Prices Stable For High-Quality Farmland
Today, Farm Credit Services of America (FCSAmerica), announced that farmland values in four of its key markets stabilized in 2017, a reflection of what it says is continued market demand for high-quality land.
The announcement mirrors what the USDA reported in its 2017 Land Values Summary. In that report, cropland prices across the country remained unchanged from the previous year at an average value of 4,090 per acre.
FCSAmerica reports that where prices “dropped at local or regional levels, sales generally involved lower quality land.”
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Round One of Farm Bill Done?
While talk on Capitol Hill has centered on avoiding a government shutdown and immigration, the first steps to a 2018 farm bill are being taken amidst funding and disaster package discussions. But experts warn if farm bill talks drag into the second half of the year, the window for passing a bill will quickly evaporate in this contentious election year.
“The pressure’s on,” says former U.S. Secretary of Agriculture and former Sen. Mike Johanns. “I’m sure that Chairman Pat Roberts [and ranking member Debbie
Stabenow] on the Senate side [are] feeling that and of course they’re feeling it on the House side.”
The next six months are critical for the farm bill to be completed this year, Johanns says, adding if this debate gets pushed close to the November elections it will become too difficult to complete.
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USDA Announces a Near-Record Year for Farm Loans - Infusing Rural Communities with Stronger Businesses and Sounder Agricultural Economies
WASHINGTON, Jan. 19, 2018 – The U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) today announced another year of high activity in its farm loan programs. Hard-working farm families across the country accessed nearly $6 billion in new credit, either directly or guaranteed through commercial lenders in 2017. At year end, FSA was assisting more than 120,000 family farmers with loans totaling just over $25 billion.
“FSA loan funds have been in high demand the last few years,” said Dr. Robert Johansson, Acting Deputy Under Secretary for the Farm Production and Conservation mission area. “We provide opportunities to qualified small, beginning and underserved farmers who are unable to obtain commercial credit, to help them get started, gain access to land and grow their operations. Family farmers across America also come to us for credit when they face challenges to stay in business. We’re proud to support rural prosperity by providing credit to those who need it most.”
FSA provides a variety of loan assistance, including direct and guaranteed farm ownership loans, operating loans and even direct Microloans up to $50,000 and EZ Guarantees up to $100,000 with streamlined application processes.
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The Farm CPA: Thoughts On Our New Tax Bill
As I write this column, Congress has teed up a final tax bill, which likely will have passed by the time you read this. Although we don’t have a final vote yet, I would like to provide my thoughts on the most important provisions for farmers.
Reduction in tax rates. The bill retains the current seven brackets with lower rates in most brackets and a lower top rate of 37%, not the current 39.6%.
For net farm income, there is a special provision to provide an extra 20% deduction. In most cases, you simply take your bottom-line farm income, multiply it by 20% and this is your deduction. This reduces the top rate from 37% to 29.6%.
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Can the Research & Development Tax Credit be Applied to Your Farm?
Just how innovative of a farmer or rancher are you? If you can answer yes to any of the following questions regarding your farm operation, you might consider learning more about the little-known, underused Research & Development (R&D) tax credit.
- Have you experimented with new or different fertilizers?
- Have you planted cover crops?
- Have you developed new feeds/feeding techniques for livestock?
- Have you implemented new ways to protect crops from disease?
- Have you improved harvesting practices?
These are a few examples available to you that reward for innovative efforts, but there are many more possibilities. In years when cash flows are constricted by lower commodity prices, you should seek techniques and practices to keep additional dollars in your pocket. The R&D tax credit may be the tool that does just that.
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U.S. Regains Status as Top Beef Exporter to South Korea
SEOUL, Jan 15 (Reuters) - The U.S. reclaimed its spot as the top beef exporter to South Korea in 2017, 14 years after a U.S. outbreak of mad cow disease led to a ban on American beef and handed market leadership to rival Australia.
U.S. beef shipments jumped 13.7% last year to 177,445 tonnes, accounting for nearly half of South Korea’s beef imports, customs data showed on Monday. Australian shipments eased about 4% to 172,804 tonnes.
The North Asian country, where beef is a mainstay of the local diet, is the world’s fourth-biggest beef importer and was the third-biggest buyer of U.S. beef in 2016, worth around $1 billion, according to U.S. industry data.
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Turning the Big 6 into a Big 3 Will Take a Bit Longer
Bayer and Monsanto may have to wait a few months for antitrust approval of their $66 billion merger. The initial target to complete the deal was late 2017, but EU regulators say they may need until March 5 to complete their review. The combined company would be the final step in consolidation of the seed and ag chemical sector into a Big 3 from a Big 6.
State-owned ChemChina completed its $43 billion acquisition of Swiss-based Syngenta, reportedly the largest purchase ever made by a Chinese company, at the end of last June, roughly 16 months after the companies announced the deal.
Dow and DuPont closed their $130 billion merger last August 31, nearly two years after they agreed to combine. DowDuPont says it would convert its three divisions, including agriculture, into independent companies in the ensuing 18 months.
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Welcome New Members
Thank you for being a part of ASFMRA! Help ASFMRA welcome our new members and thank them for choosing the Society as the organization that they desire to be affiliated with. ASFMRA continues to support rural property professionals and offers services, resources and education which will be of benefit to all of our members, both professionally and personally.
We are recognizing new members of the Society on a monthly basis. You may recognize your colleagues in the following list and we encourage you to welcome them into ASFMRA!
