New non-real estate farm lending activity at commercial banks continued to decline in the fourth quarter of 2023.

The volume of new non-real estate farm loans in the final months of 2023 was about 15 percent less than the previous year. The number of new loans did increase from the previous year, but the average loan sizes were considerably lower. The sharp climb in farm loan interest rates abated during the quarter as average rates increased modestly for some types of loans and dropped slightly for others.

Despite a reduction in new loans compared to late 2022, 2023’s outstanding farm debt balances reported by commercial banks grew steadily through the third quarter of 2023. Elevated production costs, higher interest expenses, and lower commodity prices increased the financing needs of many producers.

The Kansas City Fed says strong liquidity in recent years likely supplemented the borrowing needs of some operations throughout 2023.

New non-real estate farm lending activity at commercial banks continued to decline in the fourth quarter of 2023.The volume of new non-real estate farm loans in the final months of 2023 was about 15 percent less than the previous year. The number of new loans did increase from the previous year, but the average loan sizes were considerably lower. The sharp climb in farm loan interest rates abated during the quarter as average rates increased modestly for some types of loans and dropped slightly for others.Despite a reduction in new loans compared to late 2022, 2023’s outstanding farm debt balances reported by commercial banks grew steadily through the third quarter of 2023. Elevated production costs, higher interest expenses, and lower commodity prices increased the financing needs of many producers.The Kansas City Fed says strong liquidity in recent years likely supplemented the borrowing needs of some operations throughout 2023.-NAFB

Farm Lending Activity Remains Muted

Secretary Vilsack recently suggested use of Commodity Credit Corporation Funds as a remedy for the lack of farm bill funding to increase crop subsidy triggers or reference prices. And that idea may have support, even among its critics.

Vilsack insists the $30 billion CCC fund is a silver bullet and told a farm audience recently.

“The ARC payments and the PLC payments and the CRP payments all come from the Commodity Credit Corporation, so they’ve done it in the past. They just need to get to a point where they understand and appreciate, that is the easiest and simplest and best way to get a farm bill done.”

House and Senate conservatives want limits on CCC use for things like climate smart programs but seem flexible otherwise.

Ag Senator Chuck Grassley—hospitalized this week with an unspecified infection--introduced the USDA Spending Accountability Act.

“Secretaries of Agriculture, both Republican and Democrat, have used excess funds in the CCC, for their own agenda. It’s become one of the most costly tools in the farm safety net. Importantly, it will stop USDA from undermining the role of Congress, in writing the upcoming farm bill.”

And save some $8 billion, half of which Grassley would spend on deficit reduction, but the rest for farm programs.

Senate Ag Chair Debbie Stabenow with Ranking Ag Republican John Boozman asked Secretary Vilsack last year for trade promotion help from the CCC.

“A large part of that is already the way we fund the farm bill, so it’s not that there’s additional.”

Vilsack later announced use of $2.3 billion in CCC funds for export promotion and international food aid.

“The decision that we’re making and the decision we were asked to make by Senators Boozman and Stabenow is designed to provide some additional boost, at a time when it is challenging for the drafters of the farm bill to provide the resources necessary to meet all of the demand.”

Secretary Vilsack recently suggested use of Commodity Credit Corporation Funds as a remedy for the lack of farm bill funding to increase crop subsidy triggers or reference prices. And that idea may have support, even among its critics.Vilsack insists the $30 billion CCC fund is a silver bullet and told a farm audience recently.“The ARC payments and the PLC payments and the CRP payments all come from the Commodity Credit Corporation, so they’ve done it in the past. They just need to get to a point where they understand and appreciate, that is the easiest and simplest and best way to get a farm bill done.”House and Senate conservatives want limits on CCC use for things like climate smart programs but seem flexible otherwise.Ag Senator Chuck Grassley—hospitalized this week with an unspecified infection--introduced the USDA Spending Accountability Act.“Secretaries of Agriculture, both Republican and Democrat, have used excess funds in the CCC, for their own agenda. It’s become one of the most costly tools in the farm safety net. Importantly, it will stop USDA from undermining the role of Congress, in writing the upcoming farm bill.”And save some $8 billion, half of which Grassley would spend on deficit reduction, but the rest for farm programs.Senate Ag Chair Debbie Stabenow with Ranking Ag Republican John Boozman asked Secretary Vilsack last year for trade promotion help from the CCC.“A large part of that is already the way we fund the farm bill, so it’s not that there’s additional.”Vilsack later announced use of $2.3 billion in CCC funds for export promotion and international food aid.“The decision that we’re making and the decision we were asked to make by Senators Boozman and Stabenow is designed to provide some additional boost, at a time when it is challenging for the drafters of the farm bill to provide the resources necessary to meet all of the demand.”-NAFB

Vilsack CCC Farm Bill Remedy Has Some Support Even From Critics

The marketing year 2023/24 global soybean production forecast has increased by 0.1 million metric tons this month to 399.0 million metric tons.

USDA’s Monthly Oil Crops Outlook shows higher production in Argentina, the United States, Paraguay, Russia, China, and Bolivia more than offset lower production in Brazil. Global soybean trade for 2023/24 is forecasted to be up from last month and stands at 170.9 million metric tons due to higher exports from Paraguay and Russia.

The global soybean crush is nearly unchanged this month, as higher crush in Argentina, India, Egypt, and Thailand offsets the reduced crush volume in Brazil. Global soybean ending stocks are forecast at 114.6 million metric tons, up 0.4 million metric tons from last month's forecast and 12.7 million metric tons above last year's level.

In the latest Crop Production report by USDA, U.S. soybean production was raised by 35.2 million bushels on higher yields. The harvested acreage is reduced this month 0.4 million acres on lower harvested area.

