Farm Economy Update: Producer and Stakeholder Response to Volatile Markets
Happy New Year!
Monday, February 12th from 1:00 p.m. to 2:00 p.m
328A Russell Senate Office Building, Washington, DC, 20510
Analysts and researchers will discuss the current condition, approaches for communicating and assisting farmers, and policy research related to the farm economy. The agricultural economy has changed dramatically over the last decade, with consecutive year-on-year declines in farm income despite strong crop and livestock production levels. The USDA forecast for 2017 net farm income is $63.2 billion, roughly half of the 2013 level of $123.8 billion. (Adjusted for inflation to 2017 dollars, 2013 net farm income was $131.3 billion.) The sector as a whole has experienced lower commodity prices and rising input costs, including rising interest rates. In response, producers have spent down cash savings and liquidated inventories, and as a result solvency risk remains low in the sector. The decreased levels of well-being for many commercial farm operations is expected to trickle down to other stakeholders as the sector adjusts to a new equilibrium. Machinery and equipment dealer downturns can be expected to extend to lenders, labor, and especially landlords.
Priorities and Solutions
C-FARE wishes you peace and prosperity in 2018.
To all our agricultural and applied economics expert volunteers and community members, thank you for making 2017 a wonderful year.
Our goal at the Council on Food, Agricultural and Resource Economics (C-FARE) is to serve the community. C-FARE is an important link between the agricultural and applied economics profession and the national policy making community. That linkage relies on our volunteer experts at federal agencies, universities, and private industry.
Over the course of the last few years we've engaged the community, enabling them to share their work via briefings, workshops, reports, congressional and Administration visits, webinars, and via priority setting. Your voice and expertise make our efforts on behalf of the profession valuable. We are currently seeking proposal ideas for the 2018 and 2019 program years. Submit your ideas here.
Agricultural and Applied Economics Congressional Visits Days
The Priorities and Solutions Project is a one year project facilitated by the Council on Food, Agricultural and Resource Economics (C-FARE) in partnership with the Agricultural and Applied Economics Association (AAEA). We are delighted to announce the release of the Agricultural and Applied Economics Priorities and Solutions Report.
A report of research priorities for the agricultural and applied economics profession was generated by the Council on Food, Agricultural and Resource Economics (C-FARE) and the Agricultural and Applied Economics Association (AAEA) as part of the joint Agricultural and Applied Economics Priorities and Solutions Project. The event highlighted the role of economics in addressing industry challenges trade, markets, big data and consumer preferences. A link to all the presentations at the event is located here. See the full report here.
Friend of Agricultural Economics Award
Agricultural and applied economics research and information underpin not only the capacity of the American agricultural and resource enterprises but also the vitality of economies and communities world-wide. The Agricultural and Applied Economics Congressional Visits Day (CVD) is a one-day biennial event that brings agricultural and applied economics professionals and executives to Washington, DC to raise awareness about the importance of agricultural and applied economics analysis, research, and related statistical resources.
The biennial Friend of Agricultural Economics Award is presented to one or more Members of Congress for their support of economics research, extension, education, and reasoning. In 2015, Chairman Roberts received the award in his DC office. In the past we've awarded the following: Representative Greg Walden (2013), Senators Debbie Stabenow and Roy Blunt (2011), Representative Chet Edwards (2009), Representative Frank Lucas (2007), Representatives Adam Putnam and Rosa DeLauro (2005), and Senator Thad Cochran (2003).