Wedneday December 04 Ag News

 Nebraska Ag Expo Returns to Lincoln

Get ready for one of the largest agricultural events in the U.S., as the Nebraska Ag Expo returns to the Sandhills Global Event Center in Lincoln, NE, from December 10-12, 2024. This must-attend event brings together 1,700 ag industry experts from 26 states and 6 Canadian provinces, along with thousands of farmers and ranchers from Nebraska, Kansas, Iowa, Missouri, South Dakota, and beyond, all under one roof.

As the second largest indoor farm show in the country, the Nebraska Ag Expo offers a unique, three-day opportunity to explore the latest advancements in agriculture—from big iron machinery to precision ag, soil health solutions, irrigation innovations, and cutting-edge livestock production technologies. Attendees can discover the latest tools and technologies designed to optimize farming operations, improve yields, and drive sustainability

Expo Highlights:
·       Innovation Hub: Back by popular demand, the Innovation Hub will spotlight 70-75 trailblazing companies in the LivestockMarket Pavilion, offering a glimpse into the future of ag tech and solutions that are changing the game.
·       ExpoEDU Speaker Series: Attendees can sharpen their knowledge with ExpoEDU, a curated series of educational sessions offering expert insights on key agricultural topics, also held in the
LivestockMarket Pavilion.

“This year’s Expo promises to be bigger and better than ever, empowering farmers and ranchers to take their operations to the next level,” said Expo Director Tom Junge. “From state-of-the-art machinery to emerging tech and industry trends, the Nebraska Ag Expo is the place to be for anyone looking to stay ahead in agriculture.”

The Sandhills Global Event Center, located at 4100 N 85th Street in Lincoln, NE, will once again play host to this ag powerhouse event. Parking is free, and show hours are 9:00 am to 4:00 pm on Tuesday and Wednesday, and 9:00 am to 3:00 pm on Thursday. General admission is $10 at the door, but attendees can save $5 by purchasing tickets online in advance. Students (with a valid high school or college ID) and children under 14 attend free of charge.

For full event details, including a list of exhibitors and the program schedule, visit the Nebraska Ag Expo website nebraskaagexpo.com. Stay connected with us on Facebook, Twitter, and Instagram (@NebraskaAgExpo) for updates leading up to the event.



Timmerman Feedyard Management Internship Now Accepting Applications

Apply by March 11, 2025 for the 2025 Timmerman Feedyard Management Internship. The internship is open to anyone interested in feedyard management--need not be a UNL student to apply.

The Timmerman Feedyard Management Internship is a nationally renowned feedyard management training program, exclusive to University of Nebraska-Lincoln, which has been producing feedyard management and industry leaders since 1988. The internship trains students through comprehensive feedyard management classes and with real world experiences in high caliber feedyards.

This program is designed for students interested in pursuing a career in beef feedyard management or other related agribusiness areas. The purpose of the internship is to train undergraduate students in the area of feedyard management to fill the growing need for trained, responsible individuals who can enter into management positions in feedyards.

There is no direct cost to the student to participate in the internship, with tuition paid by the Nebraska Cattlemen and from the Timmerman Endowment Fund. Students receive financial compensation for their time spent working in the feedyard, so students should treat the internship as a job and realize they have a commitment to the feedyard to earn their wage. Salary during the internship is agreed upon by the intern and feedyard; the class coordinators have no part in determining salary.

Click here for more information https://animalscience.unl.edu/timmerman-feedyard-management-internship-application-financial-information/.



RECORD KEEPING FOR TAXES
Shannon Sand, Nebraska Extension Educator

It’s that time of year again. Time when we need to start preparing for taxes. Most people probably know that farmers and ranchers’ last day to file taxes is March 1st, so it’s important to make sure we have everything together. For example, if you paid an individual a total of $600 or more for rent, services, or interest as part of your agricultural business you may be required to report the payments with form 1099.

Now is a good time to start going through everything and making sure it is in order and noting receipts that are tax deductible like fertilizer, seed, and fuel to name a few. Throughout the year producers receive money, property, and services from many places. Your records can help you identify the source of receipts, and this information is important to help separate farm and nonfarm receipts and taxable from nontaxable incomes. For example, buying fuel for a vehicle that is used to check pasture is tax deductible, as well as things like fencing materials, net wrap, and repairs to equipment to name a few. Preparing now can help speed up the tax preparation process.

All this information is used to help prepare tax returns and just as important can help producers monitor the progress of the operation. Records can show if the business is improving and can help us identify potential changes to make.