The marketing year 2023/24 global soybean production forecast has increased by 0.1 million metric tons this month to 399.0 million metric tons.USDA’s Monthly Oil Crops Outlook shows higher production in Argentina, the United States, Paraguay, Russia, China, and Bolivia more than offset lower production in Brazil. Global soybean trade for 2023/24 is forecasted to be up from last month and stands at 170.9 million metric tons due to higher exports from Paraguay and Russia.The global soybean crush is nearly unchanged this month, as higher crush in Argentina, India, Egypt, and Thailand offsets the reduced crush volume in Brazil. Global soybean ending stocks are forecast at 114.6 million metric tons, up 0.4 million metric tons from last month's forecast and 12.7 million metric tons above last year's level.In the latest Crop Production report by USDA, U.S. soybean production was raised by 35.2 million bushels on higher yields. The harvested acreage is reduced this month 0.4 million acres on lower harvested area.-NAFB

Global Soybean Stocks Raised on Higher Production

The United Soybean Board Wednesday released the 2023 Soy Sustainability Overview.

The report outlines the partnerships formed through checkoff investment to drive innovation in sustainability. The advances include efforts to enhance sustainability in production agriculture and ongoing development of new soy-based products that provide cleaner alternatives for everything from rubbers and plastics to adhesives and lubricants.

Iowa farmer April Hemmes, chair of the Demand Action Team at USB, says, "U.S. Soy farmers are proud of the important and growing role they play in maximizing sustainability not only in farming but throughout industries and around the globe."

The report covers sustainable food practices, renewable energy such as biodiesel, and other sustainability practices. The report also provides updates on checkoff-funded research projects that hold significant promise in advancing sustainability, both on the farm and through groundbreaking new uses for soy.

For more information and to view the report, visit unitedsoybean.org.

The United Soybean Board Wednesday released the 2023 Soy Sustainability Overview.The report outlines the partnerships formed through checkoff investment to drive innovation in sustainability. The advances include efforts to enhance sustainability in production agriculture and ongoing development of new soy-based products that provide cleaner alternatives for everything from rubbers and plastics to adhesives and lubricants.Iowa farmer April Hemmes, chair of the Demand Action Team at USB, says, "U.S. Soy farmers are proud of the important and growing role they play in maximizing sustainability not only in farming but throughout industries and around the globe."The report covers sustainable food practices, renewable energy such as biodiesel, and other sustainability practices. The report also provides updates on checkoff-funded research projects that hold significant promise in advancing sustainability, both on the farm and through groundbreaking new uses for soy.For more information and to view the report, visit unitedsoybean.org.-NAFB

United Soybean Board Releases 2024 Sustainability Overview

Large-scale family farms accounted for a majority of the value of commodity production in 2022, according to a new report from USDA’s Economic Research Service.

Specifically, these farms accounted for 51 percent of cash grains and soybeans, 56 percent of hog production, 65 percent of cotton along with 65 percent of specialty crops, and 76 percent of dairy products. On the other hand, small family farms accounted for three percent of the value of production for dairy, four percent for cotton, seven percent for specialty crops, and 26 percent for beef, but they produced the majority of hay—53 percent—and 45 percent of poultry and eggs.

The value of production by nonfamily farms ranged from five percent for both hay production and poultry and eggs production to 19 percent for specialty crop production. Large scale family farms are those with a Gross Cash Farm Income of more than $1 million.

Large-scale family farms accounted for a majority of the value of commodity production in 2022, according to a new report from USDA’s Economic Research Service.Specifically, these farms accounted for 51 percent of cash grains and soybeans, 56 percent of hog production, 65 percent of cotton along with 65 percent of specialty crops, and 76 percent of dairy products. On the other hand, small family farms accounted for three percent of the value of production for dairy, four percent for cotton, seven percent for specialty crops, and 26 percent for beef, but they produced the majority of hay—53 percent—and 45 percent of poultry and eggs.The value of production by nonfamily farms ranged from five percent for both hay production and poultry and eggs production to 19 percent for specialty crop production. Large scale family farms are those with a Gross Cash Farm Income of more than $1 million.-NAFB

USDA: Large Family Farms Account for Bulk of Commodity Production

PITTSFIELD, ILL. — The nearly 45,000-acre P5 Ranch – the largest contiguous ranch in the state of Kansas – has officially changed ownership.

Located in Hamilton and Kearny counties about 24 miles west of Garden City, the ranch was recently sold by Whitetail Properties Real Estate. Spanning 44,923 +/- acres, it is the company’s largest property sale by acreage to date.

Mitch Keeley and Adam Hann, the Whitetail Properties Land Specialists in western Kansas who handled the sale, said P5 Ranch is truly a one-of-a-kind property. “Usually when we sell a property, it’s either a farm, cattle operation or recreational land,” said Keeley. “We often represent properties that fit one of these categories, but what’s so unique about the P5 is it combines all three property types. It’s very hard to find something like this in Kansas.”

Consisting of over 40,000 acres of prime pastureland and more than 2,700 acres of pivot irrigated and dryland tillable ground, the P5 Ranch has the ability to support a capacity of 6,500 to 8,000 head of cattle. The 17 irrigation pivots on the ranch are used for growing alfalfa, triticale and corn to support the high capacity of livestock grazing the ranch.

In addition to its top-notch agriculture qualities, the P5 offers some of the best hunting in the state. With over 17 miles of Arkansas River frontage, it provides incredible whitetail, mule deer and elk hunting along the river and throughout the sandhills. High populations of upland birds inhabit the ranch, and a 36-acre lake provides excellent waterfowl opportunities as well.

To top it off, the ranch is complete with a large log cabin which has provided housing for hunters on the ranch over the years. There are also four ranch houses for ranch employees.

