The dramatic drop in commodity prices over the last six months, along with the realization that lower farm incomes may be setting in across the Midwest, have many wondering if the price of farmland can remain at historic highs. Todd Gleason has more on the reasons that may be possible from the Center for Farmland Research at the University of Illinois.
The University of Illinois Farm Doc team is on the road this week with the annual Illinois Farm Economic Summits (IFES). Ag Economist Darrel Good kicks off the daily program. He spoke with Todd Gleason about his view of the commodity markets early Friday December 13th. You may listen to that
Average Iowa farmland value is estimated to be $8,716 per acre, an increase of 5.1 percent from 2012, according to results of the Iowa Land Value Survey conducted in November. Values increased in 2013 for the fourth year in a row and achieved historic peaks. The increase is similar to results of other recent Iowa farmland value surveys, including the Federal Reserve Bank of Chicago and the Iowa Chapter of the Realtors Land Institute surveys.
LISTEN to WILLAg's Interview with Iowa State's Mike Duffy
Scott County, with an estimated $12,413 average value for all farmland, saw the highest average county values in the Iowa State survey. Scott County also had the highest percentage increase and highest increase in value, 12.45 percent and $1,374 respectively, of the 99 Iowa counties. The Northwest Crop Reporting District reported the highest land values at $10,960, which was a decrease of $445 (3.9 percent) from 2012. O’Brien County showed the highest dollar decrease in 2013 of $478. Osceola, Dickinson and Lyon counties along with O’Brien County all shared the greatest percentage decrease in 2013, with 3.72 percent.
Commodity prices have dropped dramatically as supply and demand have leveled out. However, cash rents paid to produce crops like corn, soybeans, and wheat are still high. Todd Gleason has more on the potential income prospects for those acres rented at the highest levels.
Farmers have been operating for more than a year now without a farm bill. Since the 2008 bill expired, there’s been an ideological debate surrounding the funding of certain programs in the farm bill, including the Supplemental Nutrition Assistance Program. There are currently two versions of the farm bill stalled in Congress, one passed by the Senate and one passed by the House, and if legislators can’t come to a compromise by January 1, farm policy written in the 1940’s will take effect. This hour on Focus, we’ll talk about why there’s been such a fight over this year’s farm bill and how that differs from farm bills past.
Jonathan Coppess, a Clinical Professor of Law and Policy in the Department of Agriculture Economics at the University of Illinois at Urbana-Champaign and former chief of staff to Michigan Senator Debbie Stabenow, (D) who worked on the Senate version of the bill and Mary Kay Thatcher, Senior Director of Congressional Affairs for the American Farm Bureau Federation join us.
This morning UK's Ron Hustedde introduced agriculturalist attending the 2013 University of Illinios AgMasters Program to Hanrtz Farms. It is a project working to take the blighted areas of Detroit (between downtown and the 8 Mile Road) and turn them into farms. Todd Gleason spoke with Mike Score from Hantz Farms in 2010. You may listen to that interview using the link conected to this entry.
Work done at the University of Illinois may offer victims of last months tornados in the Midwest a quick, eco friendly, and affordable way to rebuild their homes. Todd Gleason has more from the Urbana-Champaign campus.
Join the University of Illinois farmdoc team for the Illinois Farm Economics Summits the week of December 16th, 2013. It is a 'must attend' event for farmers, bankers, lenders, and landowners.
Speakers will explore farm profitability, price outlook, and management challenges from several perspectives, including farm income prospects and crop rotation decisions, trends in farmland prices and rents, renewable fuels policy and crop markets, the new farm bill, and health reform.
The United States Environmental Protection Agency has proposed rule making that would change the amount of renewable fuel required to be blended in the domestic supply of gasoline. University of Illinois agricultural policy specialist Jonathan Coppess wonders if the agency hasn't over stepped its congressionally granted authority.
University of Illinois Ag Economist Darrel Good talks with farm broadcaster Todd Gleason about the November USDA Crop Production & WASDE reports.
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