Agricultural Economy

FERN’s Ag Insider reported Monday that “U.S. cropland is worth an average of $5,570 an acre, an increase of $1,510, or 37 percent, since 2020, said the USDA’s annual Land Values report. The surge in land values accompanied the four highest years of net farm income, a gauge of profitability, for American farmers.” “The USDA […]

Reuters’ Leah Douglas reported Wednesday that “the U.S. Department of Agriculture said on Wednesday it has issued $2 billion of financial assistance to more than 43,000 farmers, ranchers and forest landowners who experienced past discrimination in the agency’s farm lending programs.” “The Inflation Reduction Act allocated $2.2 billion for the discrimination payments. For decades, Black […]

Global bumper harvests, a downturn in crop markets and slowing demand for farm equipment are shrinking profits and lowering future outlooks for some of the world’s top crop traders and equipment manufacturers, including Bunge Global SA, CNH Industrial, Archer-Daniels-Midland Co and AGCO Corp. Crop Traders Bloomberg’s Gerson Freitas Jr and Tarso Veloso reported that “bumper […]

Bloomberg’s Michael Hirtzer reported that “record-high wheat yields in North Dakota are set to further expand American grain supplies and should help to quell inflation for foods like bagels, where prices had recently started rising again.” “Dozens of wheat traders, millers and bakers fanned out across the state in an annual crop tour this week,” […]

Bloomberg’s Leah Nylen reported Thursday that “a Colorado judge issued an order temporarily blocking the proposed $25 billion merger of Kroger Co. and Albertsons Cos., which has been challenged by the state attorney general.” “At a hearing in Denver on Thursday, Judge Andrew J. Luxen granted a preliminary injunction halting the deal and cancelled a […]

Politico’s Grace Yarrow reported Monday that “after Joe Biden’s bombshell announcement Sunday afternoon, a number of DNC delegates and other top Democrats — including the president himself — quickly endorsed Vice President Kamala Harris to take over the top of the ticket. The vice president’s track record as a California attorney general, U.S. senator and […]

In his acceptance speech at the Republican National Convention late last week, former President Donald Trump made no direct mention of agriculture, but he touched on a number of issues — electric vehicles, clean energy and trade — that directly affect the agriculture industry. “Trump started the rambling 1½-hour speech on a unifying note and […]

Successful Farming’s Chuck Abbott reported Thursday that “farmers are on track to harvest some of their largest corn and soybean crops ever, but the ongoing decline in commodity prices is putting farm income in question, said the Beige Book issued by the Federal Reserve Board on Wednesday.” “Regional Fed banks in Chicago and Minneapolis said […]

Bloomberg’s Dong Cao reported Sunday that “the world’s biggest pork producer WH Group Ltd. is spinning off the US and Mexico businesses of Smithfield Foods Inc. and listing them in New York, it said in a Hong Kong stock exchange filing.” “The announcement confirmed a Bloomberg News report Friday, which said WH Group has picked […]

Bloomberg’s Gerson Freitas Jr and Tarso Veloso reported Monday that “grain prices have slumped to the lowest level since the pandemic as Tropical Storm Beryl is expected to bring rains to the Midwest, potentially aiding yields at a critical time for crop development.” “The Bloomberg Grains Subindex, which tracks futures for corn, soybeans and wheat […]

Fox Business’ Michael Dorgan reported this past Saturday that “John Deere, the world’s largest seller of tractors and crop harvesters, has announced another wave of layoffs Friday, telling around 610 production staff at plants in Illinois and Iowa that they will be out of a job by the end of the summer.” “The company is […]

Reuters’ P.J. Huffstutter and Karl Plume reported Monday that “after stockpiling crops for much of this season due to low prices, many farmers in the world’s largest corn-producing nation continue to shun buyers despite few signs that prices will improve. Grain supplies are ample and early ratings of summer crops are the best in years.” […]

Pro Farmer reported at the end of May that “the Fed’s Beige Book noted 10 of 12 districts reported slight or modest economic growth (in May), while the other two had no change in activity. The Fed noted, “Agricultural reports were mixed, as drought conditions eased in some districts, but farm finances/incomes remained a concern. […]

Bloomberg’s Michael Hirtzer reported this past Friday that “Deere & Co., the world’s top seller of farm machinery, will cut an undisclosed number of employees in its global production and salaried workforce, according to a letter sent to employees Friday that was seen by Bloomberg.” “The company is facing rising operational costs and declining demand, […]

The USDA Economic Research Service’s Bryn Swearingen and Kate Vaiknoras reported earlier this week that the cost of soybean seeds per acre in the United States has risen more than 260% since 1997, while total soybean production costs have risen 157%. “In 1997, U.S. farmers spent an average of $19.72 per acre on soybean seeds,” […]

Reuters’ Mei Mei Chu reported Wednesday that “China has approved the safety of gene-edited wheat for the first time as Beijing cautiously moves forward with commercial growing of genetically modified food crops.” “The approval for the gene-edited disease-resistant wheat is seen as a milestone, as the ingredient – used to make pasta, noodles and bread […]