Tidbits
Yesterday morning, the USDA announced the sale of 198,000 mts of old crop beans to unknown.
The USDA forecasts net farm income to reach $116 billion in 2024, 15% above the 10-year average, but lawmakers argue this masks the struggles of individual producers, particularly row crop farmers. There are increasing calls for federal aid. Ag bankers report a 40% increase in new operating loans and signs of growing debt distress, particularly in the central Plains and Midwest, raising concerns of forced farm liquidations and the stability of rural America.
In November 2024, farmland prices continued to decline for the sixth time of the last seven months, with the farmland index at 44.4, after marking a six-year low of 38.5 in October. The farm equipment sales index fell to 14.6, the lowest since October 2016.
Yesterday afternoon’s USDA Cattle on Feed Report (percent of a year ago):
On Feed: 100% expected, actual 100+%
Placements: 107% expected, actual 105%
Fed Marketings: 106% expected, actual 105%