The Kansas City Federal Reserve Bank reports farm lending has stabilized, but risks remain. The Federal Reserve’s Agricultural Finance Databook shows risks in the sector have remained alongside a persistently weak agricultural economy. The volume of non-real estate farm loans originated in the third quarter this year increased about two percent from the previous year. The slight increase followed a …
Rural Mainstreet Index Fears Farm Foreclosure Threat to Banks
The Creighton University Rural Mainstreet Index is still below growth-neutral, which it has been for some time. The index jumped six points from September to October, but low crop prices are still inhibiting growth. Ernie Goss, the author of the index, says, “As a result of low commodity prices and weak farm income, 9.5 percent of bank CEOs expect farm …
Key for Agriculture Hangs in the Balance
Tax Reform key for agriculture and other sectors, hangs in the balance this week as the Senate takes an expected razor-thin vote on a budget bill crucial to passing tax reform. The fate of tax reform, a top priority of the president and GOP, will likely be determined by this week’s Senate vote on a so-called ‘reconciliation’ budget. American Farm …
Farmers Could Get Irma Related Tax Breaks
Farmers could receive tax breaks on equipment damaged by Hurricane Irma and on fuel, under a proposal by Rep. Matt Caldwell, a North Fort Myers Republican who is running for agriculture commissioner next year. With the agriculture industry facing $2.5 billion in projected losses from Irma, Caldwell rolled out the proposal this week to offer cuts in Florida’s tangible personal …
Budget Passage Critical for Tax Reform
The House has passed its budget bill, and the Senate has passed its version out of committee. The two chambers must come together to iron out the difference to provide tax relief to farmers and ranchers once the Senate bill moves forward. American Farm Bureau Federation congressional relations director RJ Karney says a budget must be finished to allow tax …
President Trump’s Pennsylvania Tax Reform Speech
This week President Donald Trump made a speech about his administration’s tax reform plan. He addressed truckers in Pennsylvania. Mr. Trump told the truckers his tax reforms will create American jobs by lowering taxes in several ways. The President also says it will be possible for most Americans to do their taxes on a single sheet of paper. The particulars …
Perdue on President Trump’s Tax Reform Agenda
U.S. Secretary of Agriculture Sonny Perdue expressed strong support for the tax reform agenda championed by President Donald J. Trump, hailing it as a great benefit to American agricultural producers. President Trump highlighted the tax reform proposals in an event in Pennsylvania featuring truckers and representatives of the trucking industry. Perdue issued the following statement: “The President’s proposed tax cuts …
Tax Reform Details to be Decided May Affect Agriculture
A senior member of the Senate Finance Committee is predicting some of the missing details affecting agriculture in the Senate GOP tax reform bill. Former Senate Finance Chair Chuck Grassley says while many tax reform details are yet to be decided, some are starting to take shape. Grassley suggests tax writers already have a figure in mind, for ‘stepped-up basis’ …
Food Price Index Increases
Global food prices made a mild move upward last month, according to the Food and Agriculture Organization of the United Nations. The monthly FAO Food Price Index averaged 178.4 points in September 2017, up 1.4 points from August and 7.4 points above September 2016. Firmer prices in the vegetable oil and dairy sectors were behind the small month-on-month rise. The …
Ag Economy Expectations Sliding
Future expectations for the agriculture economy turned lower in the latest monthly Ag Economy Barometer by CME Group and Purdue University. Released Tuesday, the September reading of 132 was unchanged compared to August. However, the barometer’s two sub-indices, the Index of Current Conditions and Index of Future Expectations, did shift in opposite directions. The Current Conditions Index rose to 135, …