Plan for prolonged period of higher interest rates, analysts tell farmers
The highest interest rates in years will complicate farm finances, and operators should expect higher rates to persist for several years as part of efforts to quash inflation, said a team of agricultural economists on Wednesday. Farmers will pay more when they borrow money, face higher break-even levels on investments, and feel downward pressure on the value of farmland, their largest asset.
Farmland values stay strong in 2023
High commodity prices will combine with strong demand to hold farmland values at near-record levels in 2023, said Farmers National Co., a farm real estate and management company, on Wednesday.
TODAY’S QUICK HITS
Support for Ukrainian agriculture: The EU is paying $15.5 million to support and strengthen agriculture, fisheries, and forestry in Ukraine and to help the sectors adapt to wartime conditions. (FAO)
Carbon pipeline hearings: Utility regulators in Minnesota and South Dakota will hold hearings Thursday on proposals to build hundreds of miles of carbon pipelines in each state, with one developer, Summit Carbon, complaining of slow action on its plan. (DTN/Progressive Farmer)
Shutting down Plum Island: Congress allocated nearly $13.5 million to close the U.S. animal disease laboratory on New York’s Plum Island, the only lab allowed to work on foot-and-mouth disease. The work will now be done at the new National Bio and Agro-Defense Facility in Manhattan, Kansas. (National Hog Farmer)
USDA food safety leader: Jose Esteban, chief scientist for the USDA’s food safety agency since 2018, was sworn in as Agriculture undersecretary for food safety, leaving one vacancy — overseeing public nutrition — among the department’s eight sub-cabinet positions. (USDA)
USDA aids meat production: Agriculture Secretary Tom Vilsack is scheduled to announce on Thursday USDA support for projects in 16 states to expand domestic meat processing capacity. (FERN’s Ag Insider)