For additional information on record keeping and taxes you can visit cap.unl.edu OR the IRS publication 225 (2024) ‘Farmer’s Tax Guide,’ at: https://www.irs.gov/publications/p225



Do heavier cattle weights increase feedlot profit?

Drought reduced the number of cows in the U.S. and number of feeder cattle, driving the price of feeder animals sharply higher. At the end of November, USDA reported Nebraska yearling and calf prices $54 and $65 per hundredweight higher respectively than a year ago.

“It’s no surprise feedlot producers are feeding cattle to heavier weights," said Beth Doran, beef specialist with Iowa State University Extension and Outreach. “This helps spread the purchase cost over more pounds of finished weight, and it reduces the turnover rate of animals in the feedyard.”

But does feeding cattle to heavier weights improve profitability? Dr. Grant Crawford, associate director of cattle technical services with Merck Animal Health, will address this at Feedlot Forum 2025 on January 14 in Sioux Center.

He has analyzed feedyard data from thousands of head of cattle looking at performance, carcass quality, and profitability of extending days-on-feed.  An early study involving 7,000 head looked at how extended days-on-feed impacted the price of cattle sold on a grid.

Crawford is one of five presenters for Feedlot Forum 2025. The agenda and registration form for Feedlot Forum 2025 are available on the event website https://www.extension.iastate.edu/sioux/feedlot-forum.  Registration is $25 per adult or $10 per student, and is due January 6. For more information, contact Doran at 712-737-4230 or doranb@iastate.edu.



2025 Crop Advantage Series Meetings to Be Held at 12 Locations in January

The 2025 Crop Advantage Series meetings will be held at 12 locations across the state Jan. 2-29. Each meeting will feature tailored topics based on local growing conditions and challenges, presented by Iowa State University Extension and Outreach specialists.

The 2025 Crop Advantage Series is designed to provide farmers and crop production professionals with the latest research-based information to help them make more informed decisions for their farming operations.

2025 Crop Advantage series map showing meeting locations.Dates and locations for the 2025 Crop Advantage Series are:
    Jan. 2 - Storm Lake
    Jan. 7 - Sioux Center
    Jan. 9 - Burlington
    Jan. 10 - Mason City
    Jan. 14 - Okoboji
    Jan. 16 - Waterloo
    Jan. 17 - Davenport
    Jan. 21 - Atlantic
    Jan. 22 - Ankeny
    Jan. 23 - Coralville
    Jan. 28 - Le Mars
    Jan. 29- Templeton

“This program series allows Iowa State University Extension and Outreach specialists to meet with farmers and crop production professionals across the state,” said Josh Michel, field agronomist with ISU Extension and Outreach.

“Our goal is always to prepare producers to manage potential issues when they arise, or even before they arise, by sharing the most up-to-date scientific knowledge from Iowa State University researchers,” said Michel. “Each location’s program is unique, as content is driven by local needs and production issues.”

Topics on this year’s agendas include crop market outlooks for 2025, nitrification inhibitors, climate outlooks, tar spot, waterhemp management, soybean aphid resistance, cover crops and many more.

Early-bird registration pricing is $75 until one week prior to each meeting. Late or on-site registration is $100. Registration includes refreshments and lunch, certified crop advisor credits, and access to resources. Private pesticide applicator recertification will be available at each location for a separate fee of $30 that will be collected on-site.

Online registration and additional information are available at go.iastate.edu/cropadvantage.



2024 Farm Sector Income Forecast
U.S. Department of Agriculture, Economic Research Service

After reaching record highs in 2022, farm sector income is forecast to fall in 2024 but at a slower rate than in 2023. Net farm income, a broad measure of profits, reached $181.9 billion in calendar year 2022 in nominal dollars. After decreasing by $35.3 billion (19.4 percent) from 2022 to $146.7 billion in 2023, net farm income is forecast to decrease $6.0 billion (4.1 percent) to $140.7 billion in 2024. Net cash farm income reached $210.1 billion in 2022. After decreasing by $49.4 billion (23.5 percent) from 2022 to $160.7 billion in 2023, net cash farm income is forecast to decrease by $1.8 billion (1.1 percent) to $158.8 billion in 2024.

In inflation-adjusted 2024 dollars, net farm income is forecast to decrease by $9.5 billion (6.3 percent) from 2023 to 2024. Net cash farm income is forecast to decrease by $5.7 billion (3.5 percent) from 2023 to 2024. If realized, both measures in 2024 would remain above their 2004–23 averages (in inflation-adjusted dollars).