Hann said it is also very rare to find a ranch of this size in such high-quality condition. “The P5 has been exceptionally well-maintained over the years with excellent fencing, new irrigation pivots and as clean of a ranch as you’ll find anywhere in the Midwest,” he said.

The selling price is not being disclosed, although it is described by Whitetail Properties as “top of the market” for a ranch of this magnitude. The former owners’ decision to sell was

based on not wanting to burden the next generation of ownership with the future responsibility of selling or handing off the ranch.

The two Kansas land specialists said another unique aspect of the transaction is that, unlike most of their sales, an extensive marketing campaign was not undertaken. “Given the magnitude of the ranch, we knew the number of potential buyers would be very limited,” said Keeley. “We realized that instead of widely advertising, we had to go out and find a buyer whose criteria fit the operation. And that’s exactly what we were able to do.”

That strategy proved successful, as the ranch was sold in just two months. The buyer determined that the ranch would be a good fit for his large cattle operation and that the purchase price would provide a rate of return that made sense for the investment.

“We took the buyer to the ranch multiple times to meet with the owners and felt everyone formed a great relationship from day one,” said Hann. “In most deals, the seller never meets the buyer. Upon closing of the P5, we were confident all parties walked away with a sense of satisfaction, and new relationships were formed that will carry on for many years.”

SubmittedPITTSFIELD, ILL. — The nearly 45,000-acre P5 Ranch – the largest contiguous ranch in the state of Kansas – has officially changed ownership.Located in Hamilton and Kearny counties about 24 miles west of Garden City, the ranch was recently sold by Whitetail Properties Real Estate. Spanning 44,923 +/- acres, it is the company’s largest property sale by acreage to date.Mitch Keeley and Adam Hann, the Whitetail Properties Land Specialists in western Kansas who handled the sale, said P5 Ranch is truly a one-of-a-kind property. “Usually when we sell a property, it’s either a farm, cattle operation or recreational land,” said Keeley. “We often represent properties that fit one of these categories, but what’s so unique about the P5 is it combines all three property types. It’s very hard to find something like this in Kansas.”Consisting of over 40,000 acres of prime pastureland and more than 2,700 acres of pivot irrigated and dryland tillable ground, the P5 Ranch has the ability to support a capacity of 6,500 to 8,000 head of cattle. The 17 irrigation pivots on the ranch are used for growing alfalfa, triticale and corn to support the high capacity of livestock grazing the ranch.In addition to its top-notch agriculture qualities, the P5 offers some of the best hunting in the state. With over 17 miles of Arkansas River frontage, it provides incredible whitetail, mule deer and elk hunting along the river and throughout the sandhills. High populations of upland birds inhabit the ranch, and a 36-acre lake provides excellent waterfowl opportunities as well.To top it off, the ranch is complete with a large log cabin which has provided housing for hunters on the ranch over the years. There are also four ranch houses for ranch employees.Hann said it is also very rare to find a ranch of this size in such high-quality condition. “The P5 has been exceptionally well-maintained over the years with excellent fencing, new irrigation pivots and as clean of a ranch as you’ll find anywhere in the Midwest,” he said.The selling price is not being disclosed, although it is described by Whitetail Properties as “top of the market” for a ranch of this magnitude. The former owners’ decision to sell wasbased on not wanting to burden the next generation of ownership with the future responsibility of selling or handing off the ranch.Sold in Just Two MonthsThe two Kansas land specialists said another unique aspect of the transaction is that, unlike most of their sales, an extensive marketing campaign was not undertaken. “Given the magnitude of the ranch, we knew the number of potential buyers would be very limited,” said Keeley. “We realized that instead of widely advertising, we had to go out and find a buyer whose criteria fit the operation. And that’s exactly what we were able to do.”That strategy proved successful, as the ranch was sold in just two months. The buyer determined that the ranch would be a good fit for his large cattle operation and that the purchase price would provide a rate of return that made sense for the investment.“We took the buyer to the ranch multiple times to meet with the owners and felt everyone formed a great relationship from day one,” said Hann. “In most deals, the seller never meets the buyer. Upon closing of the P5, we were confident all parties walked away with a sense of satisfaction, and new relationships were formed that will carry on for many years.”

SOLD! Largest contiguous ranch in Kansas changes hands

Rural residents join Republicans, renters, women, and single people in feeling they’re in a funk financially.

That’s according to the Axios Vibe survey by The Harris Poll. Inflation has dipped in recent months, but the subject remains top of mind for many Americans. Six in 10 survey respondents say they’re now “triggered” by trips to the grocery store. Grocery purchases are the top way Americans say they feel inflation every day, followed by gas prices. Thirty-seven percent of Americans rate their financial situation as poor. That rises to 57 percent for renters, 47 percent for singles, and 46 percent for rural residents.

Forty-one percent of Americans say their finances are worse today than they’d have predicted if they’d been asked, pre-COVID, to imagine the future. That percentage rises to 53 percent for rural residents and 51 percent for renters. The poll finds many Americans, including rural residents, calling the economy weak.

Rural residents join Republicans, renters, women, and single people in feeling they’re in a funk financially.That’s according to the Axios Vibe survey by The Harris Poll. Inflation has dipped in recent months, but the subject remains top of mind for many Americans. Six in 10 survey respondents say they’re now “triggered” by trips to the grocery store. Grocery purchases are the top way Americans say they feel inflation every day, followed by gas prices. Thirty-seven percent of Americans rate their financial situation as poor. That rises to 57 percent for renters, 47 percent for singles, and 46 percent for rural residents.Forty-one percent of Americans say their finances are worse today than they’d have predicted if they’d been asked, pre-COVID, to imagine the future. That percentage rises to 53 percent for rural residents and 51 percent for renters. The poll finds many Americans, including rural residents, calling the economy weak.-NAFB

Rural Residents Among Country’s Unhappiest People

The National Pork Producers Council submitted comments critical of the Food and Drug Administration’s draft guidance on the duration of use of certain antibiotics in food animals.

