IOWA LAND VALUES:
Good morning I’m Clinton Griffiths. As farmland values reach new highs, concern about the estate tax is heightened by farmers and lawmakers alike. Iowa Senator Chuck Grassley - who is also a farmer - says these new land prices further illustrate the need to resolve the estate tax issue. It's caught-up in the fiscal cliff matters. If those breaks revert to old levels, farmers could suffer.
New numbers released by the Senate Republican policy committee show more than 526 thousand family farms are threatened if the estate tax exemption level drops from 5 million dollars to 1 million. The committee says many farm families may be forced to sell some assets and it could be as drastic as selling the family farm, which in turn, hurts rural communities.Farm CPA Paul Neiffer says he's already seeing this, but there are important steps that can be taken to prevent such a large loss.
In Tuesday’s supply-demand report, USDA decreased the size of this year’s cotton crop by 1%. The AG department is projecting 17.3 million bales. While down from last month, it's up 11% from last year. Yield is also up slightly.
CANADA CORN THEFT:
There's no doubt how valuable corn is in a drought year. And it looks like farmer's aren't the only ones who know it. According to CBC television in Canada, crooks made-off with 400 tons of corn, stolen directly from the Quebec farmer's bin. The bins were located on property without a House but, there was a security camera. The thieves however turned the camera skyward. And its estimated they used at least a dozen grain trucks to grab the grain. The farmer estimates he lost 140-thousand dollars.
The dry conditions are helping for late season field work. But in the upper Midwest, they have a nice blanket of snow.