Strong livestock revenue slows decline in U.S. farm income
Farm income is down for the second year in a row, with receipts from corn and soybeans — the two largest field crops — off by a combined $23.5 billion from 2023 levels, but higher than expected livestock revenue is a counterweight, said the Agriculture Department on Tuesday. It estimated net farm income, a broad measure of profits, at $140.7 billion this year, down by $6 billion from last year but still the fourth-highest level on record.
Judge overturns USDA rule on genetically engineered plants
The Agriculture Department shirked its duties in a 2020 rule that exempted genetically engineered plants from pre-market review if they were unlikely to pose an environmental risk, ruled U.S. district judge James Donato on Tuesday. Donato overturned the rule, issued during the first Trump administration, and told USDA to reconsider it.
A ‘Trump bump’ on the farm, with a dollop of trade war anxiety
As it did eight years ago, Donald Trump’s victory in the presidential election has ignited a surge of enthusiasm among farmers, although two-fifths of them say there is a risk of a damaging trade war, said a Purdue University poll released on Tuesday. The Ag Economy Barometer, a gauge of farmer confidence, surged 30 points to its highest reading since May 2021.
TODAY’S QUICK HITS
Klobuchar is No. 3 leader: Minnesota Sen. Amy Klobuchar, who was expected to become the senior Democrat on the Senate Agriculture Committee in January, was elected as the third-ranking leader among Senate Democrats, chairing the steering and policy committee. (Senate Democrats)
Expect 45Z rule soon: The Treasury Department “anticipated issuing guidance before the end of the [Biden] administration that will enable eligible producers,” who could include biofuel makers, to claim the 45Z clean fuel tax credits in 2025, said a spokesman. (DTN/Progressive Farmer)
H5N1 spreads on California farms: The bird flu virus has been identified in 481 dairy herds in California, including six additional cases at the start of the week, and in 695 herds in 15 states nationwide; California accounts for all of the infections for the past 30 days. (USDA)