NPPC says the proposal would “deny the ability for a veterinarian to prescribe antimicrobials appropriately, burden pharmaceutical companies, and may jeopardize antibiotic access.” For 30 years, the U.S. pork industry has implemented measures, including FDA directives, for responsible antibiotic use. In the comments, NPPC emphasized that veterinarians are responsible for deciding what antimicrobials to prescribe, when products should be used and administered, which animals to medicate, and for how long.

The organization says the draft guidance interferes with the veterinarian’s decision-making process by mandating a duration of use. The comments urge the FDA to work closely with drug manufacturers to provide a simple process to include duration of use to continue the availability of products and allow veterinarians to maintain their role in the decision-making process.

The National Pork Producers Council submitted comments critical of the Food and Drug Administration’s draft guidance on the duration of use of certain antibiotics in food animals.NPPC says the proposal would “deny the ability for a veterinarian to prescribe antimicrobials appropriately, burden pharmaceutical companies, and may jeopardize antibiotic access.” For 30 years, the U.S. pork industry has implemented measures, including FDA directives, for responsible antibiotic use. In the comments, NPPC emphasized that veterinarians are responsible for deciding what antimicrobials to prescribe, when products should be used and administered, which animals to medicate, and for how long.The organization says the draft guidance interferes with the veterinarian’s decision-making process by mandating a duration of use. The comments urge the FDA to work closely with drug manufacturers to provide a simple process to include duration of use to continue the availability of products and allow veterinarians to maintain their role in the decision-making process.-NAFB

Pork Producers Concerned About FDA Antibiotics Proposal

Donnie Wahlberg of the TV show “Bluebloods” has joined Clean Fuels Alliance America in a campaign to raise awareness about Bioheat Fuel, an environmentally responsible and sustainable energy solution It’s an eco-friendly and sustainable home heating solution derived from plants, including soybeans.

Wahlberg, a Boston native, is excited about promoting a cleaner future, especially in the Northeast. Bioheat fuel is a renewable energy source that blends traditional heating oil with biodiesel, significantly reducing carbon emissions and environmental impact. Wahlberg’s partnership with Clean Fuels is driven by a shared commitment to promoting sustainable energy solutions and fostering environmental responsibility.

“Donnie’s involvement adds a powerful voice to our campaign, bringing attention to the positive impact of Bioheat fuel on a local and global scale,” says Clean Fuels CEO Donnell Rehagen. “We believe that together, we can inspire positive change and encourage individuals to make the switch to cleaner, more sustainable heating options.”

Donnie Wahlberg of the TV show “Bluebloods” has joined Clean Fuels Alliance America in a campaign to raise awareness about Bioheat Fuel, an environmentally responsible and sustainable energy solution It’s an eco-friendly and sustainable home heating solution derived from plants, including soybeans.Wahlberg, a Boston native, is excited about promoting a cleaner future, especially in the Northeast. Bioheat fuel is a renewable energy source that blends traditional heating oil with biodiesel, significantly reducing carbon emissions and environmental impact. Wahlberg’s partnership with Clean Fuels is driven by a shared commitment to promoting sustainable energy solutions and fostering environmental responsibility.“Donnie’s involvement adds a powerful voice to our campaign, bringing attention to the positive impact of Bioheat fuel on a local and global scale,” says Clean Fuels CEO Donnell Rehagen. “We believe that together, we can inspire positive change and encourage individuals to make the switch to cleaner, more sustainable heating options.”-NAFB

Actor Joining Clean Fuels Alliance to Promote Bioheat

John Deere announced it entered into an agreement with SpaceX to provide cutting-edge satellite communications service to farmers. Utilizing the Starlink network will allow farmers facing rural connectivity issues to fully leverage precision agriculture technologies.

The partnership will enable John Deere customers to be more productive, profitable, and sustainable in their operations as they continue to provide food, fuel, and fiber to their communities and a growing global population.

“The value of connectivity to farmers is broader than any single task or action,” says Aaron Wetzel, vice president of production and precision ag systems at John Deere. “Connectivity unlocks vast opportunities that were previously limited or unavailable.”

The new solution will connect both new and existing machines through satellite internet service and satellite terminals. This will fully enable technologies such as autonomy, real-time data sharing, remote diagnostics, enhanced self-repair solutions, and machine-to-machine communication to help farmers work more efficiently.

John Deere announced it entered into an agreement with SpaceX to provide cutting-edge satellite communications service to farmers. Utilizing the Starlink network will allow farmers facing rural connectivity issues to fully leverage precision agriculture technologies.The partnership will enable John Deere customers to be more productive, profitable, and sustainable in their operations as they continue to provide food, fuel, and fiber to their communities and a growing global population.“The value of connectivity to farmers is broader than any single task or action,” says Aaron Wetzel, vice president of production and precision ag systems at John Deere. “Connectivity unlocks vast opportunities that were previously limited or unavailable.”The new solution will connect both new and existing machines through satellite internet service and satellite terminals. This will fully enable technologies such as autonomy, real-time data sharing, remote diagnostics, enhanced self-repair solutions, and machine-to-machine communication to help farmers work more efficiently.-NAFB

Collaboration Will Expand Rural Connectivity

The U.S. Court of Appeals in the 11th Circuit dismissed a case involving the Hunt Refining Company and the Environmental Protection Agency.

The court ruled that the Small Refinery Exemption challenge brought by Hunt under the Renewable Fuels Standard couldn’t be heard by the court and should be heard instead by the Court of Appeals for the D.C. Circuit. Growth Energy CEO Emily Skor says the 11th Circuit Court validated what’s already known.

