public Works Committee, EPA nominee Michael Regan pledged his support for ethanol and agriculture. “You have my commitment that we will take a look at the RFS program and we will introduce some transparency into that program,” Regan told the Committee.

NCGA appreciates the continued advocacy and support for renewable fuels from members of the U.S. Senate and looks forward to a productive relationship with both Vilsack and Regan upon their Senate confirmation.



STC releases “Top 20 Innovations for Rural Bridge Replacement and Repair”

Rural roads and bridges serve as the initial link in the overall supply chain – allowing the soybeans and grain produced on a farm to be eventually consumed by both domestic and international customers. Of the bridges in the country classified as deficient and, in many cases, subject to closures or restricted access, a significant percentage are located in rural areas.

“Our nation’s rural bridges serve as the initial step in a lengthy journey to the ultimate customer,” explains Mike Steenhoek, executive director of the Soy Transportation Coalition (STC). “Unfortunately, the region of the country in which bridge conditions are most severe – rural areas – also happen to be the region in which available funding to improve these conditions is stagnant or on the decline. The concern remains that if this starting line for farmers is not well-maintained, soybeans and grain will not effectively reach the finish line in delivering to our customers.”

Given the significance of this need and the limited resources to address it, a potential response by bridge owners is to simply close or restrict access to existing bridges or hope federal, state, or local government will be willing and able to supply the necessary revenue. While pursuing increased investment is appropriate and closing or placing restrictions on certain rural bridges may be prudent, increased energy and attention must be devoted to addressing the cost side of the equation and making existing tax dollars stretch further.

In the effort to promote more cost-effective approaches to replacing and repairing rural bridges without compromising safety, the STC has released the report, “The Top 20 Innovations for Rural Bridge Replacement and Repair.” The report features the following ten rural bridge replacement and ten rural bridge repair innovations.  

Bridge Replacement Innovations
    Railroad Flat Car Bridges
    Geosynthetic Reinforced Soil – Integrated Bridge System (GRS-IBS)
    Vibratory H-Piling Drivers
    Buried Soil Structures
    All Steel Piers
    Galvanized H-Piling
    Press Brake Tub Girders
    Galvanized Steel Beams
    Prestressed Precast Double Tees
    Precast Inverted Tee Slab Span Bridges

Bridge Repair Innovations
    Piling Encasements
    Concrete Pier Piling Repairs
    Driving Piling through Decks
    Epoxy Deck Injections
    Deck Overlays with Type O Concrete and Plasticizers
    Deck Patching
    Thin Polymer Concrete Overlays
    Penetrating Concrete Sealers
    Spot Cleaning Painting Steel Beams
    Concrete Overlay on Adjacent Box Beams

“Many of the innovative concepts featured in this report can result in a 50% or greater cost savings for rural counties,” says Jonathan Miller, a soybean farmer from Island, Kentucky, and chairman of the Soy Transportation Coalition. “This can easily result in replacing a bridge for $100,000 to $150,000 compared to the prevailing method of $250,000 to $400,000. Farmers understand with their own operations that simply spending our way out of a problem will rarely be successful. We also need to embrace innovative ways to save our way out of a problem. This approach that works so well on the farm also applies to maintaining and improving our infrastructure.”

In order to select the featured innovative concepts, the STC assembled a group of 13 bridge engineers and experts (listed below) from the 13 states that comprise the organization. Three engineers served as principal analysts for the project with the remaining ten engineers or experts serving as advisory committee members.

The innovative concepts for bridge replacement and repair featured in the project are not an exhaustive and comprehensive catalog. Numerous other innovative concepts exist and are worthy of being explored. The goal of the principal analysts and advisory committee members was to highlight a relatable number of innovative concepts that 1.) Will provide initial or lifecycle cost savings, 2.) Have been validated by a credible engineering entity or organization, and 3.) Are accessible in a large section of rural America. The featured bridge replacement and repair concepts reflect the broad consensus of the principal analysts and advisory committee members. Readers should not assume the bridge replacement and repair concepts featured in the above list are in complete alignment with the lists of each individual principal analyst or advisory committee member.

A document highlighting the innovate bridge replacement and repair concepts, expected cost and time savings, and links to validating research can be accessed at www.soytransportation.org.

