2022 record, U.S. farm income third-highest ever
U.S. agriculture is headed for the third year in a row of far-above-average income, estimated the Agriculture Department on Tuesday. Lower market prices for corn, soybeans, cotton, hogs, broiler chickens and eggs will combine with rising expenses to pull down net farm income by nearly $26 billion from the record set last year, said USDA economists.
Carbon contracts don’t pay enough
Comparatively few farmers are actively considering a carbon contract and the vast majority of them want a higher payment per acre than was being offered, said the monthly Ag Economy Barometer on Tuesday. Growers commonly said they were offered $10-$30 for each ton of carbon sequestered through farming practices, a fraction of what they desire.
#UPDATE
Lab-grown meat = a P.R. problem
Cell-based meat companies claim their products are identical to meat, but they have one important difference, according to the latest story at Bloomberg Businessweek. To get the cell cultures to grow at rates big enough to power a business, several companies are quietly using what are called immortalized cells, something most people have never eaten intentionally. Immortalized cells are a staple of medical research, but they are, technically speaking, pre-cancerous and can be, in some cases, fully cancerous. That said, researchers say they pose no apparent health risks.
TODAY’S QUICK HITS
Salmon win this round: In a win for the Yurok tribe and salmon fisheries, a federal judge ruled that the Oregon Water Resources Department must comply with the Endangered Species Act and release water from the Upper Klamath Lake, rather than direct it toward farms. (Courthouse News Service)
Top Dems on House Ag: Reps. Jim Costa of California, Jahana Hayes of Connecticut and Abigail Spanberger of Virginia will serve as the senior Democrats on the House Agriculture subcommittees that they chaired last year while newcomers were named as ranking members on the other three subcommittees. (House Agriculture Democrats)
Dairy exports set record: U.S. dairy exports soared by 25 percent to a record $9.6 billion in 2022, the third year in a row of record sales, with the equivalent of nearly one of every five gallons of milk being exported. (U.S. Dairy Export Council)
Ag bailouts for urbanites: Residents of the 75 wealthiest zip codes in the country received a total of $5.6 million of the billions in trade war and pandemic relief payments released by the USDA. (EWG)
USDA simplifies loan forms: A new and simplified application form for direct loans from the Farm Service Agency will be available in paper and electronic form beginning on March 1. (USDA)