“EPA’s denials of these SRE petitions were ‘nationally applicable’ and have nationwide effect, and challenges to the denials have only been brought to the D.C. Circuit Court,” Skor says. “Every time refiners seek to take RFS gallons out of the marketplace, that potentially impacts the entire renewable fuels market, no matter where those gallons get blended.” She also says the 11th Circuit rightly removed itself from the challenges and avoided contributing to a potential patchwork of inconsistent standards.

The U.S. Court of Appeals in the 11th Circuit dismissed a case involving the Hunt Refining Company and the Environmental Protection Agency.The court ruled that the Small Refinery Exemption challenge brought by Hunt under the Renewable Fuels Standard couldn’t be heard by the court and should be heard instead by the Court of Appeals for the D.C. Circuit. Growth Energy CEO Emily Skor says the 11th Circuit Court validated what’s already known.“EPA’s denials of these SRE petitions were ‘nationally applicable’ and have nationwide effect, and challenges to the denials have only been brought to the D.C. Circuit Court,” Skor says. “Every time refiners seek to take RFS gallons out of the marketplace, that potentially impacts the entire renewable fuels market, no matter where those gallons get blended.” She also says the 11th Circuit rightly removed itself from the challenges and avoided contributing to a potential patchwork of inconsistent standards.-NAFB

Growth Energy Applauds Court Ruling

The Farmers National Company says the farmland market seems to be moving into the new year maintaining the value increases it’s built during the last three years.

That stability is in place despite increasing pressure from declining commodity markets, rising interest rates, and inflation. The sharp increase in land values last year which was driven primarily by strong commodity markets has slowed, but the value is holding steady. Buyer demand remains strong for good quality cropland in the Midwest, while the supply of available land remains limited.

“These factors further play into the dynamics of the supply-demand scenario and remain a large factor in supporting current values in early 2024,” says Paul Schadegg, senior vice president of real estate operations for Farmers National. Local farmers/operators continue to be the principal buyers in almost 80 percent of Farmland’s sales transactions. “Available cash plays a role in buyer’s aggressiveness when bidding on land.”

The Farmers National Company says the farmland market seems to be moving into the new year maintaining the value increases it’s built during the last three years.That stability is in place despite increasing pressure from declining commodity markets, rising interest rates, and inflation. The sharp increase in land values last year which was driven primarily by strong commodity markets has slowed, but the value is holding steady. Buyer demand remains strong for good quality cropland in the Midwest, while the supply of available land remains limited.“These factors further play into the dynamics of the supply-demand scenario and remain a large factor in supporting current values in early 2024,” says Paul Schadegg, senior vice president of real estate operations for Farmers National. Local farmers/operators continue to be the principal buyers in almost 80 percent of Farmland’s sales transactions. “Available cash plays a role in buyer’s aggressiveness when bidding on land.”-NAFB

Farmland Market is “Resilient”

USDA released its December 2023 Grain Stocks report that showed higher corn and wheat stocks in all positions, while soybean stocks dropped from 2022.

Corn in all positions totaled 12.2 billion bushels, 13 percent above December 2022. Soybeans were estimated at three billion bushels, one percent lower than a year ago. All wheat on December 1, 2023, totaled 1.41 billion bushels, eight percent above 2022. The winter wheat area planted for 2024 harvest is estimated at 34.4 million acres, six percent below 2023 but three percent higher than in 2022.

Kansas and Texas, the two states with the largest acreages, are expected to be down seven and eight percent, respectively. Michigan and Utah were expected to plant a record-low number of acres. Hard Red Winter Wheat seeded area is expected to be 24 million acres, five percent below 2023. The largest drop in planted acres is in Kansas and Texas.

USDA released its December 2023 Grain Stocks report that showed higher corn and wheat stocks in all positions, while soybean stocks dropped from 2022.Corn in all positions totaled 12.2 billion bushels, 13 percent above December 2022. Soybeans were estimated at three billion bushels, one percent lower than a year ago. All wheat on December 1, 2023, totaled 1.41 billion bushels, eight percent above 2022. The winter wheat area planted for 2024 harvest is estimated at 34.4 million acres, six percent below 2023 but three percent higher than in 2022.Kansas and Texas, the two states with the largest acreages, are expected to be down seven and eight percent, respectively. Michigan and Utah were expected to plant a record-low number of acres. Hard Red Winter Wheat seeded area is expected to be 24 million acres, five percent below 2023. The largest drop in planted acres is in Kansas and Texas.-NAFB

USDA Releases Grain Stocks, Winter Wheat Seeding Reports

The Consumer Electronics show in Las Vegas, Nevada, had plenty to offer in the way of future technology, including self-driving cars and Artificial Intelligence.

Radio Ink says broadcasters should be encouraged that radio continues to show up at a high-tech event like CES. Radio’s largest presence was in the car, just like in everyday life. One company showed off the DTS AutoStage technology in a BMW. It offered a visual way to enjoy AM-FM and in-car games like Jeopardy. As electric vehicles continue to grow, companies are looking for ways to help drivers and passengers pass the time while their EVs charge.

The Consumer Electronics show in Las Vegas, Nevada, had plenty to offer in the way of future technology, including self-driving cars and Artificial Intelligence.Radio Ink says broadcasters should be encouraged that radio continues to show up at a high-tech event like CES. Radio’s largest presence was in the car, just like in everyday life. One company showed off the DTS AutoStage technology in a BMW. It offered a visual way to enjoy AM-FM and in-car games like Jeopardy. As electric vehicles continue to grow, companies are looking for ways to help drivers and passengers pass the time while their EVs charge.

Radio Hand-In-Hand With the Future

The USDA will begin accepting applications for the Continuous Conservation Reserve Program signup on January 12.

