Farm income declined in the first quarter of 2018, the 17th-consecutive quarter of lower income numbers. The latest Agricultural Finance Monitor, published by the Federal Reserve Bank of St. Louis, shows quality farmland values and cash rents were also slightly lower than in 2017. The St. Louis Fed surveyed 24 agricultural banks in the Eighth Federal Reserve District, which includes …
SBA Deadline to Apply for Working Capital Loans for 2017 Frost and Freeze in Georgia
The U.S. Small Business Administration is reminding businesses in Georgia that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in the counties of Burke, Columbia, Richmond and Screven in Georgia as a result of the frost and freeze on March 4 – 17, 2017. “Businesses that …
Florida Cattleman Donates Cow to UF Campus Food Pantry
At the University of Florida, 16 percent of those who visited the on-campus Alan and Cathy Hitchcock Field and Fork pantry mentioned the service was their sole source of food when they needed temporary assistance. While students working with the Field and Fork student gardens grow fresh seasonal vegetables for pantry users, the pantry runs low on protein sources. When …
Safety Net Coverage Enrollment Continues
The U.S. Department of Agriculture (USDA) reminds farmers and ranchers with base acres in the Agriculture Risk Coverage (ARC) or Price Loss Coverage (PLC) safety net program may enroll for the 2018 crop year. The enrollment period will end on Aug. 1, 2018. Producers on a farm that are not enrolled for the 2018 enrollment period will not be eligible …
SBA Deadline to Apply for Working Capital Loans in Florida is June 11
The U.S. Small Business Administration (SBA) is reminding businesses in Florida that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations affected by Hurricane Irma from Sept. 4 through Oct. 18, 2017. “Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest …
Food Price Index up 2.7 Percent
The Global Food Price Index has increased two percent since this time last year. Released last week, the monthly record of global food prices by the Food and Agriculture Organization of the United Nations averaged 173.5 points, up 2.7 percent from April 2017. While the prices of most cereal grains and dairy products continued to increase in April, sugar prices …
Farm Credit Loan Volume up One Percent
Combined net income for the Farm Credit System increased 1.8 percent to $1.27 billion for the first quarter of 2018, as compared with $1.24 billion for the same period last year. President and CEO of the Federal Farm Credit Banks Funding Corporation Tracey McCabe says the system remains “well-positioned” to support farmers as they face challenges this year. Net interest …
Farm Loan Rates Edging Higher
Interest rates on most types of farm loans continued to move higher. A Kansas City Fed report says, following modest increases in short-term rates, commercial banks raised interest rates on loans used to finance various farm-sector purchases. Following a period of historically-low rates, interest rates increased most significantly on loans used to finance operating expenses. Operating loan interest rates have …
First Insurance Service for Indoor Farmers Launched
Indoor farmers now have an insurance option to fit their needs. Contain Inc, an alternate finance business for indoor agriculture, has launched an insurance service for indoor farmers in collaboration with insurance broker InterWest Insurance. The service aims to fill a gap left by current insurance providers and products as the indoor agriculture industry grows, according to the company. The …
Farm Bureau to Offer Dairy Revenue Protection Insurance
The American Farm Bureau Federation, in cooperation with American Farm Bureau Insurance Services, has developed a new risk-management insurance product for dairy farmers. Approved by the Agriculture Department’s Federal Crop Insurance Corporation, “Dairy Revenue Protection” insurance will provide dairy farmers the opportunity to manage risk by focusing on revenue from milk sales. “We know that the level of risk protection …