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 …

overreactions

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 …

agriculture

Farm Economy May Be Starting to Stabilize

Dan Economy, Industry News Release

The prolonged downturn in the farm economy continued in the second quarter of 2017. However, data from the Kansas City Fed’s Survey on Agricultural Credit Conditions shows the farm economy may finally be starting to stabilize. While economic conditions did continue to weaken in the second quarter, the pace of that deterioration has slowed. While the farm loan repayment rate …

Farmers Indicate Higher Outlook on Farm Economy

Dan Economy, Industry News Release

Farmers surveyed as part of the Purdue/CME Group Ag Economy Barometer indicated more optimism in July because of better commodity prices expectations this fall. The monthly survey for July reached 139, its highest level since January 2017, and its second-highest level since data collection began in October 2015. The increase continues a trend seen over the summer of more optimism …