A provision in the overhaul of the U.S. tax code had some unintended negative side effects on certain agribusinesses across the country. The provision gives producers a chance to cut down on their taxable income if they sell their commodities to agricultural cooperatives. It appears that farmer-owned cooperatives like CHS, Inc., came out ahead of other agribusiness giants like Cargill …
USDA Sending Extra Financial Help to Farmers in Seven States
The U.S. Department of Agriculture will start sending additional money to row crop farmers in 14 counties throughout seven states who are enrolled in the Agriculture Risk Coverage program. The move comes after the USDA reevaluated the program using a different method of determining county yields. Politico says the re-evaluation was directed by a provision in the fiscal 2017 government …
USDA Under Secretary Ibach on Section 199A Tax Code Fix
The U.S. Department of Agriculture’s (USDA) Under Secretary for Marketing and Regulatory Programs Greg Ibach issued the following statement regarding efforts to address concerns with recent changes to Section 199A of the federal tax code. Some agriculture stakeholders have raised questions about potential market effects on cooperatives and independent grain-related businesses. Ibach’s statement is as follows: “The aim of the …
War of Words Over Republican Tax Package Continues
The war of words over the recently enacted Republican tax package continues, and farm state GOP lawmakers are pushing back against claims by Democrats, that the new tax law benefits mostly the wealthy. Farm-state Republicans weighed in, as the partisan sniping over the successful tax legislation continued, ahead of the 2018 midterm elections. Iowa Senator Joni Ernst said her neighbors …
2017 Farm Equipment Sales Up
Sales of farm tractors and combines increased in 2017, up five percent and four percent, respectively. The Association of Equipment Manufacturers latest monthly sales report found the sale of all tractors in the U.S. in December 2017, were up 18 percent compared to the same month last year. For the twelve months in 2017, a total of 220,500 tractors were …
Key Risks Keep Ag Outlook Cool
The Kansas City Federal Reserve Bank says the outlook for agriculture remains down, but is beginning to show signs of stabilization. The bank notes that while aggregate measures of farm income are significantly lower than in previous years, the farm income forecast for 2017 was relatively unchanged from the 2016 estimate. Although farm income was expected to stabilize, growing inventories …
Farmers Are Becoming Less Optimistic About the Future
For the second-straight month, the Purdue University/CME Group Ag Economy Barometer dipped lower, coming in with an index of 126 in December. That number was the lowest since March of last year and the second-lowest of 2017. The decline is driven entirely by producers becoming less optimistic about the future. The Future Expectations Index was recently at 137 in October, …
Rural Prosperity Report Released at Farm Bureau Convention
The president’s task force on rural prosperity officially released its report on Monday at the Farm Bureau national convention. Politico says Cabinet officials made a lot of recommendations in the report for improving the quality of life in rural America, including more online connectivity and more training programs. The report says that only 39 percent of rural America is able …
Trump Discusses Agriculture Issues
President Donald Trump was one of the guest speakers Monday at the annual American Farm Bureau Federation Convention in Nashville, Tennessee. And according to a story from Tyron Spearman, the President touched on many issues of importance to agriculture. Trump Discusses Agriculture Issues Read more on President Trump’s comments to the AFBF Convention. Sponsored ContentNuseed Carinata Covers New GroundJuly 15, …
Ag and Rural Prosperity Report Given; Ag Groups Respond
The following is a statement from American Seed Trade Association President & CEO Andrew W. LaVigne: “We’re pleased that the Trump Administration recognizes the critical importance of U.S. agriculture and the rural economy. Under the strong leadership of Secretary of Agriculture Sonny Perdue, the Agriculture and Rural Prosperity Task Force is taking positive steps to identify and address some of the …