Agriculture Secretary Sonny Perdue will help President Donald Trump reach his goal of reducing agency budgets by five percent next year. Perdue has promised to cut his budget five percent, as last week Trump asked every Cabinet agency except the Pentagon to make a five percent cut. During the meeting, Trump told the leaders to “get rid of the fat, …
Federal Reserve: Farm Loan Volume Increasing
Large operating loans made by large agricultural banks led to a significant increase in farm lending in the third quarter of 2018, according to the Kansas City Federal Reserve Bank. The total volume of non-real estate farm loans was more than 30 percent higher than a year ago. A sharp increase in the volume of loans exceeding $1 million was …
Bankers Expect Farmland Prices to Continue Decline
Rural bankers expect farmland prices will continue to decline. In the latest Creighton University Rural Mainstreet Index, Midwest lenders on average estimated that farmland prices declined by 4.0 percent over the past 12 months and expect farmland prices to fall by another 3.2 percent over the next 12 months. An Illinois lender says “more than ever,” farmland values are extremely …
Agri View: BFTP-The Development of Agritourism
As we continue the Blast From The Past Agri Views with Everett Griner, we pulled one out of the archives that still has meaning today. Everett looks into the development of agritourism. BFTP-The Development of Agritourism We have had several reports on the development of agritourism. Many farmers have started catering to tourist by offering family entertainment. Things like “pick …
Agri View: Farm Income Declined…Again
Everett Griner talks about this, the 4th consecutive year, farm income has declined in today’s Agri View. Farm Income Declined…Again The average farm income is expected to decline again this year. According to USDA, this is the fourth consecutive decline. One source put the loss at 16 thousand dollars per family. It doesn’t matter if it is soybeans or cattle. …
Putnam Continues to Meet with Agricultural Leaders to Assess Damage
Florida Commissioner of Agriculture Adam H. Putnam has been in regular communication with federal partners, including Vice President Mike Pence and Secretary Sonny Perdue, as well as the agriculture industry to assess agricultural damage caused by Hurricane Michael. He met with agricultural leaders on the topic, and the Florida Forest Service is finalizing its analysis of damage to timber. “Recovery …
Hurricane Michael Damage to Georgia Agriculture
“Unfortunately, our worst thoughts were realized. We saw months and sometimes years of work just laid over on the ground in a matter of seconds. Georgia has long led in the production of several renowned commodities and now we have the dubious distinction of also leading in the devastation and incredible loss of these prominent crops. These are generational losses …
Hurricane Michael Damage Estimate to Ag at $1.3 Billion
Agriculture damages from hurricane Michael are estimated at more than $1.3 billion. The Hurricane struck Georgia, Alabama and Florida last week, impacting cotton and pecan growers the most, according to CNBC. President Donald Trump toured damaged areas earlier this week, as did Agriculture Secretary Sonny Perdue. In Georgia alone, the latest farm-related damage estimate from the storm is $1.2 billion, …
Rising Output Compressing Ag Margins
Strong growth in both the U.S. and global economies will support increased demand in domestic and export markets through the end of the year. However, U.S. competitiveness is currently constrained by trade uncertainties and the high value of the U.S. dollar, further placing pressure on the agricultural economy as output in most industries rises. The latest Quarterly Rural Economic Review …
USDA Issues Farm Safety Net and Conservation Payments
Agriculture Secretary Sonny Perdue announced that the U.S. Department of Agriculture (USDA) continues to invest in rural America with more than $4.8 billion in payments being made, starting this month, to agricultural producers through the Farm Service Agency’s Agriculture Risk Coverage (ARC), Price Loss Coverage (PLC) and Conservation Reserve (CRP) programs. Approximately $3 billion in payments will be made under …