NATIONAL AG NEWS SPONSORED BY THE AMERICAN FARM BUREAU FEDERATION

National Ag News for January 13, 2023

USDA Releases January WASDE Report

USDA released the latest World Agricultural Supply and Demand report Thursday. This month’s U.S. corn outlook calls for reduced production, food, seed, and industrial use, feed and residual use, exports, and ending stocks. Corn production is estimated at 13.730 billion bushels, down 200 million. Exports were reduced 150 million bushels to 1.925 billion, reflecting the slow pace of shipments through December, and the lowest level of outstanding sales as of early January since the 2019/20 marketing year. The season-average corn price received by producers is unchanged at $6.70 per bushel. Soybean production is estimated at 4.276 billion bushels, down 69 million, led by reductions for Missouri, Indiana, Illinois, and Kansas. The soybean export forecast was reduced 55 million bushels to 2.0 billion. The U.S. season-average soybean price is projected at $14.20 per bushel, up 20 cents. The outlook this month calls for increased supplies, larger domestic use, unchanged exports, and lower ending stocks. The season-average farm price is unchanged at $9.10 per bushel.

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Total Household Income up for Commercial Farms

From 2015 to 2021, the median total household income for commercial U.S. farms rose an estimated 16 percent, to $278,339 from $238,994. Commercial farms earn more than $350,000 gross cash farm income regardless of the principal operator’s occupation. USDA’s Economic Research Service reports that in 2021, the median total household income for commercial farms remained above the median income of $75,201 for all U.S. households. Farm households rely on a combination of on-farm and off-farm sources of income. On-farm income is determined by farm costs and returns that vary from year to year, and in any given year, a majority of farm households report negative farm income. Off-farm sources—including wages, nonfarm business earnings, dividends, and transfers—are the main contributor to household income for most farm households. Because households operating commercial farms rely mostly on on-farm sources of income, they experience the largest shocks in household income when farm sector income rises or falls.

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USDA Accepting Applications for Netherlands Trade Mission

USDA’s Foreign Agricultural Service is accepting applications from U.S. exporters for its first-ever regional agricultural trade mission to Amsterdam, Netherlands, April 17 – 20, 2023. FAS Administrator Daniel Whitley says, “Participants will explore exporting opportunities in this mature market, which continues to grow, and meet potential buyers in surrounding regional markets.” U.S. agricultural and related exports, including fishery and forestry products, to the Netherlands totaled $3.4 billion in 2021, ranking it the U.S.’s 10th largest market globally. During the trade mission, U.S. participants will meet with buyers from the Netherlands, Iceland, Norway, Sweden, Finland, Denmark, and neighboring Belgium and Germany. Participants will conduct business-to-business meetings with potential buyers, receive market briefings from FAS and trade experts, and participate in site visits and other networking activities while in the Netherlands. The deadline to apply for the Netherlands trade mission is Thursday, January 26. Information about the trade mission and how to apply is available on the USDA FAS website.

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USA Rice Calls House Ways and Means Chair Smith an Ally

Earlier this week, Representative Jason Smith was tapped to lead the powerful House Committee on Ways and Means. The Missouri Republican will lead the oldest committee in the U.S. Congress, which is the principal tax-writing body in the House of Representatives. The committee oversees not only taxes and revenue generation, but also tariffs and reciprocal trade agreements for the United States. USA Rice member and Missouri farmer Zach Worrell says, “Congressman Smith has long been a friend of Missouri agriculture and especially Missouri rice,” adding, “We are looking forward to having a rice industry ally lead this committee to advocate for U.S. rice on a global scale on the many trade issues we face.” Tax policy continues to be an important issue for rice farmers and rice-related businesses looking to pass operations onto the next generation. Smith is a farmer, businessman, and former state legislator, and is currently serving his sixth term representing Missouri’s 8th Congressional District.

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Thank You Farmers Project Donations Surpass $4 Million

Culver’s Thank You Farmers Project has now eclipsed $4 million raised since its creation in 2013. Through initiatives organized by Culver’s on a systemwide level and the fundraising efforts of local restaurants throughout 2022, the program raised $750,000 toward its mission of advocating for the positive impact agriculture has on the world. Proceeds raised through the Thank You Farmers Project directly support those actively bringing positive change to the agriculture industry. These beneficiaries include groups making a difference with agriculture efforts in Culver’s local communities as well as national organizations working to advance the industry on a broader scale, like the National FFA Organization and U.S. Farmers and Ranchers in Action. Alison Demmer, Culver’s marketing and public relations manager, says, “We were so proud to see our guests join in this mission with us in 2022, and we look forward to supporting agriculture together through the Thank You Farmers Project long into the future.”

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Commodity Classic Registration Ends January 20

Only a few days remain to take advantage of early registration discounts for the 2023 Commodity Classic to be held March 9-11 in Orlando. Friday, January 20, 2023, is the last day the early registration discount will be in effect. Commodity Classic 2023 co-chair George Goblish says, “Going to Commodity Classic is an investment in any grower’s operation.” Registration fees vary depending on the number of days attended. Full registration covers all three days of the event, and one-day registrations are also available. Members of the National Corn Growers Association, American Soybean Association, National Sorghum Producers, National Association of Wheat Growers, and the Association of Equipment Manufacturers receive additional discounts on registration. All registration and housing reservations should be made online at CommodityClassic.com. The 2023 Commodity Classic will be held at the Orange County Convention Center West Concourse in Orlando, Florida. The convention center will house all Commodity Classic events.

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By Tucker Allmer - The BARN

Tucker Allmer & the BARN are members of the National Association of Farm Broadcasting (NAFB), the Colorado FFA Foundation, the Colorado 4H Foundation, the Colorado Farm Show Marketing Committee, 1867 Club Board Member, Denver Ag & Livestock Club Member, the Weld County Fair Board, the Briggsdale FFA Advisory Council, Briggsdale 4H Club Beef Leader & Founder / Coordinator of the Briggsdale Classic Open Jackpot Show.

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