Principal Analysts:
    Indiana: Pat Conner, P.E. (Lead Engineer, Asset Management, Local Technical Assistance Program at Purdue University)
    Iowa: Brian Keierleber, P.E. (County Engineer, Buchanan County, Iowa; President of the National Association of County Engineers – 2017-2018)
    North Dakota: Kelly Bengtson, P.E. (Bridge and Pavement Engineer – Upper Great Plains Transportation Institute at North Dakota State University)

Advisory Committee Members:
    Illinois: Duane Ratermann, P.E. (County Engineer, Knox County, Illinois; President of the National Association of County Engineers – 2015-2016; President of the Illinois Association of County Engineers – 2019-2020)
    Kansas: Calvin Reed, P.E. (Director of Engineering and Design – Kansas Department of Transportation)
    Kentucky: Duane Campbell, P.E. (County Engineer, Boyle County, Kentucky; President of the Kentucky Association of County Engineers and Road Supervisors)
    Michigan: Dave Juntunen, P.E. (former Bridge Engineer – Michigan Department of Transportation; Bridge Management Practice Lead – The Kercher Group)
    Minnesota: Dave Conkel, P.E. (State Aid Bridge Engineer – Minnesota Department of Transportation)
    Missouri: Derin Campbell, P.E. (former County Engineer, Boone County, Missouri; Project Manager – Allstate Consultants, LLC)
    Nebraska: Josh Steelman, P.E. (Associate Professor, Civil Engineering – University of Nebraska)
    Ohio: Warren Schlatter, P.E. (County Engineer, Defiance County, Ohio)
    South Dakota: Andrew Peterson (Field Services Manager – Local Technical Assistance Program at South Dakota State University)
    Tennessee: Matt Cate, P.E. (Director, Tennessee Transportation Assistance Program – University of Tennessee)



USDA Dairy Products December 2020 Production Highlights

Total cheese output (excluding cottage cheese) was 1.13 billion pounds, 0.5 percent above December 2019 and 2.6 percent above November 2020.  Italian type cheese production totaled 485 million pounds, 0.3 percent above December 2019 and 5.9 percent above November 2020.  American type cheese production totaled 461 million pounds, 1.0 percent above December 2019 and 2.9 percent above November 2020.  Butter production was 206 million pounds, 11.8 percent above December 2019 and 18.7 percent above November 2020.

Dry milk products (comparisons in percentage with December 2019)
Nonfat dry milk, human - 205 million pounds, up 24.1 percent.
Skim milk powder - 40.9 million pounds, down 36.9 percent.

Whey products (comparisons in percentage with December 2019)
Dry whey, total - 81.7 million pounds, up 2.3 percent.
Lactose, human and animal - 96.6 million pounds, up 3.2 percent.
Whey protein concentrate, total - 43.2 million pounds, up 0.2 percent.

Frozen products (comparisons in percentage with December 2019)
Ice cream, regular (hard) - 52.4 million gallons, up 11.4 percent.
Ice cream, lowfat (total) - 29.1 million gallons, up 3.7 percent.
Sherbet (hard) - 2.76 million gallons, up 34.4 percent.
Frozen yogurt (total) - 2.83 million gallons, down 3.1 percent.



Land O’Lakes Sustainability Business Truterra Launches TruCarbon, the First Farmer-Owned Carbon Program
 
Truterra, LLC, the sustainability business and subsidiary of Land O’Lakes, Inc., one of America’s largest farmer-owned cooperatives, today announced the launch of TruCarbon, a transformational new carbon program that will help farmers generate and sell carbon credits to private sector buyers. TruCarbon represents the first and only farmer-owned carbon program in the U.S. that is designed to provide both the best experience for farmers and a novel approach for carbon credit buyers to incentivize change at scale.
 
TruCarbon offers buyers carbon credits that are created using leading soil and conservation science, and precision data and verification methods. The program offers farmers a streamlined experience, making it easier for them to develop and sell carbon credits so that they can focus on crop production and caring for the land. Through the TruterraTM Insights Engine data platform, the new TruCarbon program provides farmers and their trusted ag retailer advisors a powerful soil health planning suite of tools to help them decide what is best for their business while optimizing their fields’ carbon credit potential. TruCarbon also maximizes the value and return for farmers with premium carbon credit value.
 
“TruCarbon is proof positive in our belief at Land O’Lakes that farmers and agriculture solve big problems – serving as the economic engine in rural communities, feeding a growing world, and now helping to address a changing climate,” said Beth Ford, CEO of Land O’Lakes, Inc. “TruCarbon is providing farmers new opportunities to be recognized and rewarded for their stewardship, creating new revenue opportunities for farm families as they adopt soil health practices and increasing the focus on carbon storage in crop fields. It’s through innovative approaches such as TruCarbon that our farmer cooperative system can help ensure that farmers’ businesses are profitable, our rural communities are resilient, and the land, air and water are healthy for future generations.”
 
