Is agriculture on the brink of an impending farm economy cliff? A panel of experts testified before the House Ag Committee this week about the severe challenges facing agriculture, all the way from the farmer to the supply chain. The hearing on Capitol Hill comes as net farm income is forecast to decrease by $43 billion from 2023 to 2024, marking the most significant two-year decline in history. Meanwhile, production expenses are forecast to increase by $17 billion. During the hearing the Chair of the House Ag Committee expressed his concerns about another farm financial crisis brewing. "We are living through the largest two-year decline in farm income in history," said Rep. G.T. Thompson (R-PA), House Agriculture Committee Chair during the hearing on Tuesday. "At the end of 2024, total farm sector debt will be the highest the U.S. has seen since at least 1970. 3:45 Most farmers and ranchers, including those here with us today, are likely to be worse off financially by years' end."
Agriculture and Agri-Food Canada (AAFC) updated its 2023-24 and 2024-25 balance sheets based on information available as of July 15. For 2023-24, the outlook remains largely unchanged as the crop year for most crops closes at the end of July. Total supply for all principal field crops declined notably due to a significant decrease in western Canadian production as a result of drought in large portions of the Prairies. The reduction in supply combined with an increase in domestic use more than offset the decline in exports and led to carryout stocks (ending-year inventories) declining year-over-year. Prices for most principal field crops are projected to be significantly lower than last year, although pulses prices are expected to increase. For 2024-25, the outlook incorporates the most recent data from Statistics Canada’s June 27 acreage data. Total area seeded to principal field crops in Canada in 2024 is estimated to have decreased marginally from 2023, with increased area for puls
Another hot, dry week has many producers concerned about their crops especially in the southern and western portions of the province. Multiple hot days during the critical flowering stage of many crops has likely lowered yield potential in some areas. Producers are hopeful they will receive rain soon to aid with seed filling as harvest is fast approaching. There are a few reports that crops in the driest areas of the province, mostly early seeded pulses and cereals, are close to being ready for harvest. The persistent high temperatures and low amounts of rainfall continue to push topsoil moisture backwards in the province. Cropland topsoil moisture is rated as 50 per cent adequate, 40 per cent short and 10 per cent very short. Hayland topsoil moisture is rated as 45 per cent adequate, 42 per cent short and 13 per cent very short. Lastly, pasture topsoil moisture is rated as 36 per cent adequate, 45 per cent short and 19 per cent very short. Livestock producers would like to see rain s
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Minister Greg Morrow will meet the industry to discuss quick improvements to BRM programs
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