Farm income, at record high, to moderate through 2027
War in Ukraine and record-large ag exports to China will drive U.S. net farm income to a record $148.3 billion this year, twice as high as five years ago, said the FAPRI think tank on Monday. Income would decline in 2023 and 2024 as commodity prices soften, and then hold steady through 2027.
Ag is sole bright spot in Sino-U.S. trade
So far this year, U.S. exports to China are running at 2021’s level and there is little reason to expect improvement in the near term, said analyst Chad Bown of the Peterson Institute for International Economics on Monday. “While agriculture overall remains a U.S. export bright spot in 2022, products like pork, wheat, and corn face new worries,” he wrote.
U.S. corn and soy crops wilt during hot and dry summer
The drought-hit corn and soybean crops are smaller than expected, said the government on Monday, slicing 451 million bushels from its estimate of the corn harvest and 152 million bushels from its soybean forecast. The revisions reduced this year’s crops to also-rans instead of contenders for the record books.
TODAY’S QUICK HITS
Child poverty rate halved: Expanded government aid drove a decline in the child poverty rate to 11 percent in 2019 from 28 percent in 1993, with lower jobless rates, higher minimum wages and more single mothers in the workforce also playing a role, said a Child Trends study. (New York Times)
BioPreferred gets Biden boost: President Biden signed an executive order to launch a National Biotechnology and Biomanufacturing Program that would streamline regulation of biotech products and increase federal purchases of bio-based products. (White House)
Deere tries self-driving tractors: The world’s largest farm equipment maker, Deere and Co., is investing billions of dollars in self-driving tractors and sprayers that distinguish weeds from crops. (Wall Street Journal)
Food fears in Britain: Drought and high fuel prices are putting pressure on agricultural production in Britain and, “There is a risk of food shortages in the UK this winter, experts have said.” (The Guardian)
Suit seeks EPA records: The Center for Food Safety filed suit in federal court in San Francisco to force the EPA to hand over records about damage caused by the weedkiller dicamba. (Center for Food Safety)
