The ag industry is a powerful economic driver and has seen strength in recent years.
New research shows the industry adds nearly $10 trillion to the economy annually, and while it is a stunning number, it is not as high as it once was.
New data was released this week from Feeding the Economy, a group of more than 30 ag groups, like the Farm Bureau and NASDA. This year’s report shows U.S. agriculture will add $9.5 trillion to the economy this year, along with 1,000,000 jobs. Last year the industry brought in $9.6 trillion.
Despite the decline, they found that agriculture has seen big growth since the pandemic, but they do remain cautious about continued pressure.
A big area of the report featured ag manufacturing. It shows jobs in that sector have fallen year over year, with around 30,000 jobs gone since 2020. The Association of Equipment Manufacturers joined us this week on Market Day Report, and they say they have seen sales numbers decline in recent months, and are urging lawmakers to take action, starting with a Farm Bill.
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Farm CPA Paul Neiffer provided insight on updated PLC rate estimates, the role of base acres, and the upcoming enrollment window for ARC and PLC programs.
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Farm Bureau economist Danny Munch explains the importance of timely enrollment, and how the program helps dairy producers safeguard their operations against volatile milk markets.
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USDA Farmer Bridge Assistance payments could begin this weekend as producers face tight margins, shifting acreage expectations, cattle herd contraction, and growing pressure for a stronger farm safety net.
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Delays on year-round E15 keep potential corn demand and fuel savings in limbo.
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