Sometimes Timing is Everything . . .

Economic Tidbits 12.18.17

Some Nebraska farmers have said they aren’t too concerned with the ongoing trade tensions with China, the largest customer for U.S. soybeans.  If the tensions were bad for the soybean market, they state, soybean prices would have dropped.  Price haven’t dropped, so the Chinese trade tensions are not a problem.  Sometimes, though, timing is everything—could it be the timing of rising Chinese trade tensions coincided with other market happenings which mitigated any price response?
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5 Ways to Put Farm Safety into Practice

Every year, thousands of farmers and ranchers are injured and hundreds more die in farming accidents across the nation. That’s what Nebraska Farm Bureau is reminding you to take precautions to make your farm and ranch as safe as possible. Continue reading

The Glories of May

TulipsEvery year as May returns, Mother Nature gives us the return of sunny days and cool spring rains after a long Nebraska winter. And, this year it is a welcome return with our abnormally cool spring. May is also when many gardeners’ hearts seem to beat a bit faster because winter is gone and spring has returned. Whether it is the blooming of flowering trees, the patchwork color of fresh annuals being planted, or the start of the landscape planting, May offers plenty to remind us of the start of our landscape growing season. Continue reading

Nebraska Soybean Yields vs. Corn Yields

Economic Tidbits 12.18.17

Does the exceptionally high soybean yields in recent years mean soybean yields are increasing relative to corn yields?  Gary Schnitkey, an agricultural economist at the University of Illinois, recently examined this question.  Using state yield data from the National Agricultural Statistics Service for 1972 to 2017, Schnitkey examined corn and soybean yield trends across the Corn Belt to see if soybean yield increases are outpacing those in corn.  For Nebraska, Schnitkey found the state average corn yield increased an average of 2.0 bushels per year between 1972 and 2017.  At the same time, the average soybean yield increased by .65 bushels per year.  The soybean yield-to corn yield ratio averaged .30 over the period and did not exhibit any trends. (see Figure 9 below).  The soybean-to-corn yield ratio was .34 in 2016 and .32 in 2017.  Continue reading

Agricultural Land Taxable Values Down . . .

Economic Tidbits 12.18.17

The taxable value on agricultural land declined 2.77 percent in 2018 according to the Nebraska Department of Revenue.  Taxable value for all real property increased 0.96 percent, with residential and recreational property value growing 3.66 percent, and commercial and industrial property growing 6.94 percent. The decline in agricultural land values marks the second consecutive year taxable values have shrunk.  Prior to last year, the taxable value on agricultural land had not declined since at least 1993, and perhaps as far back as the late 1980s.  It may seem like a distant memory, but just three years ago, the taxable value of agricultural land statewide increased almost 20 percent.  Since then, market values for land have declined between 15-20 percent and these declines are now being reflected in taxable values.  Expect taxable values to continue to decline over the next few years due to the lag effect in how taxable values are set.  Values are set using data on sales prices from the three years prior to the tax year for which the taxable values are being set.

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Spring Had Sprung

garden lanscape toolsEvery year when spring arrives the heart races a bit faster for every gardener and landscaper. The return of spring brings warmer temperatures, longer days, and a time for a fresh start. And, while last year it arrived rather early, this year it seems Mother Nature has decided to sleep in a bit longer.

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Trade Tensions Rise . . .

Economic Tidbits 12.18.17

Last week China issued a list of 106 U.S. products and goods, 37 of which are agricultural, that will face additional tariffs in retaliation to the April 3 announcement by the Trump Administration that the U.S. intends to enact tariffs on $50 billion of imports from China.  The latest Chinese list includes soybeans, corn, and beef, the top three exports commodities from Nebraska, and are in addition to a list announced earlier which included added tariffs on pork and ethanol.  Last Friday, it was revealed President Trump has instructed administration officials to investigate whether tariffs on another $100 billion of Chinese goods is warranted.  Thus, it appears the U.S. and China are rapidly escalating to a full-fledged trade war.   Continue reading