Farmland Values Stable
For the eighth consecutive quarter farmland values in the Seventh Federal Reserve District remained relatively stable.
The Federal Reserve Bank of Chicago recently released its quarterly agricultural newsletter for the district that includes the northern two-thirds of Illinois and Indiana, all of Iowa, Michigan’s Lower Peninsula and the southern two-thirds of Wisconsin. The district produces over 40 percent of U.S. corn, soybeans and hogs. The information was collected via a survey of 188 agricultural bankers across the district.Read more.
Farm Bill Delayed
Congress will not take up the farm bill this week as it honors the passing of former President George Bush. Starting this evening, President Bush will lie in State in the Capitol Rotunda and a memorial service will be held on Wednesday at the National Cathedral. The House and Senate will not be in session tomorrow or Wednesday and the Federal Government is closed on Wednesday.
The plan to release the farm bill conference report early this week with a subsequent vote later this week will now have to wait until next week. A portion of the federal government, including the Department of Agriculture, is set to run out of funding at midnight on the December 7th. Congress will now pass a one-or-two-week Continuing Resolution (CR) to keep the government open while it completes the remaining appropriation bills. President Trump has indicated he would sign the CR. This will allow additional time for the farm bill.
ASFMRA Joins Other Appraiser Organizations Opposing National Credit Union Administration Proposal to Increase Appraisal Thresholds
ASFMRA joined the American Society of Appraisers and others in joint comment submitted to the National Credit Union Administration (NCUA). The NCUA had issued a proposed rule in October that would, in part, increase the threshold for required appraisals in non-residential real estate transactions from the current $250,000 to $1 million. You can read or comments here.
Residential Appraisal Threshold Proposal Would Increase Exemption to $400,000
The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation recently announced a proposal to increase the threshold above which an appraisal is not required from the current $250,000 to $400,000 for residential mortgage transactions. This is a notice, not the actual rule making, so the comment period has not yet commenced. Read the FDIC press release
and the Notice of Proposed Rulemaking
USDA Names Natural Resource Conservation Service Chief
Secretary Sonny Perdue named Matthew Lohr as the next Chief of the Natural Resource Conservation Service (NRCS). A career employee, Leonard Jordan, had been leading the agency in an acting capacity for the previous two years. Mr. Lohr is a farmer from Virginia.
China’s Offer to U.S. Could be Valued at $1.2 Trillion, Impacting Ag
A trade truce between the U.S. and China exploded the markets Sunday night , with double-digit gains in soybeans continuing into Monday morning trade. The good news kept rolling in, as the President tweeted...Read more.
Despite Falling Incomes, New Farm Crisis Unlikely
Farm incomes are expected to drop again this year, but farmers are still better situated than they were during the farm crisis.
“A repeat of 1980 is unlikely in the current conditions,” said Ani Katchova, who heads Ohio State University’s Farm Income Enhancement Program. Katchova spoke at the university’s Agricultural Policy and Outlook Conference last month in Columbus.Read more
Managing Millennial Employees Takes Leadership
Instead of continuing to point out what we view as the major millennial flaws, let’s take a quick step back and consider the following. Managing generations that have developed under rapidly evolving socioeconomic conditions creates an environment ripe with contempt and indifference. The ability to see beyond these obstacles and find ways to cultivate success through the employee talent that is there takes great leadership and tolerance.Learn more.
7 Ag Tech Advancements From 2018
This past year was another banner year for ag tech advancements. From drones to blockchain, the myriad innovations developed by the seven companies that follow help farmers better manage their businesses now and into the future.See the list!
Tax planning tips for 2018
Year-end tax planning is more complicated this year, due to federal tax law changes that went into effect in January. December can be a stressful time finishing bookwork and your tax plan. With all the changes in the Tax Cuts and Jobs Act for 2018, this is especially true. Here’s an overview of the changes effecting capital purchases and how they may affect your net farm income.See the changes.
Cannabis Customers Demand Quality, Consistency As Industry Grows
As marijuana’s legal availability grows, so do demand and consumer expectations. Large investments, mergers and acquisitions and new technology are booming in this budding industry. As the industry expands, so do opportunities for growers and input suppliers alike. Farmers who grow the herb are seeing profits hand-over-fist. Learn more about how one Missouri farmer, who doesn’t drink or smoke, is about to churn out 20,000 lbs. of marijuana per year. The industry is poised to continue explosive growth, meaning the opportunities could be long-lasting.Learn more.