Cropland values soar 37% percent in four years
U.S. cropland is worth an average of $5,570 an acre, an increase of $1,510, or 37 percent, since 2020, said the USDA’s annual Land Values report. The surge in land values accompanied the four highest years of net farm income, a gauge of profitability, for American farmers.
Chairman vows to overrule CBO on question of overspending in GOP farm bill
The Republican-written House farm bill is $33 billion over budget and fails to pay for its large increase in crop subsidies, said congressional scorekeepers in an official cost estimate. House Agriculture chairman Glenn Thompson, who brushed aside earlier warnings about over-spending, said if the nonpartisan Congressional Budget Office won’t change its mind, he would rely on the House Budget Committee to overrule the CBO.
TODAY’S QUICK HITS
Brown runs locally in Ohio: Democratic Sen. Sherrod Brown, a member of the Senate Agriculture Committee, says the question in his race for a fourth term is “who stands up for the people of the state,” not Trump vs. Harris in a state Trump is expected to win. (CNN)
Food prices hold steady: The FAO Food Price Index, based on a market basket of grains, meat, dairy, sugar, and vegetable oil prices, was broadly unchanged for the second month in a row with a reading of 120.8 points, 3.1 percent lower than one year ago. (FAO)
Marginally fewer bee colonies: There were 2.71 million honey bee colonies in the United States among beekeepers with at least five hives on Jan. 1, down 1 percent from a year earlier. (USDA)
Bird flu in 178 herds: With new outbreaks in Colorado, South Dakota, Michigan, and Texas, the H5N1 avian flu virus has infected 178 dairy herds in 13 states since late March. (USDA)
ON THE CALENDAR
Monday
The National Conference of State Legislatures holds legislative summit, through Wednesday, Louisville, Kentucky.
American Sugar Alliance holds the annual International Sweetener Symposium, through Wednesday, Seattle.
Ag Media Council, Agricultural Communicators Network, and Livestock Publications Council sponsor Agricultural Media Summit, through Tuesday, Kansas City.
USDA releases weekly Crop Progress report, 4 p.m. ET.
Tuesday
Purdue University releases a monthly Ag Economy Barometer, a gauge of the health of the agricultural economy.
IDEAg holds Minnesota Farmfest, through Thursday, Redwood County, Minnesota.
Thursday
USDA updates its running tally of agricultural exports and imports, 3 p.m. ET.
