USDA earmarks $1.3 billion for debt relief to distressed farmers
Financially distressed farmers have received $800 million of an anticipated $1.3 billion to reduce their debts on USDA farm loans, said Agriculture Secretary Tom Vilsack on Tuesday. “Today, I’ve got to think there are thousands of producers out there who can breathe a little easier,” he said during a teleconference.
Wetter Midwest led to higher crop insurance payouts, not more cover crops
Rain, snow and sleet increased in almost all midwestern counties between 2001 and 2020. Along with that additional precipitation came increased federal crop insurance payments to farmers whose crops failed due to “excess moisture,” said a report Wednesday by the Environmental Working Group.
California proposal: Tax rich to pay for wildfires and electric vehicles
Voters in California will decide on Nov. 8 whether to raise the state income tax on millionaires to pay for electric cars, charging stations and wildfire prevention programs. So-called Proposition 30 in California has strong support but the double-digit margin was eroding, according to a poll released early this month.
TODAY’S QUICK HITS
Ian punched Florida ag: Hurricane Ian caused as much as $1.56 billion in agricultural losses in Florida, with citrus, cattle, vegetable and melon farms among the hardest hit, the University of Florida said. (Associated Press)
Carbon claim sparks Danone suit: A class action lawsuit in federal court in New York accused Danone of claiming its Evian bottled water was carbon-neutral, even though most consumers would not accept its rationale. (Food Navigator)
Idahoan grows record wheat: With a record-setting yield of 231.37 bushels an acre, Idaho farmer Rylee Reynolds won the National Wheat Yield Contest, which encourages growers to strive for high yields, quality and profit. (National Wheat Foundation)
Fertilizer prices trend downward: Five of eight fertilizers tracked by DTN/Progressive Farmer are down modestly in price compared to one month ago. (DTN/Progressive Farmer)
GOP eyes spending cuts: If Republicans win control of the House, they will use the debt limit as leverage to enact spending cuts, including for entitlement programs, said House Republican Leader Kevin McCarthy. (Washington Post)