U.S. Farm Belt Revival Prompts Mad Dash for ‘Dirt and Iron’
Wall Street Journal writers Jesse Newman and Bob Tita reported in Monday’s paper that, “A revival in the U.S. Farm Belt is in full swing, boosting markets for land and equipment and raising concerns over farmers’ escalating costs.
“A monthslong rally in prices for major agricultural commodities such as corn and soybeans is pushing up incomes for U.S. farmers and unleashing spending and investment that had been subdued for years, according to agricultural economists and executives. The run-up in land and equipment prices that has followed could leave farmers exposed if big harvests send crop prices lower again, some economists said.
“U.S. cropland values hit a record this year, federal data shows. Prices for new and used farm equipment have soared, as rising sales and disruptions in key components, such as semiconductor chips, cause shortages and delivery delays for new machinery.”
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AgCenter: Ida Agriculture Damage at Least $584m in Louisiana
Hurricane Ida’s winds and floods did at least $584 million in damage to agriculture in Louisiana, experts at the LSU AgCenter estimate.
More than half of that — $315.9 million — is timber damage, with another $207 million, or 35% of the total, in damage to buildings, equipment and other infrastructure, economist Kurt Guidry said.
The estimate doesn’t include severe damage to the seafood industry, which will be estimated by the Department of Wildlife and Fisheries, according to an AgCenter news release Thursday.
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How Proposed Capital Gains Tax Changes Could Affect Family Farms
Farmers and ranchers have been anxiously watching the development of the American Families Plan. Potential changes in to capital gains tax has been a hot topic since President Joe Biden announced the plan back in April. The proposal would make accumulated gains in asset value subject to capital gains taxation when the asset owner dies.
Under current law, asset value gains can be passed on to heirs without being subject to capital gains taxation because the value of the assets are reset to the fair market value at the time of inheritance. This adjustment in asset valuation, known as a “stepped-up basis,” eliminates capital gains tax liabilities on any gains incurred before the assets were transferred to the heirs.
AFP also included a provision that would exempt from capital gains taxes $1 million in gains for the estates of individuals and $2 million in gains for the estates of married couples, as well as for gains on a personal residence of $250,000 for individuals and $500,000 for married couples.
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Walmart Digs Into Regenerative Agriculture
The retail and grocery giant is getting into the regenerative farming business with new goals around improved sustainability practices and greenhouse gas emissions for its farming suppliers.
By working with the nonprofit Midwest Row Crop Collaborative (MRCC), Walmart is helping farmers in this region ensure that 30 million acres switch to regenerative practices that will increase soil health, decrease greenhouse gases and improve water quality and biodiversity. The company is supporting 30,000 midwestern farming operations with the transition and is hoping to show measurable impact on at least 1 million of that 30 million acreage by 2030. These goals were developed as a coordination between Walmart and MRCC and according to Walmart, the organizations are working together to develop key performance indicators (KPIs).
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Ask FDA About Plant-Based ‘Meat,’ Says USDA
Three-and-a-half years after it received a cattle group’s petition to define “meat” and “beef” as referring only to the flesh of food-bearing animals, the USDA said it has no authority over the labeling of alternative proteins from plants and insects. The FDA regulates those products, said the Food Safety and Inspection Service, and when it “is made aware that a non-animal product is being labeled as ‘meat’ or ‘beef,’ FSIS refers such information to FDA.”
The U.S. Cattlemen’s Association included the alternative proteins alongside the major target of its petition — cell-cultured meat, which is moving closer to market. “Products that are labeled as ‘meat’ should be limited to those that are derived from the tissue or flesh of an animal harvested in the traditional manner,” it said in the petition. “This includes synthetic products from plant, insects, and other non-animal components, as well any product grown in labs from animal cells.”
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Welcome New Members
Help us welcome our newest members to ASFMRA! We are thrilled that you have chosen ASFMRA as the organization to be affiliated with. Because of you, ASFMRA continues to grow and support rural property professionals across the nation!
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 MembersShane Baum in Akron, CO (Colorado Chapter)
Taylor Blaise in Suwanee, GA (Georgia Chapter)
Roland Coan with Valley Rural Valuation Services, LLC in Mount Hope, AL (Alabama Chapter)
Megan Curtis in Colcord, OK (Missouri and Oklahoma Chapters)
Aziz Evans in Chicago, IL (Illinois Chapter)
Lindsey Fuessley with Farm Credit Services of America in Walker, IA (Iowa Chapter)
Emma Garza in Hebbronville, TX (Texas Chapter)
Gregory Geiger with Eagle Appraisal Valuation Services in Troy, MO (Missouri Chapter)
Jerrett Goold with Viewpoint Ag Valuation & Consulting, LLC in Westbrook, ME (Northeast Chapter)
Rose Hoefs with RM Hoefs & Associates, Inc. in Fargo, ND (North Dakota Chapter)
Samuel King with Sam King in Jonesboro, AR (Mid-South Chapter)
Natalie Kizzire in Carbondale, IL (Illinois Chapter)
Ashten Masching with First Mid Ag Services in Cabery, IL (Illinois Chapter)
Cooper McCullough with Agri/Com Appraisals in Moses Lake, WA (Washington Chapter)
Brock Morris with First Mid Ag Services in Mattoon, IL (Illinois Chapter)
Jon Lawson Plafcan with Legacy Ag LLC in Carlisle, AR (Mid-South Chapter)
Samantha Poteet in Davis, CA (CA, CO, KS, NE, NM, OK, SD, TX, and WY Chapters)
Donna Shaver with O’Neil & Company Appraisal Service in Brush, CO (Colorado Chapter)
Brent Swart with Cotton Grave Farm Management & Realty in Spencer, IA (Iowa Chapter)
Samuel Turner with Forst Resource Consultants, Inc. in Macon, GA (Alabama and Georgia Chapters)
Mitchell Wessels with Ifft Appraisal Services in Pontiac, IL (Illinois Chapter)
Daniel Woodrow with Farmland Solutions LLC in Green Valley, IL (Illinois Chapter)
Amber Wright in Carbondale, IL (Illinois and Texas Chapters)
Jacob Zacher with Dakota Appraisals, LLC in Spearfish, SD (South Dakota Chapter)
Share Your Experience - Make a Referral
You know first-hand what a great organization ASFMRA is and what it means to you both professionally and personally. We thank you for spreading the word, you are the driving force behind our continued growth! 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!
Ben Gardiner, ARA
Gary Grave
Robert Guay
Boyd Harris
Richard Hiatt, AFM, ARA
Cory Kauffman, AFM
Randall Kyles, ARA
Notie Lansford, Jr., Ph.D.
Jim McCullough
Joe Richie
Brian Stone
Robert Woodrow, AFM
Donald Zacher
Thank you to all who have referred someone and in some cases, more than one, to join ASFMRA.