TruCarbon is launching with Microsoft as its first secured buyer to purchase carbon in 2021, which will help meet the company’s ambitious commitment to be carbon negative by 2030. For this initial launch, participating farmers may receive $20 per ton of carbon with payments this summer for this first tranche of credits. Qualifying farmers may be compensated for carbon sequestration retroactively up to five years based on the soil health practices they adopted in prior growing seasons. For maximum farmer convenience, Truterra will handle soil testing and other activities designed to ensure maximum credit quality and value. Farmers can begin the information and enrollment process by visiting https://www.truterraag.com/CarbonSurvey.
 
“TruCarbon is like no other offering on the market because it is built with the farmer at the center, backed by the most cutting-edge technology platform on the market. That means that companies and others looking to buy trusted carbon credits can connect with farmers and support the adoption of more sustainable practices on farms across the country,” said Jason Weller, Vice President, Truterra. “We are excited to be able to bring this program to farmers through our trusted network of ag retailers, offering a competitive price and streamlined experience so that they can stay focused on farming and their stewardship.”  
 
“The science is clear,” said Dr. Wayne Honeycutt, CEO of the Soil Health Institute, which is collaborating with Truterra on TruCarbon metrics and soil sampling protocols. “Storing more carbon in soils not only benefits a farmer’s bottom line, but also improves water quality and helps fight climate change. Farmers who adopt soil health practices build drought resilience, reduce erosion and minimize nutrient losses. All of us at the Soil Health Institute are excited to work with Truterra on this project because it will help achieve these on-farm and environmental benefits at scale.”
 
Current and future carbon efforts will leverage Truterra’s best-in-class sustainability platform, the Truterra™ Insights Engine, along with agronomic expertise and the
trusted advisor network of Land O’Lakes agriculture retailers to connect and support farmers as they adopt soil health practices and generate carbon credits.  

Farmers and their ag retailers use the Truterra™ Insights Engine to measure and track their on-farm practices and model new practice changes such as cover crops and no-till based on environmental impact and profitability, so that farmers are equipped to take advantage of carbon markets and additional ecosystem services markets as they emerge.

For more information about TruCarbon and how to get involved, visit: https://www.truterraag.com/Carbon.



Beef Tenderness Research Identifies Factors Influencing Eating Quality

There is nothing like biting into a nice juicy steak where the savory flavors burst in your mouth, but if that meat is tough to chew the experience may be a disappointment.

In the case of beef, all cuts are not created equal in terms of tenderness.

To learn more, Kansas State University meat scientists, with the support of beef checkoff funding, studied three cuts of beef looking at how fat content, muscle structure and aging influence tenderness.

"There is not a single biochemical trait (tenderness contribution factor) that can be used to predict tenderness for all beef cuts," said Michael Chao, K-State meat science researcher and assistant professor in the Department of Animal Sciences and Industry.

The study focused on three cuts -- the striploin (also known as New York Strip), tri-tip and heel.

"Tenderness is very much driven by the individual cut. For example, with the striploin overall tenderness is strongly influenced by lipid (fat) content, but heel overall tenderness is largely influenced by aging time," Chao said.

With a better understanding of how each cut needs to be managed, the beef industry can pass along that information to consumers, said Chao.

For example, cuts with extensive muscle fiber shortening may be stretched while beef that has a poor aging response should not be aged, said Chao. He added that some cuts with high connective tissue need to be prepared with a moist-heat cooking method.

"It is more important than ever to find markers to assist the industry and consumers to determine the ideal tenderness management techniques to ensure a consistent eating quality of beef," Chao said.

These research results are included in the proceedings for the virtual 2021 Cattlemen's Day planned for March 5. To learn more, go to, www.asi.k-state.edu/cattlemensday.



University Products LLC Comments on AG News America's Recent Survey Showing Preferences and Strategies to Help Ward-Off Anaplasmosis in U.S. Cattle – Including Prevention via Anaplasmosis Vaccine

University Products, LLC recently noted a survey of ranchers and farmers detailing the most-preferred strategies for helping control the spread of anaplasmosis in U.S. herds. Anaplasmosis is a blood disease carried by parasites that infects red blood cells and causes severe anemia and death, representing a major annual financial loss to ranchers and the beef industry. University Products, LLC is the maker and distributor of a bovine anaplasmosis vaccine successfully tested and deployed since 2000.

