November 21, 2024

A five-minute summary of AAI, regulation, and industry activities for members of the largest state agribusiness association in the nation.

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November 28-29

AAI Main Office Closed

Thanksgiving Holiday

December 4

AAI Legislative Committee Meeting

10:00 AM - AAI Main Office Board Room

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December 12

AAI Board of Directors Meeting

10:00 AM - AAI Main Office Board Room

February 4

Agribusiness Career Day

FFA Enrichment Center - Ankeny, Iowa

February 11-12

Agribusiness Showcase & Conference

The Meadows Events & Conference Center - Altoona, Iowa

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A sharp downturn in the agriculture economy is causing a ripple effect throughout the state resulting in the loss of up to 11,400 jobs and $1.5 billion in value-added economic activity (GDP) and a $100 million loss to the state and local tax base, according to an exclusive Iowa Farm Bureau Federation (IFBF) economic analysis.  

Twenty-three businesses in Iowa announced layoffs for 4,097 individuals working in production agriculture and adjacent industries from the first of the year through Sept.18, 2024, but IFBF’s analysis finds those numbers balloon when taking broader impacts into consideration. 

“Ultimately, this starts with depressed incomes at the farm gate that have ripple effects on the Iowa economy,” said Christopher Pudenz, Iowa Farm Bureau economics and research manager. “For example, because farm incomes are down, farmers aren’t making the same machinery purchases they’ve made in previous years which means manufacturers, suppliers and retailers slow down production and are forced to lay people off.” 

Iowa’s ag-related layoffs have occurred during a prolonged period of economic hardship and uncertainty for farmers. USDA’s September 2024 farm income forecast projects another challenging year for farmers, who are expected to lose nearly a quarter of their income in just two years due to slumping commodity prices and stubbornly high input costs. Net farm income, a key measure of profitability, is projected to decline 4.4% from 2023, following a record year-over-year drop of 19.5% from 2022 to 2023. 

[...] Read Full Story

Thanksgiving is a time to gather with loved ones, to show gratitude for life’s abundance — and, of course, to eat.

And when it comes to Thanksgiving food, it seems Americans are getting relief on their grocery bills this year following a few years of escalating costs.

A “classic” Thanksgiving feast for a party of 10 will cost $58.08 in 2024, on average — down 5% from 2023 and down 9% from 2022, according to the American Farm Bureau Federation, a trade group for farmers and ranchers.

Its analysis includes turkey, cubed stuffing, sweet potatoes, dinner rolls, frozen peas, fresh cranberries, celery, carrots, pumpkin pie mix and crusts, whipping cream and whole milk.

Prices for this food basket were at a record high in 2022, at $64.05, the Farm Bureau said.

Households that add ham, russet potatoes and frozen green beans into the mix would pay $77.34 in 2024, on average — an 8% decrease from 2023, the Farm Bureau said.

[...] Read Full Story

On Monday, Sen. Debbie Stabenow (D-Mich.), Chairwoman of the Senate Agriculture Committee, introduced the $39 billion Rural Prosperity and Food Security Act. The proposal aims to address food insecurity, support rural economies, and strengthen agricultural policies.

The announcement highlights the ongoing uncertainty surrounding the farm bill, as the current extension nears expiration and Stabenow’s opposition (the incoming Republican majority) is poised to take control of the Senate in January.

“The foundation of every successful Farm Bill is built on holding together the broad, bipartisan Farm Bill coalition,” Stabenow said. “This is a strong bill that invests in all of agriculture, helps families put food on the table, supports rural prosperity, and holds that coalition together.”

The bill, spanning 1,400 pages, marks Stabenow’s sixth farm bill. However, it is likely her last, as she plans to retire at the end of this congressional session. 

Her effort faces strong opposition. Sen. John Boozman (R-Ark.), the top Republican on the Agriculture Committee and incoming chairman, criticized the timing and content.

[...] Read Full Story

A shortline operator with the corporate profile of a Class 1, Genesee & Wyoming began its North American operations in 1899 serving a single customer over 14 miles of track in western New York state. Today, the company operates 110 railroads with 4,000 employees, running over 13,000 track-miles serving more than 2,500 customers with volume of 1.5 million diversified carloads per year in the United States, Canada and Mexico.

But all that history doesn’t count for much, said Michael Miller, chief executive of Genesee & Wyoming, if an organization isn’t able to adapt and change.

While G&W is celebrating its 125th anniversary, Miller said in a presentation to executives, suppliers and investors, “[W]hat got us here won’t get us there,” meaning a profitable future. He warned railroads must commit to their core principles while embracing technology that’s reshaping transportation.

He showed the results of a survey presented earlier this year by consultant Accenture at the World Economic Forum in Davos, Switzerland, that found around 23% of organizations are reinventing themselves every year or less — the fastest rate of change ever recorded. Moreover, the study found only 34% of change initiatives are considered successful.

Those are sobering statistics for a hidebound industry as tied to its history as railroading. 

[...] Read Full Story

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