Tyne Morgan of the U.S. Farm Report points out that U.S. farm income is facing its largest drop in value in 2024 and its largest ever two year drop in real value when adding 2023 to the calculus. It is a $90 billion drop in two years and farmers appear to be holding on to their supplies in hopes of surviving the current drop in commodity prices. The House Agriculture Committee held a hearing on 23 July and learned that farmers are running out of the liquidity they had built up during the seven good years of 2015-2022. That raises stress and major suppliers like John Deere are starting to reduce output in recognition that the good times are gone.  Although rural voters already lean toward Republicans, the issue could reverberate in thi...

TAGS – North America, Macroeconomics