farm income Archives - Page 2 of 6

USDA forecasts smaller drop in 2024 farm income

By P.J. Huffstutter September 5, 2024

Chicago | Reuters – U.S. farm income will fall for a second consecutive year in 2024, but not as much as previously expected as prices of livestock and egg products boom and production expenses ease, the U.S. Department of Agriculture said on Thursday. Declining farm income could ripple across the rural economy in a presidential […] Read more

News

Farm equity, asset values up in 2023: StatCan

Farms' ability to pay debts declined but balance sheet remains strong

By Geralyn Wichers June 20, 2024

The total equity of the Canadian farm sector rose nearly eight per cent in 2023 while farm assets rose more than seven per cent according to Statistics Canada’s 2023 balance sheet.

Mark Tuttle digs through soil to find soybean sprouts at his soy farm in Somonauk, Illinois, U.S., May 30, 2024. REUTERS/Jim Vondruska

News, Reuters

US farmers opt for soy to limit losses as all crop prices slump

By Reuters June 4, 2024

In March, the U.S. Department of Agriculture forecast farmers would plant 86.5 million acres of soybeans nationwide this spring, the fifth most ever. Some analysts expect soybean acres to increase by another million acres or more as heavy rains close the window on corn planting.

Markets, News

Realized Canadian farm income up, net income down in 2023

Total farm cash receipts rose 4.4 per cent compared with 2022 on higher crop marketings; cattle prices

May 29, 2024

Realized net income for Canadian farmers rose 18.3 per cent in 2023 to C$14.5 billion, as growth in receipts offset a rise in expenses, according to a report from Statistics Canada released May 29.

Machinery, Reuters

Deere cuts 2024 profit forecast as sliding farm income stifles demand

By Reuters May 16, 2024

Deere has trimmed its annual profit forecast for the second time, squeezed by slumping demand for tractors and combines as falling crop prices pressure farm income.

Columns, Crops

Challenges for 2024 cash crop economics

Cash flows must be managed carefully against rising costs and falling commodity prices

By Art Lange May 11, 2024

As we embark on a new production year, there are several new challenges. A recent Canadian Federation of Agriculture (CFA) report says “the cost of critical farm inputs such as fuel, fertilizer, feed, machinery, pesticides, land and labour has increased dramatically. “When coupled with high inflation, interest rates and a price on carbon for essential […] Read more

Charting your expenses by line items over the past three to five years can clarify your cash flow requirements.

Columns

‘Cash is king:’ what does that really mean?

Among other meanings, it refers to the strength of your business' cash flow

By Art Lange April 12, 2024

We’ve all the heard the expression “Cash is king.” It’s a catchy phrase, but what does it really mean and how can we practically apply that concept on farms today? I submit what “cash is king” really means is to have money available to pay ongoing farm expenses such as crop inputs, wages, loan payments […] Read more

General

New farm income record set in 2023, estimates suggest

Despite challenges like drought and war, Canadian farms proved resilient

By GFM Network News February 16, 2024

Canadian farm income may have set a new record in 2023. That's according to the official 2023 and 2024 estimates released February 16 by Agriculture and Agri-Food Canada.

General, Reuters

Number of US farms falls and size increases, census shows

Number of acres in production falls by 20 million

By Reuters, GFM Network News February 13, 2024

Farms in the U.S. continued to get larger and the number of farms fell between 2017 and 2022, new data released by the U.S. Department of Agriculture showed on Tuesday.

If you have sufficient assets to pay yourself an income for the rest of your life, you’ll need to consider the best path to generate that income.

Columns

Woman, mid-60s, has successful farm and tax planning opportunities

It makes sense for her to take advantage of lower tax brackets while she can

By Andrew Allentuck February 7, 2024

A woman we’ll call Teresa, who farms two sections of grain in southeastern Manitoba, is 63. She works through a farm corporation worth $1.4 million and has personal farmland worth $1.75 million. The breakdown: she has non-farm assets of $419,000, savings of $400,000 plus a TFSA with assets of $100,000, and other savings of $800,000. […] Read more

Daily Network News

USDA attachés forecast some changes in China’s oilseeds, cereals

China urges hog producers to manage output, vows timely reserve adjustments

Farm Credit Canada offers aid to farmers, companies affected by Iran war price spikes

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