Farm Progress

7 ag stories you can't miss - Feb. 10, 2023

Catch up on easier USDA loan applications, the projected drop in 2023 net farm income, the February WASDE report and more!

Rachel Schutte, Content Producer

February 10, 2023

3 Min Read
Collage of capitol building, cattle, and crop harvest

Did you miss some news this week? We’ve got you covered. Here’s a collection of the top headlines in agriculture.

2023 net farm income to fall 16%

For U.S. farmers, 2023 isn’t likely to match 2022’s high profits. But the farm economy will remain strong according to the USDA Economic Research Service. ERS expects net farm income to fall 16% this year to $136.9 billion. It marks the first time since 2019 that net farm income will shrink, following three years of growth fueled by government payments and soaring commodity revenues. – Farm Futures

Cow numbers drop to 61-year low

USDA recently issued its Jan. 1 count of U.S. and state cattle inventories. Not surprisingly, national beef cow numbers declined for the fourth consecutive year, reaching the lowest level since 1962. Tight supplies are likely to drive up feeder cattle prices for the next two years if demand and consumer finances hold steady. – Missouri Ruralist

February WASDE: USDA cuts corn, soy usage

USDA issued the February World Agricultural Supply and Demand Estimates report on Wednesday. The report showed sweeping cuts to 2022/23 Argentine corn and soybean production that caused global ending stocks for both crops to tighten. The revisions were higher than the market anticipated, but potential bullish price action was largely offset by cuts to U.S. corn and soybean usage for ethanol and crush processing. – Farm Futures

Egg prices to decline

Egg prices won’t stay high forever. But with no clear end in sight for the highly pathogenic avian flu, prices won’t descend to bargain basement levels. Experts also highlight how inflation, fuel costs, and corn and soybean prices have supported high egg prices. Learn more about where the egg market is headed. – Delta Farm Press

National Farm Machinery Show returns to Louisville

The final touches are being put on the exhibits at the Kentucky Exposition Center for the National Farm Machinery Show which runs Feb. 15-18. As the largest indoor farm show in the country, the event features 1.2 million square feet of space and boasts a $23.1 million economic impact for the area. Will you be there!? – Farm Progress

USDA announces streamlined loan applications

USDA is simplifying their direct loan application to provide better customer service for producers applying for Farm Service Agency loans. The application has been reduced from 29 to 13 pages. Farmers will have the option to apply via an electronic form or by paper at their local FSA office starting March 1. – Farm Progress

Pilgrim’s Pride, Tyson misjudge chicken demand

Rivals Pilgrim’s Pride Corp. and Tyson Foods Inc. both underestimated U.S. meat supplies, hurting their quarterly earnings. Executives ramped up chicken production expecting lower beef and pork supplies to increase the demand for chicken, but retail chicken demand only increased 1%. – Reuters

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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