Farm Economy

When Trump Puts America First, These Commodities Are at Risk

The food and farming industry is worth nearly a trillion dollars to the U.S. economy in 2015, according to data collected from USDA’s Economic Research Service (ERS). That’s 5.5% of the U.S. gross domestic product.

Look for mergers and interests outside ag in a tight economy

Live-hog and futures prices fell in recent weeks as gas prices soared.

More than 660 of the nation’s most ambitious farmers convened in Chicago, Ill., Jan. 27 to 29 for the 14th annual Top Producer Seminar, titled “Win in the New Economy.” This year marked the fourth straight year of record attendance.

The Trump administration released a summary of its sweeping tax reform plan Wednesday that has some considerable changes – including repealing the so-called death tax, which is sometimes criticized as a hardship for small businesses and farms.

Newly revised numbers from the Commerce Department are indicating the gross domestic product (GDP) of the United States increased 3.1 percent from April to June, the fastest growth rate in more than two years.

Agriculture’s mechanization is reflected in the numbers: In Michigan’s St. Clair and Sanilac counties, the size of farms has grown, while the number of farmers has decreased.

Farmers looking for any sign of an economic bright spot for 2017 learned of a modest one yesterday. Net farm income is expected to inch up a slight 3% over 2016 and reach $63.2 billion this year, according to the U.S. Department of Agriculture-Economic Research Service (USDA-ERS) November Farm Income Report. The small improvement is the first farmers have seen in the last several years but is still less than half the amount farmers saw in 2013, when net farm income reached a record $129 billion.

Low commodity prices cause decreased land values, tighter balance sheets and a high level of stress for producers across the country.