farm income
Massive crops to pull down market prices for year ahead
Corn, soybean and wheat growers will see the lowest farm-gate prices for their crops in several years, says USDA in its first forecast of the fall harvest.
Dairy farmers fret as milk prices fall
Wisconsin dairy farmer Charlie Jones says milk prices have fallen by 30 percent this year, putting farmers like him in a bind.
As crop income falls, farmers borrow more operating money
Farmers in the Midwest and Plains - the major regions for corn, wheat and soybean production - are borrowing money to pay short-term operating expenses because shrinking crop income makes it harder to pay cash, according to a survey of ag bankers.
Grain-farm income to plummet this year in Midwest
A farmer with 1,500 acres of highly productive land in central Illinois could see net income this year that is a fraction of last year - around $7,500 versus more than $103,000 in 2014, says U-Illinois economist Gary Schnitkey.
Farmer-owned co-op CHS earnings down 26 percent
The largest farmer-owned cooperative, CHS Inc., said earnings were down by 26 percent for the first nine months of its fiscal year, "primarily due to lower average prices for the refined energy products, grains and fertilizer that make up a significant portion of CHS business."
Ag panel members help stall fast-track package
President Obama's request for fast-track authority on trade agreements was in limbo after the House voted 302-126 against one of the elements of the package. That's a ratio of more than 2-to-1.
Financial struggle as farmers face tighter margins
Growers across the country face tighter margins due to the combination of high production costs and sharply lower commodity prices, a panel of farmers told a House Agriculture subcommittee. They asked for action against farm subsidies overseas and for continued federal support at home. "For many Texas producers, there is no room for error" this year, said Steve Verrett, a cotton grower and executive vice president of Plains Cotton Growers in Lubbock, Texas.
Family farms – 97 percent of US total, 84 percent of sales
U.S. agriculture is dominated by family-owned farms, said the USDA in its "five facts to know about family farms." The 2012 Census of Agriculture found 97 percent of the 2.1 million farms in the country are family farms, and...
“Why more than half of farmers have a second job”
Marketplace, the public radio show about business, went to Durant, in eastern Iowa, to ask farmers about why a second or third income is an indispensable part of their lives. It's not for lack of land.
House ag-funding leader opposes crop insurance cuts
The chairman of the House Appropriations subcommittee on agriculture said he opposes the administration proposal for a 17 percent cut in crop insurance funding.
As income falls, farmers lease equipment rather than buy it
With farm income on the wane, U.S. farmers "are increasingly leasing equipment instead of buying it," says Reuters. It quotes an analyst who says some producers probably are selling equipment and using leases for replacements.
Farm income – a big decline to get back to normal?
U.S. farm income is on the express elevator going down, according to a quick review of USDA forecasts. It expects a 32-percent decline in net farm income this year, to the lowest level since 2009.
Pioneer, a “crown jewel,” affected by DuPont tussle
Fast-growing Pioneer, one of the largest U.S. seed companies, could face "long-term repercussions" from a proposal by a New York investor to break up corporate parent DuPont, reports the Des Moines Register.
USDA data-fest highlights early crop projections
The USDA's annual Outlook Forum traditionally generates headlines with its projections of U.S. crop production seven months before harvest, a challenging exercise considering the many factors that could intervene. A late-winter surge in commodity prices could sway planting decisions, a cold and rainy spring can force last-minute changes among crops, and a summer drought can destroy crop prospects.
Weaker farm income to pull down land value in Plains
Farm bankers in the central Plains "expect cropland values to fall alongside reduced expectations for farm income" this year, said the Kansas City Federal Reserve Bank in its quarterly Agricultural Credit Conditions report.
U.S. farm income to plummet by one-third in 2015
U.S. farm income will drop to its lowest level in six years under the weight of sharply lower crop prices and a plunge in milk prices, according to a forecast from the Agriculture Department. Net farm income, which reflects earnings from production in the current calendar year, would fall by 32 percent from 2014 levels. The USDA said another measure of the farm sector, net cash farm income, would slump by 22 percent, a smaller decline because it includes revenue from stocks carried over from last year.
Crop insurance cut of 17% is proposed in USDA budget
Two crop insurance reforms would cut the cost of the federally subsidized program by about 17 percent under the fiscal 2016 budget proposed for the Agriculture Department. The program is a routine target for cuts, most of which are rejected. This time, the administration proposed a lower premium subsidy for so-called revenue policies based on prices at harvest time, and reforms to prevented-planting coverage. Together, the changes would save $16 billion over 10 years.
Farming important but small share of Midwest economy
Even with the boom years of 2003-14, agriculture's share of the Midwestern economy is shrinking, to 1 percent or so, said a paper from the Chicago Federal Reserve Bank.
House defeats Trump-backed government funding bill
One day after President-elect Donald Trump shot down a stopgap government funding bill, the House defeated a Trump-backed bill written by Republicans to keep the government running until March 14. The GOP bill included $31 billion to buffer the impact in rural America of natural disasters and lower farm income.