Today's weather by Mark Sterling at MAC
Read today's market report.
As we head into the close of the year, the process of compiling year-end financial information for taxes and other financial purposes begins. While the outcome of the process is typically defined by the filing of tax records, we like to encourage farmers to look at their year-end financial gathering process as an opportunity to analyze their business performance.
Tariff ceasefire between the U.S. and China affects Michigan farmers in the short term, experts say.
Chapter 12 “family farmer” or “family fishermen” bankruptcies are viewed as the best indicator of farm bankruptcy trends representing financially distressed operations who had to restructure financials and propose a repayment plan to avoid a liquidation of assets or foreclosure. Despite expectations that these bankruptcy levels would rise in 2018, Chapter 12 filings were down 8 percent during the 2018 fiscal year.
MSU quarterly milk and grain marketing meeting series offers strategies to optimize farm profitability.
Farm income has now been in general decline for 4 years and seems to be headed for a fifth in 2019. While the farm sector went into this period in excellent financial health, the downturn has clearly started to take a toll, based on the USDA’s Economic Research Service’s (ERS) latest farm income forecast.
A local food processor and distributor, Grand Rapids-based Pearson Foods, has purchased a 20,000-square-foot building next to its existing facility at 1024 Ken-O-Sha Industrial Dr. from Latin American Industries to allow the company to better meet customer demand.
U.S. dairy industry consolidation is expected to continue, leading to longer, more drawn out price cycles according to CoBank Senior Economist, Ben Laine. As a result, he predicts a cumulative snowball effect of extended periods of low prices, an acceleration of further consolidation and continued growth of larger operations, increasing already burdensome supplies.
If, like many farmers, you’re struggling to meet labor needs on your operation, you already know the competition is tough to attract and retain employees. It could get tougher, according to the Bureau of Labor Statistics most recent Monthly Jobs Report.
It estimates 250,000 new jobs were created in October, putting the current unemployment rate at 3.7 percent. But according to economist Bob Young, President of Agricultural Prospects, a deeper look beyond the headline numbers shows a slightly different story.
Four institutions were recognized as the first-ever “Cultivate Michigan” awardees, for their efforts to source locally-grown food from Michigan farmers. Two hospitals, one senior program and one school district were commended for their participation in Cultivate Michigan, a statewide local food purchasing campaign targeting farm to institution program growth.
U.S. consumers spent a record $1.62 trillion on food and beverages in 2017, according to the USDA’s Economic Research Service (ERS). Of the total food expenditures, 53.8 percent, or $869 billion, went to food purchases away from home.
The November USDA/NASS Crop Production Report showed U.S. 2018 corn production to be 14.6 billion bushels, down 1% from the October estimate. It would still be the second largest crop on record, just below the 2016 record of 2016 of 15.1 billion bushels.
The development of an upper air trough across central and eastern North America during the last week of October led to northwesterly flow across the Great Lakes region and to an extended period of early winter weather through much of the first half of November.
Welcome to the 2018 Field Focus feature. This year, six of our seven reporters are members of ProFile, a leadership development program of Michigan Farm Bureau. In each print edition of Michigan Farm News through the growing season, these young farmers will tell you about conditions on their farms and their regions.
Seasonably cool and drier weather developed across the Great Lakes region during late October, allowing a resumption and/or acceleration of fall harvest and fieldwork activities across Michigan. With a persistent troughing pattern in place during much of the latter half of October, temperatures fell to below normal values, slowing grain dry down and soil evaporation rates.
The jet stream flow across North America changed dramatically during mid-October, with the transition of the highly amplified western troughing/eastern ridging pattern of the past few weeks to a western ridging/ eastern troughing pattern.