The House Agriculture Committee will hold a hearing on Thursday to Review the State of the Rural Economy. This is an annual hearing, and the sole witness will be Agriculture Secretary Vilsack. According to USDA, net farm income in 2021 was $116.3 billion. That is the highest since 2013 and almost double farm income in 2016.
The increase in farm income was mostly driven by prices. Of course, there are two drivers of gross farm cash receipts: the price of commodities and the volume of commodities. Holding volumes constant from 2020 to 2021 and accounting for only price increases results in increased income of $63.3 billion. Holding prices constant from 2020 to 2021 and accounting for only volumes results in $0.2 bi...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
