House Debates Ag Spending Bills as Fiscal Battle Looms

Dan Economy, Industry News Release

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 …

tax reform

Perdue on President Trump’s Tax Reform Agenda

Dan Economy, Industry News Release

U.S. Secretary of Agriculture Sonny Perdue reiterated his strong support for President Trump’s tax reform agenda, as the president outlined in North Dakota.  Perdue issued the following statement: “Farming is a complicated operation, so to place more burdens on the people of agriculture through the tax code has never made any sense.  Most agricultural enterprises are small businesses, and the …

farm income

USDA Forecasts Increase in Farm Income

Dan Economy, Industry News Release

The Department of Agriculture Wednesday predicted a slight increase in farm income for 2017, reversing three years of major decline. The August update of the farm income forecast predicts net cash farm income for 2017 at $100.4 billion, up $11.2 billion, or 12.6 percent, from 2016. Net farm income, a broader measure of profits, is forecasted at $63.4 billion, up …

farm debt

Farm Debt Likely to Reach All-Time High in 2017

Dan Economy, Industry News Release

Low commodity prices have made things tough by bringing down land values, tightening balance sheets, and increasing the stress level of America’s producers. Unfortunately, that means farmers are continuing to take on more debt. The amount of outstanding farm debt is likely to reach an all-time high this year. Brent Gloy of Agricultural Economic Insights says if the debt level …

farm equipment

Farm Machinery Stocks Drop After USDA Reports

Dan Economy, Industry News Release

Last week’s Department of Agriculture crop reports sent stocks of farm machinery companies lower. USDA on Thursday reported higher than expected crop yields in the August round of crop reports, which includes key yield speculations. Following the report stocks of Agco and Deere dropped roughly 2.5 percent each. CNH Industrial, the manufacture of Case and New Holland, dropped 1.5 percent …