Respondents to the anaplasmosis survey fell into three main categories: 78% chose vaccination as a main strategy to deploy, 14% chose chlortetracycline (CTC) treatments, 5% chose testing, and 3% chose other. CTC is a broad-spectrum antibiotic usually given in a variety of feeding levels and is used in beef cattle, non-lactating dairy cattle, and sheep. CTC has traditionally been the medical treatment of choice, often deployed as a preventative or after cattle are already infected and begin to show signs of disease. CTC cannot be used in every cattle-producing country however, and recent antibiotic resistance, updated FDA regulations, and consumer trends in the agricultural industry are also beginning to shift producers away from consistent antibiotic use as a preventative measure.

Respondents noted the cost per head for vaccination was in the range of $7 to $9, while CTC-use was reported at $20 to $24 per head. Costs involving testing varied by lab and test used. Vaccination is clearly the most preferred and affordable strategy for a wide majority of respondents, who also stated that they preferred it for a single, important reason: it eliminated the threat of anaplasmosis in the treated animal altogether. While respondents using the other two methods continued to experience significant cattle loss, despite using CTC or testing.

The vaccine developed by Dr. Gene Luther, D.V.M., Ph.D. for University Products has already been FDA-approved for experimental use and has been widely used with almost no side effects or adverse reactions reported.



The National Institute for Animal Agriculture Announces Rebrand

The National Institute for Animal Agriculture (NIAA), a non-profit advocating for animal agriculture, has announced a rebrand to reflect the organization’s new strategic vision to be the leading resource for the animal agriculture industry and provides value to all stakeholders involved in providing safe and healthy food for the world.

The new logo utilizes clean straight lines and features a green horizon, signifying the organization’s future thinking. In addition to a new logo, website (animalagriculture.org) and membership portal, NIAA has updated the vision, mission and guiding principles that lead the organization’s endeavors and programming. The rebrand reaffirms the commitment to producers and organizations that serve animal agriculture.

“The rebrand is more than a cosmetic update. The board has taken this opportunity to evolve our vision, mission and guiding principles to reflect the many changes we’ve seen in animal agriculture since our inception in 2000,” said Kevin Maher, NIAA Chairman of the Board. “We believe our new strategic direction will lead our organization today and into the coming decades.”

The updated mission of NIAA is to convene animal agriculture experts and allies in collaborative settings to explore, discuss, learn, and develop knowledge that fosters interdisciplinary cooperation for the improvement and continuous progress of animal agriculture.

NIAA’s Guiding Principles:
    We facilitate dialogue within the animal agriculture industry on the most relevant and emerging issues affecting animal agriculture.
    We convene the leading experts and agriculture producers to deliver science‐based, reliable, and trusted perspectives on the industry’s most challenging topics.
    We educate stakeholders and serve as a resource to support the economic, environmental, and social sustainability of animal agriculture.
    We are a resource for supply chain and thought‐leading consumers.
    We lean in on tough issues.

To learn more about the organization, membership and programming, visit www.animalagriculture.org.



Bayer's $2B Liability Fund Deal

Bayer AG is trying again to contain its liability over claims that its popular Roundup weedkiller causes cancer, unveiling Wednesday a $2 billion proposal to pay farmers and gardeners who try to blame the company for illnesses in the future.

The German company and plaintiffs' lawyers said they would seek a U.S. District Court judge's permission for a compensation program that would pay between around $5,000 and $200,000 each to future plaintiffs who contract non-Hodgkin lymphoma after using Roundup.

Bayer has been battling litigation over Roundup's safety since acquiring Monsanto Co., the weedkiller's manufacturer, in 2018. After three California juries found in favor of sick plaintiffs, Bayer agreed last June to pay up to $9.6 billion to settle existing Roundup cases. It continues to deny any link between the product and cancer.

That deal, however, didn't prevent more plaintiffs from coming forward in the future. An earlier proposal to create a panel of scientific experts whose conclusions on Roundup's safety would bind future litigants didn't pass muster with a federal judge, and Bayer has been working with plaintiffs' lawyers since July on a revision.

The new proposed class action covers those who haven't yet hired a lawyer to pursue a Roundup claim. If approved by the court, individuals who believe Roundup caused their non-Hodgkin lymphoma can apply for a settlement from a $1.33 billion pot of money, with the offers dependent on age, health, proof of Roundup use and other factors. Those who opt out can still pursue litigation on their own, with the prospect of convincing a jury to award higher, punitive damages not available to class members. The settlement fund will last four years, with the option to extend it after that.

"It's really about options, and it's really about choice," said Elizabeth Cabraser, an attorney for the plaintiffs. "I think it's a great option that offers predictability and transparency for people who don't want to wait, who want to be compensated."

