Farm income declines in northern Plains
The two-year decline in commodity prices drove down farm income in the northern Plains this summer, ag bankers said overwhelmingly in a survey by the Minneapolis Federal Reserve Bank, and they expect income to fall again this winter. Farmers have cut back on major purchases, the bankers said, and loan demand is up.
Bird flu cuts into egg production
Fewer table eggs will be available for home consumption this year because of continuing outbreaks of highly pathogenic avian influenza at U.S. egg farms this fall, said USDA economists, who estimated that table egg production this year would be 1 percent less than in 2023.
TODAY’S QUICK HITS
Deere income fell sharply: Net income at Deere and Co., the world’s largest farm equipment maker, fell to $7.1 billion for fiscal 2024, a drop of $3 billion from the previous year. (Deere)
Duarte holds a slim lead: Rep. John Duarte, a Republican member of the House Agriculture Committee, has a 351-vote lead over Democrat Adam Gray, a former state legislator, with 96 percent of the vote counted in their House race in California’s Central Valley. Duarte defeated Gray by 564 votes in 2022. (Associated Press)
Trade mission to Guatemala: The USDA said it would lead an agricultural trade mission to Guatemala, the largest U.S. export market in Central America, from March 3 to 7, 2025. (Foreign Agricultural Service)
Winter wheat drought eases: Drought covered 40 percent of winter wheat territory at the start of this week, a dramatic improvement from 62 percent three weeks ago, said a USDA report. (U.S. Drought Monitor)
Corn plantings plunge in Argentina: The country’s farmers were projected to plant just 19.3 million acres of corn for 2024/25, the lowest acreage in nine years, because of the spread of corn stunt disease. (farmdoc daily)