New MembersAdam Batie with United Farm and Ranch Management in Lincoln, NE (Nebraska Chapter)
Shane Brant with Midwest Land Management in Spencer, IA (Iowa Chapter)
Derek Brown with American AgCredit in Merced, CA (California Chapter)
Vicki Champ with the Oregon Chapter of ASFMRA in Salem, OR (Oregon Chapter)
Chrissy Gillis in Unionville, MO (Missouri Chapter)
Costas Hatzipavlides in Ames, IA (Iowa Chapter)
Jade Jensen with Compeer Financial in Baldwin, WI (Wisconsin Chapter)
Colt Jones with HBS Real Estate in Weatherford, TX (Texas Chapter)
Chris Kahler with Land Services Unlimited in Sherburn, MN (Iowa Chapter)
Joel King with Dynasty Auction and Realty in Jonesboro, AR (Mid-South Chapter)
Chad McLaren with United Country Coleman and Patterson in College Station, TX (CO and TX Chapters)
Sarah Mosman in Craigmont, ID (Idaho-Utah Chapter)
Glory Ogren-O’Brien in Stockton, CA (CA, ID-UT, and WA Chapters)
Russell Patrick with Ag Texas Farm Credit Services in Amarillo, TX (Texas Chapter)
Samantha Sikes in Greeley, CO (Colorado Chapter)
Stephanie Stallman with Compeer Financial in Baldwin, WI (Wisconsin Chapter)
Sam Triplett with First Bankers Trust Services in Quincy, IL (Illinois Chapter)
Jacob Turner with Andy Piner & Associates, LLC in Greenville, NC (North Carolina Chapter)
Jennifer Walsh in Ames, IA (IA, MN, MO, and WI Chapters)
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Share You Experience - Make A Referral
You know first-hand what a great organization ASFMRA is and what it means to you both professionally and personally. Pass that benefit on to others that you know who would benefit from membership with
The Most Trusted Rural Property Professional organization – ASFMRA! Talk to those you know who would benefit from ASFMRA’s educational offerings, networking, and meetings. Let them know your experiences of being involved in this great association and some of the business contacts you have made along with lasting friendships. Your peers listed below have done just that! They spoke to individuals about ASFMRA and those individuals have now become members of ASFMRA!
Dean Batie, ARA
Ted Glaub, AFM
Jeffrey Hignight, AFM
Heidi Jamison
Jared Johnson
Jeffery Moore, ARA
Lexi Roach
Melissa Sandlin, ARA
Traci Schermerhorn
Thank you to all who have referred someone and in some cases, more than one, to join ASFMRA.
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Make Your Donation to the Education Foundation Today!
The Education Foundation of ASFMRA depends on you, the members, Chapters, companies, and sponsors to make donations that will provide support for the development of new education, rewrites of course material to stay on the cutting edge, support the Leadership Institute, and much more. You can make your tax-deductible contribution to the Education Foundation by one or a combination of the following:
- Include a donation along with your dues invoice in any amount that you would like.
- Make a monthly gift, annual gift, semi-annual gift, or consider an Endowment.
- Encourage your Chapters to make a donation.
- Make a donation in Memory of or in Honor of a deceased fellow member.
- Make a donation at any time throughout the year.
These types of donations can be a great way to show your support the Education Foundation that has been beneficial to so many. Any expression of support is greatly appreciated, and as you know, your contribution is tax-deductible. Thank you!
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Make the Most of Your Membership - Orientation
Learn about the benefits you receive from your ASFMRA membership through this informative meeting which will consist of a power point presentation and conference call. New Member Orientation meetings/calls are done on a quarterly basis. This is the perfect way for new members to get together with ASFMRA Executive Council and ASFMRA Staff for an open/interactive forum to be briefed on ASFMRA meetings, education, and other opportunities. You will also have the opportunity to learn about other new members to the Society. If you are a new member, you will receive an email invitation which will contain a link for you to join the power point presentation and the call in information for you to participate in the conference call portion of the meeting. Join us to learn about the benefits you receive from your ASFMRA membership. Join us Tuesday, April 10, 2018 9 am PT / 10 am MT / 11 am CT / 12 pm ET
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Testified in Court? What You Need to Know
If you recently testified in court on opposing sides of another ASFMRA member, according to the ASFMRA Code of Ethics, Article 14, “All Society members who testify as an expert and give an opinion before a tribunal where another member testifies for the opposing party are required to file a case report with the Society office within 30 days after date of testimony. A tribunal is a body or individual who renders a final decision. Depositions are not final decisions.”
Regardless of your membership classification or specialty, this applies to all ASFMRA members. As noted by the ASFMRA Executive Vice President/CEO, “One of the advantages of belonging to a great professional Society like ours is this exact process. By submitting the testimony, we are policing ourselves to ensure ASMFRA members are delivering the highest quality and most ethical reviews and appraisals. “Most Trusted” is not just a tagline.”
If you find yourself testifying in court on opposing sides of another ASFMRA member, simply complete the
Appraisal Review Case Report form and return it to Hope Evans with any additional information you wish to provide as indicated in Note 2 on the form. Please indicate on the envelope it is ‘Confidential’ and include Hope Evans’ name then it will be delivered directly to her unopened. Thank you to all ASFMRA members for making the Society one of the elite organizations in the agricultural profession.
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Minnesota Chapter Meeting
The Minnesota Chapter held their Annual Meeting in St. Cloud on January 17, 2018. Brian Field, ARA, YPN Vice President,
Appraisal attended the meeting and reports that it was a huge success! They held their best Young Professionals gathering yet
– with 22 attendees and spoke to those in attendance about the accreditation process and the benefits associated with becoming
an Accredited member. They also held their Chapter Cowboy Auction and set another record, raising over $8,000 for the Chapter
Education Fund! Congrats to the Minnesota Chapter!
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