USDA Projects Farm Income at 7-Year High
The last time federal payments accounted for a greater percentage of farm income was 2001 at 41 percent. Sonny Perdue said Monday he hopes to announce a new version of coronavirus relief this week.
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Startup Aiming to be Amazon for Ag Meets Resistance
FBN is an online marketplace for agricultural supplies positioning itself as an alternative that allows farmers to compare costs, negotiate prices, and gain control of expenses. Ag giants are resisting.
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Employers Hesitate to Adopt Payroll Tax Deferral
Beginning this month, employers can stop withholding part of employees’ share of Social Security taxes. The IRS will recoup the funds from employee paychecks in the first four months of 2021.
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Watchdog Group Seeks Names of PPP Recipients at $25K Level
The SBA contends that disclosing the names of loan recipients could violate their privacy because the loans are scaled to the size of a business’s payroll. But advocates for disclosure say it is important to gauge the program’s effectiveness.
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Farmers’ Willingness to Buy Trends Toward Positive
The barometer and its two sub-indices posted their most positive readings since February, when record highs were established and before the pandemic began. The Farm Capital Investment Index improved by five points.
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Canada Faces Shortage of Cross-Border Drivers
An executive for one fleet describes it this way: “The situation in the states is so bad that people with the qualifications that we require don’t want to go to there. They want to work in Canada only.”
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Farmers Prioritize Buying Equipment After Debt, Inputs
If farmers receive a fresh round of assistance this year, they will prioritize paying down debt. Competing for the funds after debt are equipment purchases and inputs.
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U.S. to Reimpose Aluminum Tariffs in Canada
The White House said certain types of aluminum were surging into the U.S. and depressing the industry. The administration argued that a depressed U.S. aluminum industry threatens national security and imposed a 10-percent tariff.
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Farmers Share Thoughts on Mood to Buy, Info Sources
In this most unusual year, when farmers cannot kick the tires at farm shows, they are defining their preferences for getting business information.
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Financial Outlook Troubling for Farmers
The Trump administration is expected to distribute a record $33 billion in payments to farmers this year. The funds would push government payments to 36 percent of farm income but still be too little to keep some farmers afloat.
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Grain Storage Looks Complicated This Year
USDA estimates suggest that storage capacity will be the second tightest since 1988 and only slightly below the record set in 2016, when supplies filled 101.7 percent of the nation’s grain bins.
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Farmer Bankruptcies Rise
About 580 farmers filed for bankruptcy protection during the 12 months ending in June 30. That was 8 percent more than the previous year.
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Lifestyle Changes Create Boon for Tractor Supply
Tractor Supply saw sales grow by 35 percent in the quarter ended June 27. Its net income jumped 54.5 percent.The company saw a 14 percent year-over-year increase in new customers last quarter.
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Nearly Four in 10 Acres is Part of 2,000-Plus-Acre Farm
In 1980, there were about 250,000 dairy farms in the country. Today, there are 30,000. That is among dramatic shifts in farm size over the past four decades.
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Hog Farmers Take Big Financial Hit in Pandemic
Hog farmers are seeking congressional action to keep the industry afloat amid the “largest economic hit” it has seen in 30 years.
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COVID-19 Disrupts Freight, Shifts Driver Demand
As the coronavirus pandemic took hold, it disrupted freight demand, forcing some carriers to furlough drivers while others were quick to hire those drivers as a way to swiftly onboard experienced commercial vehicle operators.
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Members’ Benchmark Data Arrives This Week
Profit leaders who took the survey gained their edge by better controlling operating expenses. Cost control more significantly influenced the bottom line than gross profits.
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Farmers More Inclined to Invest in Capital
Farmers’ perspective regarding whether or not now is a good time to make large investments in their farming operation improved markedly over the last two months.
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Three Farm Belt States Get Quarter of Relief Money
Iowa, Nebraska and Wisconsin have collected one-fourth of USDA’s corona-virus relief payments. California has the largest average payment.
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Temperatures Rise – OSHA Discusses Worker Safety
New and temporary workers are most at risk to the hazards of excessive heat. OSHA offers suggestions on drafting a heat illness prevention plan.
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Names of Recipients of PPP Loans Will Be Released Thursday
Disclosures will include names of recipients who received loans worth >$150K, addresses, NAICS codes, ZIP codes, and more
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Farm Journal Stages Virtual Competitor to Farm Progress
The show promises sponsors a 125 percent return on their investment by the end of 2020 and a 200 percent return by June 30 of next year.
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Manufacturers Move Away from China Supply Chain
One third of companies with global supply chains have moved–or soon will move–their sourcing and manufacturing activities out of China.
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U.S. Soybean Prices Rise as China Accelerates Imports
Chinese buying made up roughly 56 percent of all new soybean export sales in the past month. By comparison, Chinese buying made up only 27 percent of U.S. soybean export sales in 2020 through May.
