Ag sector’s current realities mean a shift for bankers, new Farm Bill priorities
One of the top priorities for the banking industry, as many farms over the next decade may be switching hands as older farmers retire.
One of the top priorities for the banking industry, as many farms over the next decade may be switching hands as older farmers retire.
A bright spot for farmers is that some production costs, including feed, fertilizer and pesticides, have declined, USDA Secretary Vilsack said. The agency is taking those factors into account as it works with Congress on the next Farm Bill into 2024.
Despite the EPA’s explicit labelling authority, some states are adding labeling requirements outside of the EPA-approved label, trade group says.
With the Farm Bill extended through the 2024 fiscal year, there’s more time—10 months—to work on a full five-year farm bill without cutoffs for many important farm programs.
One of USDA’s goals is to develop a workforce in which 25% of all employees are veterans.
Chairman Glenn Thompson said, however, that an extension will still be necessary until the Senate and others finish their work on Farm Bill.
Working with state banking associations is just part of the teamwork it takes for effective issue advocacy, Nichols said. Bankers’ voices need to be heard, too.
Liquidity has become the primary concern among agricultural lenders for their producer customers, followed closely by farm income levels, according to the 2023 Agricultural Lender Survey by ABA and Farmer Mac.
Any extension of the farm bill would most likely need to go in the next government funding stopgap measure.
As ag and rural banks enter 2024, a host of legislative issues currently being debated stand ready to affect the course of their clients’ business for the foreseeable future.