Lower commodity prices darken farm income outlook, says Federal Reserve
Farmers are on track to harvest some of their largest corn and soybean crops ever, but the ongoing decline in commodity prices is putting farm income in question, said the Beige Book issued by the Federal Reserve Board on Wednesday. Regional Fed banks in Chicago and Minneapolis said the farm income outlook had weakened in recent weeks, while the Kansas City Fed said agricultural conditions in its district “faced headwinds from weak crop prices.”
Restrict clean fuel credits to U.S. feedstocks, farm groups say
Lucrative tax credits of up to $1.25 a gallon should be available only for low-carbon fuels made from U.S.-grown feedstocks, four farm groups told the Biden administration on Wednesday. In a letter, the groups also said the government should broaden its list of climate-smart farming practices that produce lower-carbon “sustainable” crops.
TODAY’S QUICK HITS
Operating loans up: The volume of new operating loans issued by ag banks during the second quarter of 2024 was up 20 percent from a year ago, rebounding with the rise in production costs, said a national survey. (Kansas City Federal Reserve)
Binge drinking: While one in five U.S. farmers say they turn to binge drinking during times of high stress, a University of Georgia researcher says farmers drink less when community resources, such as mental health counseling, are available. (UGA Today)
USDA appointments: Eric Deeble, the USDA’s bird flu adviser, was appointed deputy undersecretary for the agency’s regulatory wing, and Cindy Long, previously the administrator of the Food and Nutrition Service, was named USDA deputy undersecretary for nutrition. (USDA)
Lab meat for pets: British regulators approved the sale of cultivated chicken for pet food, making the U.K. the first country in Europe to approve lab-grown meat in any form. (Guardian)
China imports cheap corn: High prices for domestic corn spurred imports of 20.7 million metric tons of corn in the eight months ending on May 31, most of it from Brazil and only 2.1 million tons from the United States, the smallest amount in four years. (USDA)
