Farm Economy

As agriculture faces multiple challenges, USDA’s latest net farm income forecast is masking the reality for farmers. While livestock margins have improved for 2024, high input costs and below breakeven prices for row crops means margins could be the worst in nearly 20 years.

Despite concerns over rising costs and current economic challenges in agriculture, the market for used equipment remains strong, particularly for older, simpler models.

Northern Illinois farmer Dan Hartmann made a big leap by purchasing a used sprayer with See & Spray technology. He says when looking at just his soybean acres, the technology will pay for itself in 18 months.

Two factors add up to alternative storage paying off.

Machinery Pete says going the online auction route has tangible implications if you’re looking to sell a piece of equipment (or five) to manage cash flow.

Newton succeeds Terrain founder, Don Close, who will continue with the organization as a cattle and beef analyst.

The effects are already visible, with declining French barley exports to China and the U.S. struggling to sell corn for the new season.

Agriculture can sometimes act as a buffer during broader economic recessions, as demand for essential food items tends to remain relatively stable. However, when multiple indicators align in the industry, it can signal a recession.

There is uncertainty about the Farm Bill’s progress due to potential changes in the political landscape. One thing is certain: farmers need a new Farm Bill.

USDA’s Economic Research Service (ERS) will provide an updated 2024 net farm income forecast on Thursday. Economists say the net farm income picture would look even worse it weren’t for improved livestock prices.