Senator warns of farm-size conflict in farm bill negotiations
At the same time that Agriculture Secretary Tom Vilsack called for more attention to small and midsize farmers, who see limited revenue from agriculture, a key Southern senator cautioned on Thursday against “a small farm versus big farm conflict” in writing the new farm bill. Large-scale operators collect the lion’s share of U.S. farm subsidies at present because payments are tied to production volume.
Farm income jumps 14 percent to record high
High commodity prices, due in part to warfare in Ukraine, will propel U.S. net farm income to a record $160.5 billion this year, despite a steep climb in expenses, said the Agriculture Department on Thursday. Farm income, a gauge of profitability, would be 14 percent higher than last year.
For farm bill, ag groups say, ‘We want some more’
Net farm income is at record levels, thanks to high commodity prices, and is expected to remain strong for two or three years, yet farm groups are telling Congress “that existing subsidy programs should be continued, their scope expanded, and federal spending increased” in the 2023 farm bill, said an American Enterprise Institute analyst.
Record subsidies but weaker ag sector during pandemic year
Farmers faced higher expenses and earned less money from their crops and livestock than initially expected in 2020, due to market disruptions caused by the pandemic, said a USDA Covid-19 working paper. By many standards, such as debt-to-asset ratio, the financial strength of the sector softened in 2020, despite $45.7 billion in federal subsidies — the largest ever — said USDA economists.
Farm income is forecast far above average for second year
Record-high expenses and sharply lower federal subsidies will erode farm income in 2022, according to a forecast by the Agriculture Department. Nonetheless, U.S. agriculture would see one of its best years on record, with net farm income 26 percent above its 10-year average.
Highest U.S. farm income in eight years, but headwinds in 2022
Despite the disruptions of the pandemic, U.S. farm income, a broad measure of profits, will be the highest since 2013, thanks to strong corn, soybean, wheat, broiler, cattle, and hog prices this year, said the USDA on Wednesday. "It is primarily a price story," said USDA economist Carrie Litkowski.
Big drop in farm income forecast as pandemic aid ends
After reaching its highest level since 2013, U.S. net farm income would tumble by one-fifth next year, despite continued high crop and livestock revenue, said the Food and Agricultural Policy Research Institute on Tuesday. "Under current policies, farm income could drop again in 2022, as government payments decline and production expenses continue to rise," the think tank said.
Small share of coronavirus package for food aid and farmers
The final coronavirus aid package of the year would direct 3 percent of its $900 billion in funding to food assistance and relief for agricultural producers, according to its Democratic and Republican sponsors. "It's a deal that must come together," said one of the sponsors, Sen. Joe Manchin of West Virginia, on Sunday.
‘Trump bump’ in farm income to disappear in 2021
U.S. farm income, buoyed by record-setting farm subsidies this year, will sink in the new year with the disappearance of government payments to buffer the effects of the trade war and the coronavirus pandemic on agriculture, said the FAPRI think tank on Thursday. Farm groups and their allies in Congress are likely to seek billions of dollars in new federal assistance, said analysts.
USDA to buy as much excess milk and meat as possible, says Perdue
Besides billions of dollars in cash payments to farmers, coronavirus relief will include purchases of "as much" milk and meat as possible for hunger relief, said Agriculture Secretary Sonny Perdue on Wednesday. President Trump says at least $16 billion will be spent on aid to agriculture. (No paywall)
U.S. heads for highest farm income in seven years
Thanks to a steady recovery, U.S. farm income this year will be the highest since 2013, the peak of the commodity boom, said the government on Wednesday. The USDA forecast net farm income, a broad measure of profits, at $96.7 billion this year, with higher crop and livestock revenue offsetting the end of two years of mammoth Trump tariff payments.
Farm income below $70 billion — a new average for U.S. agriculture?
The USDA forecast net farm income of $69.4 billion this year. If accurate, the total would be the third year of net income below $70 billion since 2015. “We’re starting to see ... a new average coming out here,” said USDA economist Carrie Litkowski on Wednesday.
Net farm income to rebound in 2019 as farmers pare expenses
After hitting a pothole in 2018, U.S. net farm income will recover this year under the combined effects of financial belt-tightening and rising crop prices, said the USDA on Thursday. It projected net farm income of $77.6 billion in 2019, which would be the highest total since the commodity boom collapsed in 2014.
Think tank forecasts sluggish farm income, continued stress
U.S. farm income has been in a rut since the collapse of the commodity boom in 2013, and it is likely to grow only slowly after a bump upward in 2019, estimated a University of Missouri think tank.
Farm income stabilizes after steep decline that began in 2013
U.S. farm income will tick upward this year, a sign of stability three years after the collapse of the commodity boom pushed income into a nosedive. Still, even with this year’s upturns, income will be a fraction of 2013’s peak, said the USDA.
U.S. farm income noses upward after three years of declines
Commodity prices are still in a trough but U.S. farm income is on the rise for the first time since 2013 because producers are sending more crops and livestock to market than initially expected, said the USDA. It forecast net cash farm income, a measure of liquidity, of $100.4 billion this year, far stronger than the February forecast of $93.5 billion, but only three-fourths of the record set in 2013.