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: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
