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.
A Reuters report shows China has a soybean “glut,” finding stockpiles at Chinese ports are at record levels, with crushers there holding the most supplies since 2017.
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The National Milk Producers Federation (NMPF) says recent wins in markets like Malaysia and Cambodia help farmers focus on production rather than trade barriers.
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Kubota President Alex Woods discusses the “Geared to Give” program, the company’s commitment to those who served, and how the initiative continues to grow and impact veterans.
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Lucia Ruano, USMEF’s Central America representative, discusses what is driving demand for U.S. beef and pork in the region.
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Tyson expects another year of beef-segment losses due to tight cattle supplies, even as chicken, pork, and prepared foods strengthen overall margins.
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Export strength is concentrated in corn and wheat, while soybeans and sorghum lag, keeping basis and logistics dynamics highly commodity-specific into late fall.
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