Farm income booms for third year in a row
The U.S. agricultural sector is headed for its third year in a row of exceptionally high net farm income, albeit a step down from the record set last year. Since 2021, net farm income — a broad measure of profits — has run at least $39 billion a year above the 10-year average.
New wetlands rule fails to satisfy farm and construction groups
The Biden administration removed federal protection from an estimated half of U.S. wetlands in a regulation unveiled a week ago to comply with the Supreme Court decision shrinking the upstream reach of water pollution laws. But agricultural and construction groups said the regulation was “legally vulnerable” because the administration, in their view, did not fully carry out the ruling.
Ag trade deficit to climb by 45 percent — USDA
After setting a record this year, the agricultural trade deficit will balloon further, to $27.5 billion in fiscal 2024, thanks to the unyielding American appetite for fresh produce, coffee, and wine, say government forecasters. More food and ag imports will flow into the United States at the same time that farm exports shrink, led by a decline in sales to China.
TODAY’S QUICK HITS
Invasive species’ high cost: The threat to the world from invasive species is “underappreciated, underestimated, and often unacknowledged,” says a UN-backed report that pegs the losses from 3,500 harmful invasive species at $423 billion a year and rising. (Washington Post)
More WIC funding: The White House asked for an additional $1.4 billion for WIC as part of a stopgap funding bill to be considered this month by Congress, saying the money was needed because of higher-than-expected enrollment. (CNN)
Worsening wildfires: Forest fires burn twice as much tree cover nowadays as they did 20 years ago and they were responsible for a quarter of all tree cover loss in the past generation. (World Resources Institute)
Grocery inflation ticks upward: After repeatedly lowering their forecast of grocery price inflation this year, USDA economists estimated prices would rise by 5.2 percent this year, rather than their previous estimate of 4.9 percent; the increase was 11.4 percent in 2022. (USDA)
Huge California grape losses: Hurricane Hilary swept into California during the grape harvest season and growers reported the loss of 25 million boxes, driving the harvest below 75 million boxes for the first time since 1974. (The Packer)
ON THE CALENDAR
Tuesday
Purdue University releases the Ag Economy Barometer, a monthly gauge of the agricultural economy’s health.
Environmental Working Group holds a webcast on farm subsidy reform, 10 a.m. ET.
Senate reconvenes after August recess. The House returns to session on Sept. 12.
USDA releases weekly Crop Progress report, 4 p.m. ET.
Wednesday
Agriculture Secretary Tom Vilsack speaks to students and faculty of Cornell University’s school of agriculture and life sciences, Ithaca, New York.
Land Trust Alliance holds Rally 2023 National Land Conservation Conference, through Saturday, Portland, Oregon.
Thursday
USDA holds a webinar on its annual International Food Security Assessment, 1 p.m. ET. The assessment estimates current and 10-year levels of food security for 83 low- and middle-income countries that are or were food aid recipients.
President Biden attends the G20 summit, through Sunday, New Delhi.
The World Food Prize Foundation holds the annual Iowa Hunger Summit, Des Moines.
Plant Based Foods Association holds Plant Based World Expo, through Friday, New York City.
Friday
The UN Food and Agriculture Organization releases monthly Food Price Index, Rome.
Saturday
National Association of State Departments of Agriculture holds annual meeting, through Sept. 14, Cheyenne, Wyoming.
Washington-area groups and companies sponsor the 14th annual DC State Fair, Washington.
