The U.S. House Ways and Means Committee this week did release a draft bill, and for now, the stepped-up basis tax break for farms and ranches appears safe. But the final verdict may still be out. The bill includes tax provisions that would pay for portions of the proposed $3.5 trillion budget reconciliation legislative package, and the bill doers include …
Near Record Number of Farmland Sales
The pace of land sales picked up this year for Farmers National Company. The company reports it is on track for a near-record or record sales year on several fronts. The higher land prices have spurred an increased number of landowners to sell, with some wanting to complete the sale before year-end due to uncertainty about potential tax law changes. …
U.S. Tractor and Combine Sales Increased in August
U.S. tractor sales increased last month compared to 2020 while combine sales jumped 19.8 percent, according to the Association of Equipment Manufacturers monthly sales report. Combine sales posted the second month in a row of growth near 20 percent in the United States, and total farm tractor sales climbed 9.9 percent. Sub 40 horsepower tractor sales were up 8.7 percent, …
Florida Producers Encouraged to Apply for USDA Pandemic Assistance
The U.S. Department of Agriculture (USDA) recently announced updates to the Coronavirus Food Assistance Program-2 (CFAP-2), which includes expanded eligibility and increased flexibility. But a deadline of October 12, 2021 was set for eligible producers to apply or modify CFAP-2 applications. The Florida Department of Agriculture and Consumer Services (FDACS) encourages eligible producers in Florida to review the program modifications and to apply via …
New White House Report Outlines Problems with Meat Industry Concentration
According to a new report from the White House, President Biden understands that families have been facing higher prices at the grocery store recently. And half of those recent increases are from meat prices, specifically, beef, pork, and poultry. While factors like increased consumer demand have played a role, the price increases are also driven by a lack of competition at …
Latest Ag Economy Barometer Released
The Monthly Ag Economy Barometer rose four points in August to 138. Announced Tuesday, the modest rise was primarily attributable to an improvement in the Current Conditions Index, which climbed 9 points to 152. The Index of Future Expectations rose just two points to 132. Although the barometer and its two key sub-indices improved in August compared to July, all …
RMA Updates Whole-Farm Revenue Protection
Organic and aquaculture producers will soon be able to benefit from updates that USDA’s Risk Management Agency (RMA) is making to the Whole-Farm Revenue Protection Plan. RMA is revising the plan of insurance to make it more flexible and accessible to producers beginning in crop year 2022. RMA Acting Administrator Richard Flournoy explains what plan does. Changes to the program include increasing expansion …
Farm Sector Profits Forecast to Increase in 2021
A Department of Agriculture report forecasts increased farm income for 2021. Net farm income is forecast to increase by $18.5 billion, or 19.5 percent. At $113.0 billion, net farm income would be at its highest level since 2013 and 20 percent above its 20-year average of $93.9 billion. In inflation-adjusted 2021 dollars, USDA expects net farm income to rise $15.0 …
Revised Closing Dates for Pilot Crop Insurance Programs
Agricultural producers will now have until December 1 to make coverage decisions and complete reporting activities for the Pasture, Rangeland, and Forage Pilot Insurance Program (PRF) and Apiculture Pilot Insurance Program (API). The U.S. Department of Agriculture’s (USDA) Risk Management Agency (RMA) is making this change and other updates to these two policies based on feedback from stakeholders. Risk Management Agency Acting …
Loans Available Through Heirs’ Property Relending Program
The Biden administration is looking to help eliminate some of the ownership and succession issues that arise for many agricultural producers that inherit land. Last month, the establishment of the Heirs’ Property Relending Program (HPRP) was announced where the U.S. Department of Agriculture (USDA) will oversee the distribution of $67 million in competitive loans. The Farm Service Agency (FSA) considers …