Roundup continues to be sold for commercial farming and consumer gardening use with no changes to its formulation or label. Wednesday's deal includes a proposal to place on Roundup's label a link to a website with information on the disputed science behind the safety of glyphosate, the weedkiller's active ingredient.

The Environmental Protection Agency must sign off on the change. The EPA has previously said Bayer can't include a cancer-warning label on the product because the agency concluded the science didn't back up such a claim.

Bayer told investors in November that it was setting aside another $750 million to resolve the future Roundup cases, bringing the total to the $2 billion detailed Wednesday. In addition to the compensation fund, the money will go toward health programs to help potential plaintiffs be monitored for non-Hodgkin lymphoma; grants for research on NHL treatments; a science panel that will reach nonbinding conclusions on glyphosate's safety; and fees to plaintiffs' attorneys, who will be providing some free legal services for those applying for compensation.

The company is still completing settlements with lawyers who have existing Roundup clients. In November, Bayer said it had reached deals with 88,500 of the roughly 125,000 claims in that camp.

Bayer continues to pursue appeals in the three cases that went to trial. In October, California's highest court declined to hear an appeal in the first jury verdict, though lower courts slashed the award to groundskeeper Dewayne Johnson to $20.4 million, from an initial $289.2 million.



AGCO Reports Fourth Quarter Results

AGCO, Your Agriculture Company (NYSE: AGCO), a worldwide manufacturer and distributor of agricultural equipment and solutions, reported net sales of approximately $2.7 billion for the fourth quarter of 2020, an increase of approximately 8.1% compared to the fourth quarter of 2019. Reported net income was $1.78 per share for the fourth quarter of 2020, and adjusted net income (3) , which excludes restructuring expenses and a gain on sale of an investment, was $1.54 per share. These results compare to reported net loss of $1.17 per share and adjusted net income, which excludes non-cash impairment charges, restructuring expenses and a tax gain, of $0.94 per share for the fourth quarter of 2019. Excluding favorable currency translation impacts of approximately 1.4%, net sales in the fourth quarter of 2020 increased approximately 6.7% compared to the fourth quarter of 2019.

Net sales for the full year of 2020 were approximately $9.1 billion, which is an increase of approximately 1.2% compared to 2019. Excluding unfavorable currency translation impacts of approximately 1.8%, net sales for the full year of 2020 increased approximately 3.0% compared to 2019. For the full year of 2020, reported net income was $5.65 per share, and adjusted net income (3) , which excludes non-cash impairment charges, restructuring expenses and a gain on sale of an investment, was $5.61 per share. These results compare to reported net income of $1.63 per share and adjusted net income, which excludes non-cash impairment charges, restructuring expenses and certain tax charges and gains, of $4.44 per share for 2019.

Fourth Quarter Highlights
    Reported fourth quarter regional sales results (1) : Europe/Middle East (“EME”) 13.7%, North America (10.2)%, South America 21.1%, Asia/Pacific/Africa (“APA”) 2.1%
    Constant currency fourth quarter regional sales results (1)(2)(3) : EME 7.7%, North America (10.3)%, South America 52.7%, APA (3.8)%
    Fourth quarter regional operating margin performance: EME 11.9%, North America 2.0%, South America 5.9%, APA 10.6%
    Full-year adjusted operating margins (3) improved to 7.0% in 2020 compared to 5.9% in 2019
    Generated approximately $896.5 million in cash flow from operations and approximately $626.6 million in free cash flow (3) in 2020
    Full-year earnings forecast for 2021 in a range from $7.00 to $7.25 per share
(1) As compared to fourth quarter 2019.
(2) Excludes currency translation impact.
(3) See reconciliation of Non-GAAP measures in appendix.

“The AGCO team delivered strong operational results leveraging improving markets to produce sales and earnings growth in the fourth quarter,” stated Eric Hansotia, AGCO’s Chairman, President and Chief Executive Officer. “Our focused execution allowed us to overcome supply chain difficulties and maintain production levels, while reducing company and dealer inventories, which contributed to significant cash flow generation. I would like to thank all our employees for their extraordinary efforts to support our dealers and customers under challenging conditions. Our improved results allowed us to maintain our investments in premium technology, sustainable smart farming solutions and enhanced digital capabilities. AGCO’s exceptional product line continues to be well-received by our customers as evidenced by a strong year-end order board. Looking forward to 2021, we are forecasting sales and earnings growth as industry conditions trend positively and we position AGCO for future success.”