For the second month in a row, the Ag Economy Barometer declined sharply. Released Tuesday, the most recent survey fell to 137, 21 points below a month earlier, and the weakest sentiment reading since July 2020. Producers in June were less optimistic about both current conditions on their farming operations as well as their expectations for the future. Weakening perceptions …
Lawmakers Working on Spending Bills
The U.S. House Appropriations Committee approved a fiscal 2022 funding bill Wednesday for the Agriculture Department, Food and Drug Administration and Commodity Futures Trading Commission that would boost spending by more than ten percent. The bill includes funding for ag research and climate related programs, along with funding for cotton industry priorities requested by the National Cotton Council. NCC Vice President …
Farm Debt Declines Further and Credit Stress Eases
Agricultural debt at commercial banks continued to decline in the first quarter of 2021, and farm loan performance improved. The Kansas City Federal Reserve Bank recently released the data that shows both real estate and production loans decreased, reducing farm debt by more than five percent from a year ago. The reduction in agricultural loan balances was less pronounced among …
Strong Demand and Competitive Bidding Pushes Land Prices Higher
Interest in purchasing agricultural land has grown since a coronavirus pandemic-induced slowdown blanketed the land market last spring. Farmers are feeling more financially secure as strong commodity prices arrived on top of large government payments in 2020. This is propelling farmers to bid more aggressively for additional land than has been the case during the past six years, according to …
July 4th Cookout Cost Stable Compared to Year Ago
U.S. consumers will pay just a few cents more for their favorite Independence Day cookout foods compared to last year, including cheeseburgers, pork chops, chicken breasts, homemade potato salad, strawberries and ice cream, says the American Farm Bureau Federation. Farm Bureau analysis reveals the average cost of a summer cookout for 10 people remains affordable at $59.50, or less than …
Scott on Block of Loan Relief for Black Farmers
Last week, U.S. District Judge Marcia Morales Howard, based in Jacksonville, Florida, blocked a federal plan to provide loan relief to black and other minority farmers who historically faced discrimination. Siding with a white farmer from North Florida, the Judge issued a preliminary injunction against the plan, which was part of the American Rescue Plan Act signed by President Joe …
USDA Assists Farmers, Ranchers, Communities Affected by Tropical Storm Claudette
(WASHINGTON, June 24, 2021)Â — Agriculture Secretary Tom Vilsack has directed the U.S. Department of Agriculture (USDA) to aid recovery efforts for residents, farmers and ranchers affected by the devastation across the Southeast caused by Tropical Storm Claudette. USDA staff in regional, state, and county offices are ready to respond and are providing a variety of program flexibilities and other assistance …
Florida Judge Blocks Aid to Minority Farmers
(TALLAHASSEE, FL/June 24, 2021) — Siding with a white farmer from North Florida, a U.S. district judge has blocked a federal plan to provide loan relief to Black and other minority farmers who historically faced discrimination. U.S. District Judge Marcia Morales Howard, who is based in Jacksonville, issued a preliminary injunction Wednesday against the plan, which was part of the …
WHIP-Plus Payments Going Out to Eligible Producers
More than $1 billion in payments are being released over the next several weeks for ag producers with approved applications for the Quality Loss Adjustment (QLA) Program and for those who have already received payments through the Wildfire and Hurricane Indemnity Program Plus (WHIP+). Farm Service Agency Administrator, Zach Ducheneaux, notes this second round of WHIP+ payments from the U.S. Department of Agriculture (USDA) is …
Farm Bank Lending Stay Strong in 2020
Despite a global slowdown in 2020 brought on by COVID-19, agricultural lending by U.S. farm banks remained strong at $98.6 billion, just a 1.8 percent drop from the prior year. The American Bankers Association’s annual Farm Bank Performance Report attributes the change to a 6.7 percent decline in agricultural production loans. By contrast, the outstanding loans secured by farmland increased …