The Farm Service Agency encourages agricultural producers and landowners interested in conservation opportunities for their land in exchange for yearly rental payments to consider the enrollment options available through Continuous CRP. It also includes the Conservation Reserve Enhancement Program offered by FSA partners. Additionally, producers participating in CRP can apply to re-enroll beginning January 12 if their contracts expire this year.

“Continuous CRP is one of the best conservation tools we can provide producers and landowners,” says FSA Administrator Zach Ducheneaux. “Whether a producer wants to focus on water quality benefits or work with one of our partners to address natural resource concerns in their area, the program offers many options to help meet those resource conservation goals.”

The USDA will begin accepting applications for the Continuous Conservation Reserve Program signup on January 12.The Farm Service Agency encourages agricultural producers and landowners interested in conservation opportunities for their land in exchange for yearly rental payments to consider the enrollment options available through Continuous CRP. It also includes the Conservation Reserve Enhancement Program offered by FSA partners. Additionally, producers participating in CRP can apply to re-enroll beginning January 12 if their contracts expire this year.“Continuous CRP is one of the best conservation tools we can provide producers and landowners,” says FSA Administrator Zach Ducheneaux. “Whether a producer wants to focus on water quality benefits or work with one of our partners to address natural resource concerns in their area, the program offers many options to help meet those resource conservation goals.”

USDA Reopening Signup for Continuous CRP

USDA released its final 2023 Crop Production Report showing a rise in corn production and a drop in soybean production. 2023 corn production hit a record 15.3 billion bushels, 12 percent above 2022.

The average yield was a record-high 177.3 bushels per acre, 3.9 bushels above 2022. Soybean production in 2023 reached 4.16 billion bushels, two percent lower than in 2022. The average yield was 50.6 bushels per acre, one bushel above 2022, but the production drop was due to four percent fewer harvested acres than the previous year. Meanwhile, the December WASDE Report calls for greater corn production, larger domestic use, and higher ending stocks.

USDA released its final 2023 Crop Production Report showing a rise in corn production and a drop in soybean production. 2023 corn production hit a record 15.3 billion bushels, 12 percent above 2022.The average yield was a record-high 177.3 bushels per acre, 3.9 bushels above 2022. Soybean production in 2023 reached 4.16 billion bushels, two percent lower than in 2022. The average yield was 50.6 bushels per acre, one bushel above 2022, but the production drop was due to four percent fewer harvested acres than the previous year. Meanwhile, the December WASDE Report calls for greater corn production, larger domestic use, and higher ending stocks.

Final 2023 Crop Report Shows Jump in Corn Production

Combine harvester sales closed out the year ahead of 2022 levels, while almost all tractor segments saw declines in both the U.S. and Canada.

The latest data from the Association of Equipment Manufacturers says total U.S. farm tractor sales fell 5.1 percent in December compared to 2022, while year-to-date sales came in 8.7 percent lower than the previous year. However, 100+ horsepower tractors grew 5.2 percent for the year and 3.6 percent in December. Combine harvesters finished 2023 with sales up 1.7 percent last month.

The sub-40 horsepower segment led the yearly losses, falling 11 percent in 2023 on the heels of a 5.8 percent drop in December. For Canada, four-wheel drive farm tractor sales jumped 65 percent in December and finished the year up 44 percent overall. Overall unit tractor sales finished 2023 down 14 percent for December and 10.7 percent overall. AEM is still confident about long-term sales growth.

Combine harvester sales closed out the year ahead of 2022 levels, while almost all tractor segments saw declines in both the U.S. and Canada.The latest data from the Association of Equipment Manufacturers says total U.S. farm tractor sales fell 5.1 percent in December compared to 2022, while year-to-date sales came in 8.7 percent lower than the previous year. However, 100+ horsepower tractors grew 5.2 percent for the year and 3.6 percent in December. Combine harvesters finished 2023 with sales up 1.7 percent last month.The sub-40 horsepower segment led the yearly losses, falling 11 percent in 2023 on the heels of a 5.8 percent drop in December. For Canada, four-wheel drive farm tractor sales jumped 65 percent in December and finished the year up 44 percent overall. Overall unit tractor sales finished 2023 down 14 percent for December and 10.7 percent overall. AEM is still confident about long-term sales growth.-NAFB

Combines See Solid Sales Gains Late in 2023

As the agency already prepares for the 2027 Census of Agriculture, USDA’s National Agricultural Statistics Service will conduct the National Agricultural Classification Survey on January 24.

The survey, an important step in determining who should receive a 2027 Census of Agriculture questionnaire, will go to approximately 250,000 recipients to ask if they conduct agricultural activity. The results of the survey will ensure that every U.S. producer, no matter how large or small their operation, has a voice and is counted in the highly anticipated and influential agricultural census data.

“This survey helps illustrate the breadth of American agriculture and enables USDA to get a complete count of all farmers and ranchers,” says NASS Administrator Hubert Hamer. “Every response matters. Even if a respondent doesn’t think the survey applies to their farm, we’d ask that they respond to the few screening questions.”

NASS encourages recipients to respond securely online at agcounts.usda.gov.

As the agency already prepares for the 2027 Census of Agriculture, USDA’s National Agricultural Statistics Service will conduct the National Agricultural Classification Survey on January 24.The survey, an important step in determining who should receive a 2027 Census of Agriculture questionnaire, will go to approximately 250,000 recipients to ask if they conduct agricultural activity. The results of the survey will ensure that every U.S. producer, no matter how large or small their operation, has a voice and is counted in the highly anticipated and influential agricultural census data.“This survey helps illustrate the breadth of American agriculture and enables USDA to get a complete count of all farmers and ranchers,” says NASS Administrator Hubert Hamer. “Every response matters. Even if a respondent doesn’t think the survey applies to their farm, we’d ask that they respond to the few screening questions.”NASS encourages recipients to respond securely online at agcounts.usda.gov.-NAFB

USDA Kicking Off the National Ag Classification Survey

The USDA is awarding grants worth $19 million to American businesses to increase the availability of biofuels in 22 states and give Americans cleaner and more affordable options at gas station pumps.

