High costs and softer markets weigh on outlook for farm economy
With interest rates sharply higher, farmers are increasingly relying on savings or tightening their belts instead of seeking bank loans to cover their expenses, according to ag lenders nationwide. “The outlook for the U.S. farm economy has moderated in recent months as risks of more limited profit opportunities have grown alongside softening in commodity markets and elevated production expenses,” said the Kansas City Federal Reserve Bank.
SNAP time limit could hit up to a million people
An estimated 500,000 people, more than 1 percent of current food stamp recipients, will be cut off from SNAP beginning in October with the return of the 90-day limit on benefits for some able-bodied adults, said the Center on Budget and Policy Priorities. The figure may actually be closer to 1 million people, the group said.
TODAY’S QUICK HITS
Drought easing for corn, soy: Although drought covers much of the corn and soybean acreage in the country, the affected areas — 64 percent for corn and 57 percent for soybeans — are 3 points smaller than a week ago. (USDA)
Fair fare: Nearly three dozen foods will be introduced at the Minnesota State Fair, opening Aug. 24, including lutefisk baked in hoisin sauce and served in a lotus roll, pickle fudge, and smoked walleye on a stick. (Minneapolis Star Tribune)
Farmer John site sold: Goodman Group, an international development company, will buy the 29-acre site of the Farmer John meatpacking plant in suburban Los Angeles from Smithfield Foods for $206 million. (Commercial Observer)
Rural political gap widens: In the 2022 midterm elections, Republicans won 69 percent of the ballots cast in rural America and Democrats won just 29 percent, a gap that was twice the size it was in 2018. (Pew Research Center)
Toxic runoff: Some 730 tons of the active ingredients in 92 commonly used pesticides end up in river systems each year, often far from where they’re applied, said a study of 144 major watersheds around the world. (Guardian)
