President Trump, USDA Secretary Brooke Rollins, Treasury Secretary Scott Bessent, U.S. lawmakers and farmers from 8 states were present for the announcement of $12 billion available in one-time bridge payments to farmers.
USDA’s Economic Research Service forecasts inflation-adjusted U.S. net cash farm income will decrease by $16.3 billion — or 9.6% — to $154.1 billion in 2024. This would come after a decrease of $52.9 billion — or 23.7% — in 2023 from an all-time high of $223.3 billion in 2022.
Inflation-adjusted U.S. net cash farm income (NCFI), defined as gross cash income less cash expenses, is forecast to increase $4 billion (3.6%) to $115.2 billion in 2020.
If the current outlook for farm profits holds true, the replacement cycle buying that has propped up North American farm equipment sales the past few months could be short lived. And it’s too early to know if the Market Facilitation Program (MFP) might help offset some of the downturn in farm profitability that USDA is forecasting.
Like the rest of the industry, including dealers and manufacturers of ag equipment and consumable products, U.S. farms are also consolidating and getting larger. For example, according to USDA, Farms with over $1 million in gross cash farm income (GCFI) accounted for half of the value of U.S. farm production in 2015, up from about one-third in 1991.
Agriculture Secretary Tom Vilsack today released the following statement after USDA's Economic Research Service issued new data showing that agricultural exports support more than one million jobs here at home.
Today, USDA's Economic Research Service released an interested new report: Why Have Food Commodity Prices Risen Again? This should be mandatory reading for everyone associated with North American agriculture.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we look at President Trump's tariff reduction on ag equipment, the latest dealer sales forecasts, and how high input costs are keeping farmer sentiment down.
Since 1980, A&I Products has become a leading manufacturer and wholesale distributor of aftermarket replacement parts for the agricultural, turf, and industrial equipment markets. A&I Products' experience and expertise has greatly contributed to the company's reputation as a top supplier of quality, reasonably priced parts. Founded with roots as a small machine shop and repair facility, the company made the transition by manufacturing new parts to replace those that were identified as commonly needing repair. Throughout the 1980s, the company quickly garnered a reputation for offering quality parts at a reasonable price.
Built on 90 years of expertise, Yetter Farm Equipment leads the agriculture industry in designing effective and innovative equipment for residue management, seedbed preparation, precision fertilizer placement, harvest attachments, strip-tillage, and more.
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