Blending ethanol into gasoline has helped reduce fuel costs by approximately 25 percent, contributing to falling gas prices across the country. Gas prices are now under $2.99 in more than half of U.S. states and save the average driver more than $100 per month relative to peak prices. The agency is making the awards through the Higher Blends Infrastructure Incentive Program.

“By increasing the supply of biofuels made here in the U.S., we are strengthening our energy independence, lowering costs for American families, creating new streams of income for agricultural producers, and bringing good-paying jobs to people in rural communities,” says Ag Secretary Tom Vilsack. The investments will help business owners install and upgrade biofuels infrastructure, including pumps.

The USDA is awarding grants worth $19 million to American businesses to increase the availability of biofuels in 22 states and give Americans cleaner and more affordable options at gas station pumps.Blending ethanol into gasoline has helped reduce fuel costs by approximately 25 percent, contributing to falling gas prices across the country. Gas prices are now under $2.99 in more than half of U.S. states and save the average driver more than $100 per month relative to peak prices. The agency is making the awards through the Higher Blends Infrastructure Incentive Program.“By increasing the supply of biofuels made here in the U.S., we are strengthening our energy independence, lowering costs for American families, creating new streams of income for agricultural producers, and bringing good-paying jobs to people in rural communities,” says Ag Secretary Tom Vilsack. The investments will help business owners install and upgrade biofuels infrastructure, including pumps.-NAFB

USDA Investing in Biofuels

Fueled by record performances in Mexico, Central America, and Colombia, November pork exports reached their highest value since November 2021.

USDA data compiled by the U.S. Meat Export Federation says November pork exports reached 258,600 metric tons, up five percent from last year and the highest in six months. Export value rose two percent to $737.4 million, the highest since May 2021 and seventh-highest on record. From January through November, pork exports reached 2.64 million metric tons, eight percent higher than the previous year.

“The momentum for U.S. pork is remarkable and very broad-based,” says USMEF President and CEO Dan Halstrom. Beef exports totaled just over 99,000 metric tons during November, 14 percent below the prior year and the second lowest in 2023. Value fell seven percent to $786 million. For the first 11 months of the year, beef exports were 13 percent lower than the record pace of 2022.

Fueled by record performances in Mexico, Central America, and Colombia, November pork exports reached their highest value since November 2021.USDA data compiled by the U.S. Meat Export Federation says November pork exports reached 258,600 metric tons, up five percent from last year and the highest in six months. Export value rose two percent to $737.4 million, the highest since May 2021 and seventh-highest on record. From January through November, pork exports reached 2.64 million metric tons, eight percent higher than the previous year.“The momentum for U.S. pork is remarkable and very broad-based,” says USMEF President and CEO Dan Halstrom. Beef exports totaled just over 99,000 metric tons during November, 14 percent below the prior year and the second lowest in 2023. Value fell seven percent to $786 million. For the first 11 months of the year, beef exports were 13 percent lower than the record pace of 2022.-NAFB

November Pork Export Value Highest in Over Two Years

The Department of Agriculture this week announced that 35 states, all five U.S. territories, and four tribes plan to be the first to launch the new, permanent summer grocery benefits program for children.

Known as Summer Electronic Benefit Transfer, the program in 2024 will serve close to 21 million children, providing nearly $2.5 billion in grocery benefits. This is around 70 percent of the total population of children eligible for Summer EBT. Through the program, states will provide families with $120 per eligible child for the summer to buy food at grocery stores, farmers markets or other authorized retailers – similar to how SNAP benefits are used. Participating tribes will provide a benefit of the same amount that can be used to buy food at WIC-authorized retailers.

Agriculture Secretary Tom Vilsack says, “Together we’re making progress in closing the summer hunger gap and ensuring children are nourished and healthy year-round.” USDA expects additional states and tribes will provide Summer EBT in 2025.

The Department of Agriculture this week announced that 35 states, all five U.S. territories, and four tribes plan to be the first to launch the new, permanent summer grocery benefits program for children.Known as Summer Electronic Benefit Transfer, the program in 2024 will serve close to 21 million children, providing nearly $2.5 billion in grocery benefits. This is around 70 percent of the total population of children eligible for Summer EBT. Through the program, states will provide families with $120 per eligible child for the summer to buy food at grocery stores, farmers markets or other authorized retailers – similar to how SNAP benefits are used. Participating tribes will provide a benefit of the same amount that can be used to buy food at WIC-authorized retailers.Agriculture Secretary Tom Vilsack says, “Together we’re making progress in closing the summer hunger gap and ensuring children are nourished and healthy year-round.” USDA expects additional states and tribes will provide Summer EBT in 2025.-NAFB

Nearly 21 Million Children Expected to Receive New Grocery Benefit This Summer

The Federal Communications Commission plans to start winding down the Affordable Connectivity Program as funding for the effort dries up.

The FCC has emphasized the need for additional funding for program, and the White House recently made an additional funding request to Congress for $6 billion to keep the program going. With less than four months before the projected program end date and without any immediate additional funding, this week, the Commission expects to begin taking steps to start winding down the program to give households, providers, and other stakeholders sufficient time to prepare.

FCC Chair Jessica Rosenworcel says in a letter to lawmakers, “If Congress does not provide additional funding for the ACP in the near future, millions of households will lose the ACP benefit that they use to afford internet service.” While Congress initially appropriated $14.2 billion for the ACP, more funding is needed to keep the program in place.

The FCC expects funding to last through April 2024, running out completely in May.

