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‘You cannot do climate on the backs of the American farmer’ The government spends from $10 billion to $15 billion a year on farm supports, including up to $8 billion on crop and dairy subsidies and around $6 billion for land stewardship. By
2/22/2021 Farmers expect to be paid for climate mitigation but not at the expense of the traditional farm subsidies, said the president of the largest U.S. farm group during a discussion of President Biden’s goal of an agriculture sector that achieves net-zero emission of greenhouse gases by 2050. Other ag leaders on the panel organized by USDA agreed there must be a financial payoff for the voluntary, incentive-based practices espoused by the administration to succeed.
David Ekstrom Farm income and land values surged in the closing months of 2020, lifted by higher commodity prices and large federal payments, according to farm lenders across the Midwest and Plains. With the commodity rally expected to persist, the farm economy was in its best shape in years, said the Federal Reserve regional banks in Chicago, Kansas City, and Minneapolis. “Overall, agricultural conditions in the first quarter (January through March) of 2021 in the Kansas City Fed region were poised to remain strong for the first time since 2013,” said the Kansas City Fed in a quarterly report. The Minneapolis Fed said its survey found 60% of bankers “predicting further growth in farm incomes and spending.” The Chicago Fed said Midwestern farmland prices on Jan. 1 were up 6% from a year earlier, “the largest such gain since 2012.”