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Farm Groups Join Coalition Against Threat to GPS
“Expanding broadband access is a top priority for Farm Bureau,” said Zippy Duvall, president of AFBF, “but not at the expense of losing the accuracy of GPS,”
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SBA Loosens Loan Forgiveness Rules for PPP
Companies can spend more of the funds on operating costs, take more time to rehire workers, and if repayment is required, take more time to repay.
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Tug of War Continues Between Biofuels, Oil
The RFA marked the anniversary of President Trump’s visit to an Iowa ethanol plant by turning up the heat on the White House. Meanwhile, small refineries made an unprecedented request that would free them from their annual RFS requirements.
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Judge Says Animal Activists Can Secretly Record at Work
A judge handed a victory to animal-rights advocates by declaring parts of a law in violation of the right to free speech.
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Bill Would Expand Use of PPP Funds, Extend Timeline
Legislation awaiting consideration in the Senate expands the terms of the loans from the Paycheck Protection Program and allows small businesses to spend more of the money on non-payroll costs.
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China Pauses Ag Purchases as Tensions Escalate
China has promised “firm countermeasures” in response to a move by the White House on Friday to eliminate special treatment for Hong Kong. Those countermeasures are believed to include importing fewer commodities.
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USDA, Prosecutors Investigate Meatpackers
The president of the North Dakota Farmers Union said the industry has rarely seen such obvious market abuses by the meatpacking industry.
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Maximize Membership: Update Directory Listing
The printed digital directory is in production now. Update your listing to stay connected to others in the industry.
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House Votes to Give Small Businesses Flexibility on PPP
The House on Thursday passed legislation that expands the terms of the Payroll Protection Program to allow employers to spend a greater portion on non-payroll expenses.
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Farm Aid to Launch After Memorial Day
Farmers and ranchers seeking a lifeline from the Agriculture Department can sign up for a relief check starting Monday.
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ASABE Offers Webinars on Braking Standards
Engineer and project lead Bruce Hawkins will lead webinars about what towed implements need brakes under the new standards. He also will answer questions about braking performance and offer a sizing overview.
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How to Respond to Positive Cases
The infection rate in rural communities increased by 170 percent in a month-long span. Know how to respond at your plant.
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KCoe Offers Guidance on Keeping, Applying for PPP
Every PPP borrower should answer—and document responses—to these questions, and remember, if you have questions, your membership entitles you to a no-cost, confidential consultation with an expert.
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Congress Discusses Next Stimulus, Payments Coming for Farmers
Direct payments should be on their way soon to farmers. Meanwhile, lawmakers discuss support to small businesses as part of a new round of stimulus funding.
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Lawmakers to Focus on Small Businesses This Week
Proposals include extending the timeline on PPP and allowing businesses to use more of the funds for overhead. Some lawmakers want to create new funding vehicles.
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Hemp Appears Immune to Coronavirus
Upheaval in the supply chain has been less disruptive to hemp growers than more traditional producers. Pandemic restrictions may even be driving up CBD sales.
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Your Local Talent Pipeline May Be Gaining Strength
The Association has contributed $28,000 over two years to support teachers pursuing training that will help them equip high school students with skills for careers in farm equipment. See the list of winners, and let us know if we can make an introduction.
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Farmers’ Moods Reflect National Mood of Caution
Data released Tuesday shows that the optimism farmers felt after the 2016 election has all but faded as a result of uncertainty around COVID-19.
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Payroll Protection Funding to be Replenished Quickly
Analysts anticipate that the new fund could be depleted by early next week. Association members who have not yet pursued the forgivable loans are urged to act quickly. A new member benefit that offers no-cost consultations with experts on the loan process can help.
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Members Receive No-Cost Consults on Payroll Loans
In partnership with KCoe Isom, the Association is offering members no-cost, 60-minute consultations with experts on business and financial questions related to COVID-19.
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Farmers to Receive Cash Payments, Mass Purchases
The White House announced a $19 billion economic rescue package for farmers and ranchers. The plan calls for making cash payments to producers as well as mass purchases of commodities to be distributed to food banks.
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Shortline Industry Resources
See the latest on state and federal regulations and other need-to-know information for members.
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More Funding for Small Business Certain But Stalled
Lawmakers agree that small business businesses need more in a COVID-19 rescue package, but negotiations stalled over details. Resolution is expected this week.
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Protein Processing Plants Hit Hard by Virus
Smithfield Foods, which processes about 5 percent of U.S. pork, has closed indefinitely in response to a significant number of COVID-19 cases at the plant.
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Tips from the EPA on Disinfecting Your Plant
Check out this list of
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Shift in Consumer Dining Habits Hits Farmers
The COVID-19 pandemic has left restaurants shuttered and created a frenetic pace at grocery stores, which has led to a shift in the food supply chain that stands to reshape agriculture in the short-term.
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