Deere and Co. saw its earnings soar by 75% in the latest quarter, driven by strong demand for combines and other large farm machinery, and the company sees continued strong performance over the next year.
A measurement of the sentiment in farm country dropped for the second straight month as concerns about slipping prices emerge among the already-potent worries about the input costs producers will face in 2023.
Some farmers could face foreclosure on USDA loans as soon as this fall, so the department may begin providing some newly authorized debt relief through a phased-in approach in order to address the immediate need for help, Agriculture Secretary Tom Vilsack says.
Some big 2021 unknowns persist, including how COVID-19 will continue to disrupt markets and demand, whether government payments will continue to be robust and whether or not U.S. farmers can pivot to gathering more of their income from the marketplace.
The 2018 farm bill isn’t due to expire until 2023, but there is a growing possibility that Congress could revisit the law as soon as next year either to deal with the slumping farm economy or to address climate change.