Summary Findings
    Overall, farm cash receipts are forecast to decrease by $4.0 billion (0.8 percent) from 2023 to $516.9 billion in 2024 in nominal dollars. Total crop receipts are forecast to decrease by $25.0 billion (9.2 percent) from 2023 levels to $246.2 billion following lower receipts for corn and soybeans. Conversely, total animal/animal product receipts are projected to increase by $21.0 billion (8.4 percent) to $270.6 billion in 2024. Receipts for cattle/calves, eggs, milk, broilers, and hogs are forecast to rise relative to 2023.
    Direct Government farm payments are forecast at $10.6 billion in 2024, a $1.7-billion (13.6 percent) decrease from 2023. Direct Government farm payments include Federal farm program payments paid directly to farmers and ranchers but exclude U.S. Department of Agriculture (USDA) loans and insurance indemnity payments made by the Federal Crop Insurance Corporation (FCIC). The forecast decline is largely because of lower Dairy Margin Coverage Program payments and supplemental and ad hoc disaster assistance to farmers and ranchers in 2024 compared with 2023.
    Total production expenses, including those associated with operator dwellings, are forecast to decrease by $8.0 billion (1.7 percent) from 2023 to $453.9 billion in 2024. Spending on feed is expected to see the largest decline in 2024 while livestock/poultry purchases are expected to see the largest dollar increase relative to 2023.
    Farm sector equity is expected to increase by 5.2 percent ($181.9 billion) from 2023 to $3.68 trillion in 2024 in nominal terms. Farm sector assets are forecast to increase 5.1 percent ($205.4 billion) to $4.22 trillion in 2024 following an expected increase in the value of farm real estate assets. Farm sector debt is forecast to increase 4.5 percent ($23.5 billion) to $542.5 billion in 2024. Debt-to-asset levels for the sector are forecast to improve modestly from 12.93 percent in 2023 to 12.86 percent in 2024. Working capital is forecast to fall 6.9 percent in 2024 relative to 2023.

Total Cash Receipts Forecast To Decline for Second Straight Year in 2024
Total inflation-adjusted cash receipts are forecast to fall $16.6 billion (3.1 percent) from 2023 to $516.9 billion in 2024. Crop cash receipts are projected to decline $31.6 billion (11.4 percent) during the year, although animal/animal product cash receipts are expected to increase by $15.0 billion (5.9 percent).

Crop Receipts Projected To Fall in 2024
Crop cash receipts are forecast at $246.2 billion in 2024, a decrease of $25.0 billion (9.2 percent) from 2023 in nominal terms. Combined receipts for corn and soybeans are forecast to fall $23.5 billion, however, vegetable and melon receipts are expected to increase.

Corn receipts are expected to fall by $16.6 billion (20.8 percent), as lower forecasted prices should outweigh higher quantities sold in 2024. Lower prices in 2024 should also outweigh growth in quantities sold for soybean receipts, which are forecast to decrease by $6.9 billion (12.3 percent). Falling prices and quantities sold are expected to pull cotton receipts $1.9 billion (26.9 percent) lower in 2024. Wheat receipts are forecast to decrease $0.8 billion (7.0 percent), as lower prices will likely outweigh higher quantities sold. Rice receipts are projected to grow by $0.2 billion (4.5 percent), behind rising quantities sold. Receipts for hay are expected to decline by $0.8 billion (8.1 percent).

Vegetable and melon cash receipts are expected to increase by $1.7 billion (6.7 percent) in 2024 and receipts for fruits and nuts are expected to fall by $0.6 billion (2.1 percent) during the year. Receipts for sunflower are forecast to decline $0.3 billion (39.9 percent) in 2024.

Growth in Animal/Animal Product Receipts Forecast in 2024
Total animal/animal product cash receipts are expected to increase $21.0 billion (8.4 percent in nominal terms) from 2023 to $270.6 billion in 2024. Chicken egg receipts are forecast to see the largest percentage increase among animal/animal product commodities.

Milk receipts are expected to increase $5.3 billion (11.5 percent) in 2024, mainly due to higher prices. Cash receipts from cattle and calves are expected to increase $7.3 billion (7.2 percent), also primarily due to higher prices. Growth in prices and quantities sold are likely to lead to an increase of $1.5 billion (5.7 percent) in hog receipts during the year.

Cash receipts for chicken eggs are projected to increase $7.0 billion (39.4 percent), due to rising prices in 2024. Rising prices and quantities sold are expected to drive broiler receipts $2.5 billion (5.9 percent) higher during the year. However, turkey receipts are forecast to drop $2.8 billion (43.3 percent) in 2024, following expected lower prices and quantities sold.

