Farmland values gallop higher despite interest rate increases
Strong commodity prices are creating opportunities for U.S. farmers to profit despite the risks posed by drought and higher production costs, said the Ag Finance Update by the Kansas City Federal Reserve Bank.
Bird flu losses break record
A record 50.54 million birds in domestic flocks have died of highly pathogenic avian influenza (HPAI), or were culled to prevent spread of the viral disease since February, according to USDA data.
TODAY’S QUICK HITS
Adaptation or aberration?: Environmentalists say wetlands will suffer and big farmers will benefit from a French program to construct huge reservoirs to capture rainwater to irrigate farmland. (New York Times)
Record land-fallowing: Drought forced California farmers to idle 10 percent of irrigated land this year, surpassing the peak set in the 2012-16 drought. (Los Angeles Times)
Sweet potatoes replace tobacco: Tobacco production in North Carolina declined steeply, and sweet potatoes may be the biggest of the replacement crops, with four times the acreage as in 1997. (Ag Data News)
Sugar blocked: The U.S. will block imports of sugar produced by Central Romana Corp. Ltd., in the Dominican Republic, because of “information that reasonably indicates the use of forced labor in its operations.” (Treasury)
Japan finalizes trade mechanism: The upper house of the Diet finished revisions to Japan’s beef safeguard mechanism that will allow more U.S. beef to be shipped to Japan without triggering higher tariffs. (USTR)
ON THE CALENDAR
Monday
USDA releases the final Crop Progress report for 2022, 4 p.m. ET. The weekly report will resume in April 2023.
Tuesday
Chicago Federal Reserve Bank holds Midwest Agriculture Conference, with a focus on barriers to entry to farming and issues facing family farm transitions between generations, 10 a.m. ET, Chicago.
USDA releases quarterly Outlook for U.S. Agricultural Trade, 3 p.m. ET. At present, farm exports are forecast at a near-record $193.5 billion in the fiscal year that opened Oct. 1, compared to the $196 billion mark set in fiscal 2022.
Senate Judiciary subcommittee on competition holds hearing, “Examining the competitive impact of the proposed Kroger-Albertsons transaction,” 3 p.m. ET, 226 Dirksen.
House votes on H Res 922, “Condemning the use of hunger as a weapon of war and recognizing the effect of conflict on global food security and famine.”
HighQuest Partners sponsors Unconventional Ag, formerly the Organic and Non-GMO Forum, through Wednesday, Minneapolis.
Agricultural Retailers Association holds annual conference and expo, through Thursday, San Diego.
Wednesday
USDA releases monthly Agricultural Prices report, 3 p.m. ET.
Thursday
USDA updates its Farm Income forecast, 11 a.m. ET. At present, U.S. net farm income is forecast to be a record $147.7 billion, with high commodity prices boosting crop and livestock revenue by $91.7 billion from 2021. The Economic Research Service holds a farm income webinar at 1 p.m. ET.
CFTC chairman Rostin Behnam is lead witness at the Senate Agriculture Committee hearing, “Why Congress needs to act: Lessons learned from the FTX collapse,” 10 a.m. ET, G-50 Dirksen.
Federation of Southern Cooperatives/Land Assistance Fund holds Forward 2023 National Heirs Property Conference, through Saturday, Atlanta.
Agricultural cooperative CHS Inc. holds annual meeting, through Friday, Minneapolis.
