The Chicago Fed says farmland values increased 10 percent in the first quarter, but the rate of increase is softening. Policy advisor David Oppedahl tells Brownfield higher incomes, outside investors, and a desire to expand has kept the market strong for several years. “This is the smallest increase in eight quarters now, so even at 10 percent, a double-digit increase, it’s kind of funny to think of that as smaller […]
Farmers are slightly more optimistic farmland values will improve in the next 12 months, according to the latest Purdue University/CME Group Ag Economy Barometer. Jim Mintert, the survey’s principal investigator, says the short-term farmland value expectations index increased for the first time in five months. “Some of that was probably an improved perspective with respect to their own farm’s outlook, but I think part of it probably tied back to […]
The National Pork Producers Council says all options are being considered to address Proposition 12 before the law goes into effect this summer. The U.S. Supreme Court has decided to uphold the California law banning the sale of pork, veal, and eggs in California from animals anywhere in the country whose confinement does not meet minimum space requirements. The NPPC says one state should not have the ability to regulate […]
A bipartisan and bicameral group of lawmakers want U.S. fresh potato market access in Japan. Head of the National Potato Council Kam Quarles tells Brownfield the Japanese market represents tremendous growth for growers. “You’re talking about $150 million to $200 million a year market in additional US fresh potato exports,” he says. Quarles says Japan is currently supplied mostly by domestic producers with limited U.S. supplies for chipping. “Sometimes you’ll […]
A farmer in west central Indiana says soybean planting is nearly complete. Paul Hodgen raises corn, soybeans, and wheat in Putnam County. “We have about 200 soybeans acres left to go and about half the corn to go. So, we’re chugging right through it. We need a couple of warm, sunny days and we’ll get it knocked out,” he says. Hodgen, who is currently serving as president of the Indiana […]
The Ranking Member of the Senate Committee says President Biden is committed to supporting and passing the 2023 Farm Bill on time. Speaking with reporters after a meeting with the President, Ag Secretary Tom Vilsack, and other leaders of the ag committees, John Boozman says the President “gets it” and his message was clear. “The importance for him as President to get this done for all of us, for all […]
Chicago Mercantile Exchange live and feeder cattle futures were higher, with feeders in the lead on the mostly lower corn, anticipating a reduction in feed costs. The USDA did raise its 2023 beef production guess, but sees smaller production in 2024 due to tighter supplies. June live was up $1.45 at $164.40 and August was $1.65 higher at $162.45. May feeders were $1.35 higher at $205.47 and August was up […]
Milk futures and cash dairy prices were mostly lower Friday on the Chicago Mercantile Exchange. May Class III milk was down $0.03 at $16.25. June was down $0.34 at $16.57. July was down $0.17 at $17.46. August was down $0.18 at $18.23. September through April contracts ranged from two cents lower in April to thirteen cents lower in September. Dry whey was up $0.0025 at $0.3025. Seven sales were recorded […]
The USDA is forecasting reduced milk production this year and growth in 2024. The agency is calling for larger cow inventories this year with slower milk per cow growth, then dairy cows to see production growth and an additional milking day in 2024. In its May supply and demand report, the USDA raised its forecast for 2023 butter and nonfat dry milk prices because of strong demand, while cheese and […]
