Farmers showed more optimism in the latest Purdue University/CME Group Ag Economy Barometer. The May survey reading was 141, 16 points higher than April and the highest since January of last year. A rating below 100 is negative, while a rating above 100 indicates positive sentiment regarding the agriculture industry. The rise in the barometer, a sentiment index derived from …
Rural Mainstreet Index at Highest Point in Five Years
The Creighton University Rural Mainstreet Index climbed above growth neutral in May for the fourth-straight month. The index surveys bank CEOs in rural areas across a ten-state region that depends on agriculture or energy to power its economy. It’s the first time since 2015 that the index readings have been above growth-neutral in four consecutive months. The growth index rose …
RVP Period Begins Friday as Fuel Prices Climb Higher
Friday is the beginning of the Reid Vapor Pressure (RVP) restriction on E15 sales across most of the country during the summer driving season. The restriction runs from June 1 to September 15. It comes at a time when American drivers would benefit greatly from some relief at the pump. Instead, consumers are barred from purchasing lower cost fuel at …
USDA Reopens Application Period for Producers Recovering from Cattle Loss, Other Disasters
Signup Begins June 4 for Livestock Indemnity Program and Emergency Assistance for Livestock, Honey Bees, and Farm-raised Fish The U.S. Department of Agriculture (USDA) will begin accepting disaster assistance program applications on June 4 from agricultural producers who suffered livestock, honeybees, farm-raised fish and other losses due to natural disasters. USDA’s Farm Service Agency (FSA) is reopening the application period for two …
Brazil Truck Drivers Quit Working Because of High Diesel Prices
Brazilian truck drivers were protesting high diesel prices for a fourth day this week on Thursday. The truckers don’t plan to quit with blockades until measures to reduce fuel taxes are enshrined in the official gazette. Protests have been crippling highways across the nation. Brazil’s lower house of Congress voted to reduce taxes on diesel. The Senate has yet to …
Rural Mainstreet Index Chief Eyeing Two Economic Red Flags
The Rural Mainstreet Index has been steadily climbing over the last four months, signaling improving conditions in farm country. However, the man behind the RMI, Ernie Goss from Creighton University, says he has his eyes on two issues; trade and interest rates. A Farm Journal report says Goss credits exports as one of the biggest reasons for improving economic conditions, …
Secretary of Agriculture Sonny Perdue: “Trump Administration Stands Behind Ag Producers”
“My message to rural America is always the same: President Trump hears you and is working to make your life better.” Trump Administration Stands Behind Ag Producers By Secretary Sonny Perdue Omaha World-Herald May 20, 2018 … Throughout my travels, I’ve heard from the people living in rural America about what they want out of this administration: a boost in …
John Deere Raising Prices to Cover Steel Costs
Deere & Company is raising equipment prices in order to protect profits as costs rise. The farm and construction machinery manufacturer says profits were up 50 percent and equipment sales were up 34 percent annually in its latest quarter. However, a Dow Jones report says those numbers disappointed analysts. Deere’s share rose nearly six percent as investors are focusing on …
Farm Income, Credit, Weakening
Farm income and credit conditions continued to weaken in the first quarter of 2018, but at a slower pace than in previous quarters. According to the Tenth District Survey of Agricultural Credit Conditions, compiled by the Kansas City Federal Reserve Bank, reduced farm income contributed to intensifying cash-flow concerns and tightening lending standards. Cash-flow shortages continued to limit the availability …
SBA Economic Injury Disaster Loans Available in Florida
Following Secretary of Agriculture Disaster Declaration for March Drought The U.S. Small Business Administration (SBA) announced that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Baker and Columbia counties Florida as a result of the drought that began on March 13, 2018. “These counties are …