by Tiverton As April 15 approaches, it’s time to make sure you’re tax ready with accurate records and necessary documentation. Consult this list to make sure your affairs are squared away: All farm-related receipts are accounted for (equipment, fertilizer, etc.) All business mileage on your personal car is recorded (dates, destinations, distances, purposes) Crop sale […]
Don’t Miss It: The Deadline for Risk Coverage Programs is Approaching Quickly by Tiverton The deadline to enroll into the Agriculture Risk Coverage (ARC) or Price Loss Coverage (PLC) program is Monday, March 15. Enrollment in these risk coverage programs ensures financial compensation should any of your eligible crops decrease in price substantially. Failure to […]
by Tiverton In the fourth quarter of 2020, loans to farmers significantly decreased to a historically low number. According to the National Survey of Terms of Lending to Farmers, farm lending declined at an average pace of 2% throughout 2020. Why the Decrease?: This could be due to stronger prices for agricultural commodities as well […]
by Tiverton The impact of COVID-19 on the agricultural community has leaked into farm financing. According to economists, the total amount of non-real estate farm loans has been limited. While the total non-real estate loan volumes grew 15 percent since last year, loan volumes were still less than the last three years, and the […]
by Tiverton Despite the hardships that came with COVID-19 this year, farmers were still dedicated to providing produce, earning them favor with consumers. In a recent Gallup Poll, farming and agriculture are listed as the top-ranking U.S. industry among 25 other major sectors. This is the first time in the poll’s 20-year history tracking […]
The last six months have greatly impacted dairy farms. With shoppers being limited on their milk purchases during the quarantine period and a 50% demand reduction at restaurants, farmers found themselves forced to dump good milk. About 10% of the milk produced had nowhere to be delivered, causing farmers to discard excess productions and cut […]
by Tiverton The farm community has experienced a variety of external stressors this year. From wildfires and drought to the financial and relational tolls of a pandemic, the impact on mental health has been felt widely. Most sectors of agriculture have been affected by the added stress, but farmers aren’t the only ones who are […]
by Tiverton Farmers are growing more concerned about their market access as a result of COVID-19 than their financial situation, a Purdue University poll shows. 45 percent of producers said their ability to network and connect with the ag community is the primary concern after COVID — a percentage which increased from August to September. […]
by Tiverton A Texas A&M University AgriLife study has shown that COVID-19 will reduce U.S. gross domestic by 11.9% or $2.5 trillion. This is equivalent to 19 million full-time jobs. Beyond the borders of the United States, the World Bank predicts that COVID-19 created a global recession that has impacted the economy of more countries […]
by Tiverton Agricultural producers whose farms have been affected by the recent wildfires may qualify for loans and other financial assistance from the USDA. Due to more than 2 million acres of land being burned by wildfires, the USDA has partnered with FEMA and other organizations to create a Disaster Resource Center for farmers […]