Farm Progress

7 ag stories you can't miss - July 28, 2023

Catch up on crop conditions across the country, the latest interest rate jump, legislation prohibiting foreign purchases of ag land and more!

Rachel Schutte, Content Producer

July 28, 2023

3 Min Read
7 ag stories you can't miss
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Did you miss some news this week? We’ve got you covered. Here’s a collection of the top headlines in agriculture.

Feedback from the Field update

It’s peak reproductive season for corn and soybean crops across the Heartland. Feedback from the Field respondents are providing insights about this year’s weather impacts on developing crops. Read what farmers are seeing in your neck of the woods! – Farm Futures

How are you and your farm holding up in the heat? Share your crop insights with Farm Futures’ Feedback from the Field series. Take the survey and share updates about your farm’s spring progress. Then visit the FFTF Google MyMap, to see others’ responses from across the country!

Vietnam approves ASF vaccines

Vietnam's Ministry of Agriculture and Rural Development approved the nationwide use of two vaccines for African swine fever this week. The two approved vaccines are NAVET-ASFVAC, co-developed by Navetco Central Veterinary Medicine and scientists from the United States, and AVAC ASF LIVE developed by AVAC Vietnam JSC. – Feedstuffs

No herd rebuilding in sight

The July Cattle report showed that the U.S. beef cow herd continued to decline through the first half of the year. The July 1 beef cow inventory was 29.4 million head, down 2.6% percent year over year.  This is the fifth year of smaller beef cow inventories since the 2018 cyclical peak, with the beef cow herd down 3.0 million head, a five-year decrease of 9.3%.  – Beef Producer

Fed raises interest rates following June pause

The Federal Reserve raised the main interest rate by a quarter percentage point on Wednesday, resuming the upward rate momentum after a pause last month. Interest rate hikes have affected borrowers across sectors, specifically for agriculture. According to the Federal Reserve Bank of Kansas, the median rate for non-real estate farm loans has doubled since the start of 2021, with some rates as high as 10% in the second quarter.  – Agriculture Dive

Senate amendment blocks ag land purchases by China, Russia, North Korea and Iran

The U.S. Senate voted 91-7 in favor of amending the National Defense Authorization Act to prohibit China, Russia, North Korea and Iran from purchasing American farmland and agricultural companies. The amendment requires the president to submit a report to Congress if he issues a waiver authorizing agricultural land purchases from one of the four prohibited nations. – Farm Progress

Top 10 profitable crops for small farms

Whether you’re looking for a lucrative cash crop to add to an existing farm business or trying to build a new business from scratch, here are some profitable plants to consider. Farmers can get these items to consumers through various channels, from farmer’s markets to wholesale stores and restaurants. The top three include goji berries, oyster mushrooms and microgreens! – Small Business Trends

Bipartisan bill targets farm estate taxes

Reps. Jimmy Panetta, D- Calif., and Mike Kelly, R- Pa., re-introduced legislation to help family-owned farms continue operating after a family member dies. The Preserving Family Farms Act would modify tax law, allowing farmers and ranchers to pay estate taxes based on the value of their land for agricultural use. Learn more. – Farm Progress

About the Author(s)

Rachel Schutte

Content Producer, Farm Futures

Rachel grew up in central Wisconsin and earned a B.S. in soil and crop science from the University of Wisconsin - Platteville. Before joining the Farm Futures team, Rachel spent time in the field as an agronomist before transitioning to the world of marketing and communications. She now resides in northeast Iowa where she enjoys raising bottle calves and farming corn and soybeans alongside her husband and his family.

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