Lower Prices Drive Cash Receipts Decline in 2024
To better understand the factors underlying the forecast change in annual receipts from 2023 to 2024, the change was broken down into two effects: (1) a "price effect" projecting the change in cash receipts associated with holding the quantity sold constant at 2023 levels and allowing prices to change to forecast 2024 levels; and (2) a "quantity effect" holding prices constant from 2023 and quantities changing to forecast 2024 levels. In 2024, falling prices are projected to have negative effects on cash receipts, while rising quantities sold should have positive effects. Overall, cash receipts are forecast to decrease $4.0 billion in 2024, with an estimated negative price effect of $26.2 billion, and a projected positive quantity effect of $20.9 billion. In addition, a net increase of $1.3 billion in cash receipts is from forecasts for commodities for which price and quantity effects cannot be separately determined. Quantity effects on cash receipts are forecast to be positive for crops and animals/animal products. Price effects are forecast to be negative overall for crop cash receipts but are expected to be positive for animal/animal product receipts.

Direct Government Farm Payments Forecast To Decrease in 2024
Direct Government farm program payments are those made by the Federal Government directly to farmers and ranchers with no intermediaries. Typically, most direct payments to farmers and ranchers are administered by the USDA using the Farm Bill or related authorities. Direct payments can also come from supplemental programs authorized by the U.S. Congress. Government payments do not include Federal Crop Insurance Corporation (FCIC) indemnity payments (listed as a separate component of farm income) and USDA loans (listed as a liability in the farm sector’s balance sheet). Direct Government farm program payments are forecast at $10.6 billion for 2024, a decrease of 13.6 percent ($1.7 billion) from 2023 to 2024. This overall decrease reflects anticipated lower payments from the Dairy Margin Coverage (DMC) program and lower payments from supplemental and ad hoc disaster assistance, particularly from the Emergency Relief Program (ERP).

    Supplemental and ad hoc disaster assistance payments in 2024 are forecast at $5.6 billion, a decrease of $1.5 billion (21.6 percent) from 2023, mostly because of lower expected payments from the Emergency Relief Program. Since 2020, supplemental and ad hoc disaster assistance has represented the largest category of direct Government payments.

    Conservation payments from the financial assistance programs of USDA's Farm Service Agency and Natural Resources Conservation Service (NRCS) are expected to be $4.4 billion in 2024, an increase of $806.9 million (22.2 percent) from the 2023 level. The increase in conservation payments is due to a marginal increase in Conservation Reserve Program enrolled acres, an increase in payments from NRCS programs, and some expected payments from the Inflation Reduction Act funds allocated for USDA’s conservation programs.

    Farm bill commodity payments under the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs are forecast at $461.0 million (an increase of 70.5 percent relative to the previous year) and $1.9 million (a decrease of 75.8 percent), respectively. The ARC program provides income support payments when actual crop revenue declines below a specified level. The PLC program provides income support payments when the effective price of a covered commodity falls below its effective reference price.

    The Dairy Margin Coverage Program (DMC) is forecast to make $80.9 million in payments in 2024, which is $1.1 billion lower than in 2023. DMC payments were at a record high of $1.2 billion in 2023 due to lower milk prices.

Production Expenses Forecast To Decline in 2024
Farm sector production expenses, including expenses associated with operator dwellings, are forecast at $453.9 billion in 2024. This is a decline of $8.0 billion (1.7 percent), compared with 2023 levels. When adjusted for inflation, production expenses are forecast to decrease by 4.1 percent from 2023 to 2024.

Spending on feed, labor, and livestock/poultry purchases are expected to represent the three largest categories in 2024. Feed purchases, the largest single expense category, are forecast at $69.5 billion in 2024, declining by $10.5 billion (13.2 percent) from 2023. However, labor expenses (including both cash labor expenses and noncash employee compensation) are forecast to rise by $3.0 billion (6.1 percent) to $51.8 billion in 2024, compared with 2023. Livestock and poultry purchases are projected to grow by $4.4 billion (10.2 percent) to $47.4 billion in 2024. Note that no adjustments for inflation are made.

Several other expense categories are forecast to notably change in 2024, compared with their 2023 levels:
    Fertilizer expenses (including lime and soil conditioner expenses) are projected to decline by $3.0 billion (8.4 percent below their 2023 value) to $32.8 billion. This decline is mostly due to reductions in fertilizer prices.
    Pesticide expenses are expected to decline by $2.3 billion (10.7 percent below their 2023 level) to $19.3 billion, mostly due to lower prices.
    Fuel and oil expenses are forecast to decline by $2.0 billion (11.3 percent) in 2024, to $15.6 billion, driven by declining energy prices.