After the three highest consecutive years on record in 2021-2023, the first farm income forecast of 2024 indicates a drop in net farm income,
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Lenders still expect borrower profitability to remain relatively elevated this year.
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.
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.
The agency issued more than $1.77 billion this year to agricultural producers and landowners through its Conservation Reserve Program.
Farmers and ranchers forced to sell livestock due to drought may have an extended period in which to replace the livestock and defer tax on any gains from the forced sales.
While the funds the FCS borrows in the capital markets through the Federal Farm Credit Banks Funding Corporation are protected from any loss by the Farm Credit System Insurance Corporation, that insurance protection does not extend to deposits held by FCS institutions.
Approximately $3.1 billion will be spent on 141 pilot projects, providing incentives for producers to adopt climate-sensitive practices on working lands.
The bill addresses the shortage of technical service providers who help producers access USDA conservation programs through one-on-one assistance.