Farm income this year will be second-highest ever
U.S. net farm income will be a stronger-than-expected $151 billion this year, the second-highest total on record, estimated the Agriculture Department on Thursday. That’s roughly $10 billion higher than the August forecast and due chiefly to cost cutting by producers, aided by lower fertilizer, fuel, and feed prices.
Ag exports to dip 5 percent, trade deficit nearly doubles
U.S. farm exports will be the smallest in four years due to lower prices for wheat, corn, and cotton, said the Agriculture Department on Thursday. China would remain the No. 1 customer for food and ag products, with Mexico a close second.
TODAY’S QUICK HITS
Food giants sued: Advocates charge that Cargill, Mars Inc., and other food companies have failed to address rampant child labor in their chocolate supply chains. (Minneapolis Star Tribune)
Fine for meat processor: OSHA has proposed fining Sugar Creek Packing Co. more than $250,000 for safety violations after a maintenance worker fell into a machine and sustained severe chemical burns. (Department of Labor)
E15 rule by March: The EPA said in a court filing that by March 28, 2024, it will issue a final rule in response to the request by eight midwestern states to sell a 15 percent blend of ethanol into gasoline year-round. (DTN/Progressive Farmer)
USDA civil rights bill: Illinois Rep. Jonathan Jackson filed a bill to create an office of civil rights ombudsperson at the USDA as part of a multistep effort to stamp out racial bias at the department. (Rep. Jackson)
Aid to distressed borrowers: Some 1,300 farmers will receive $208 million in financial assistance on guaranteed and emergency loans as part of an ongoing aid program for distressed USDA borrowers. (USDA)
‘Don’t touch energy funds’: The 24 Democrats on the House Agriculture Committee said in a letter that the farm bill should not be a vehicle for hijacking $10 billion allocated for clean energy projects in rural America. (Rep. Caraveo)