The Federal Communications Commission plans to start winding down the Affordable Connectivity Program as funding for the effort dries up.The FCC has emphasized the need for additional funding for program, and the White House recently made an additional funding request to Congress for $6 billion to keep the program going. With less than four months before the projected program end date and without any immediate additional funding, this week, the Commission expects to begin taking steps to start winding down the program to give households, providers, and other stakeholders sufficient time to prepare.FCC Chair Jessica Rosenworcel says in a letter to lawmakers, “If Congress does not provide additional funding for the ACP in the near future, millions of households will lose the ACP benefit that they use to afford internet service.” While Congress initially appropriated $14.2 billion for the ACP, more funding is needed to keep the program in place.The FCC expects funding to last through April 2024, running out completely in May.-NAFB

Without More Funding, FCC Winding Down Broadband Program

U.S. wheat imports are forecasted to be at their highest in six years for the 2023/24 marketing year, according to USDA's Economic Research Service.

Consecutive years of drought in key U.S. growing regions of hard red winter wheat have tapered U.S. output, elevating domestic prices. Millers have sought less expensive sources, including competitively priced wheat from the European Union. U.S. imports of hard red winter wheat, mostly from the EU, for 2023/24 are at 25 million bushels, a record high, and up from five million bushels from 2022/23.

This trade flow is atypical as U.S. wheat imports are normally driven by hard red spring and durum wheat from neighboring Canada. In 2017/18, imports from Canada of both classes of wheat were elevated because of drought-related supply issues in the United States. While U.S. imports of hard red winter wheat are elevated in 2023/24, imports of soft red winter and white wheat are relatively close to normal levels.

U.S. wheat imports are forecasted to be at their highest in six years for the 2023/24 marketing year, according to USDA's Economic Research Service.Consecutive years of drought in key U.S. growing regions of hard red winter wheat have tapered U.S. output, elevating domestic prices. Millers have sought less expensive sources, including competitively priced wheat from the European Union. U.S. imports of hard red winter wheat, mostly from the EU, for 2023/24 are at 25 million bushels, a record high, and up from five million bushels from 2022/23.This trade flow is atypical as U.S. wheat imports are normally driven by hard red spring and durum wheat from neighboring Canada. In 2017/18, imports from Canada of both classes of wheat were elevated because of drought-related supply issues in the United States. While U.S. imports of hard red winter wheat are elevated in 2023/24, imports of soft red winter and white wheat are relatively close to normal levels.-NAFB

U.S. Wheat Imports Reach 6-year High

A new poll from Agri-Pulse and Stratovation Group finds farmers and ranchers support electing Donald Trump to another term as president.

The effort shows 39 percent of surveyed farmers say they would most likely vote for Trump, while 19 percent indicated they would vote for Florida Governor Ron DeSantis. Just eight percent of surveyed farmers say they would vote for President Joe Biden. Of the 605 farmers that participated in the survey, 61 percent identified as Republicans, with 45 percent of that group favoring Trump. Ten percent of the survey participants identified as Democrats with 62 percent of those farmers supporting Biden.

Another 18 percent of farmers identified as independents. Stratovation Group conducted the study between December 14-22, 20243, including farmers and ranchers from the Midwest, South and California. The first presidential primary vote comes Monday as Republicans hold the Iowa Caucus.

A new poll from Agri-Pulse and Stratovation Group finds farmers and ranchers support electing Donald Trump to another term as president.The effort shows 39 percent of surveyed farmers say they would most likely vote for Trump, while 19 percent indicated they would vote for Florida Governor Ron DeSantis. Just eight percent of surveyed farmers say they would vote for President Joe Biden. Of the 605 farmers that participated in the survey, 61 percent identified as Republicans, with 45 percent of that group favoring Trump. Ten percent of the survey participants identified as Democrats with 62 percent of those farmers supporting Biden.Another 18 percent of farmers identified as independents. Stratovation Group conducted the study between December 14-22, 20243, including farmers and ranchers from the Midwest, South and California. The first presidential primary vote comes Monday as Republicans hold the Iowa Caucus.-NAFB

Agri-Pulse Poll Shows Farmers Support Donald Trump

The Department of Agriculture this week reminded farmers, ranchers and forest landowners that January 13, 2024, is the deadline to apply for the Discrimination Financial Assistance Program.

The program is made possible by the Inflation Reduction Act, which provided $2.2 billion in funding. Farmers, ranchers, and forest landowners who experienced discrimination by USDA in its farm loan programs before January 1, 2021, and/or are currently debtors with assigned or assumed USDA farm loan debt that was the subject of USDA discrimination that occurred before January 1, 2021, are eligible for the program.

Applications may be submitted online through the program website at 22007apply.gov, in person at a DFAP local office, or by mail. The full list of offices and their operating hours can be found on the application website. After receiving feedback from potential applicants in September, USDA extended the deadline to January 13, 2024. This provided potential applicants six months to prepare applications.

The previous deadline was October 31, 2023.

The Department of Agriculture this week reminded farmers, ranchers and forest landowners that January 13, 2024, is the deadline to apply for the Discrimination Financial Assistance Program.The program is made possible by the Inflation Reduction Act, which provided $2.2 billion in funding. Farmers, ranchers, and forest landowners who experienced discrimination by USDA in its farm loan programs before January 1, 2021, and/or are currently debtors with assigned or assumed USDA farm loan debt that was the subject of USDA discrimination that occurred before January 1, 2021, are eligible for the program.Applications may be submitted online through the program website at 22007apply.gov, in person at a DFAP local office, or by mail. The full list of offices and their operating hours can be found on the application website. After receiving feedback from potential applicants in September, USDA extended the deadline to January 13, 2024. This provided potential applicants six months to prepare applications.The previous deadline was October 31, 2023.-NAFB