Russell Nemetz has the Montana Ag Network report for Monday, February 10, 2020.
#1: It looks like U.S. net cash farm income, the total income after expenses, is forecast to decrease $13.1 billion to $109.6 billion in 2020. When adjusted for inflation, the drop is almost 11 percent compared to the previous year. U.S. net farm income is a broader measure of profitability. It incorporates noncash items like economic depreciation and gross imputed rental income, and it forecast to increase by $1.4 billion to $96.7 billion in 2020. That’s a 1.4 percent jump over 2019. The USDA says if the forecast changes are accurate, net cash farm income in 2020 would be 0.6 percent below the inflation-adjusted average calculated throughout 2000-2018. Net farm income would be 5.4 percent above the average during 2000-2018.
#2: The USDA announced the details of two programs that protect hemp producers’ crops from natural disasters. A pilot hemp insurance program through Multi-Peril Crop Insurance provides coverage against yield loss because of insurable causes of loss for hemp grown for fiber, grain, or CBD Oil. The Noninsured Crop Disaster Assistance Program coverage protects against losses associated with lower yields, destroyed crops, or prevented planting where no permanent federal crop insurance program is available. Producers can apply now, with the deadline to sign up for both programs set for March 16, 2020. The pilot insurance program option for hemp producers is available in select counties in 21 states including Montana during the 2020 crop year.
#3: Last week at the Cattle Industry Convention and NCBA Trade Show in San Antonio, Texas, winners of the 2020 Beef Quality Assurance Awards were announced. And the recipient of the 2020 BQA Cow-Calf Award was the IX Ranch in Big Sandy, Montana. Implementing BQA fits right in with the ranch’s goal to have a ‘blue-ribbon operation,” says the the Roth family, who have owned and operated IX Ranch since the 1950s. Meanwhile, the winner of the 2020 BQA Educator of the Year Award was Curt Pate from Ryegate, Montana. For more than a decade, Curt has educated tens of thousands of beef industry professionals on safe and effective stockmanship and livestock handling throughout the United States.
#4: And the American Lamb Board is seeking three candidates to represent the United States in the Young Guns Leadership Program in Australia. The American Lamb Board believes producer education is of the utmost importance for the long-term viability of the American sheep industry. Each country-Australia, the U.S. and New Zealand-will select two or three producers between the ages of 22 and 40 years of age who exhibit leadership potential to participate in the forum. The program is July 1-3 and will kick-off in Melbourne. Applicants must complete the written application. Applications are due by February 28. For questions and more information, contact the ALB office at firstname.lastname@example.org or 303-759-3001.