Record income

  Net U.S. cash farm income is forecast to be a record high $188 billion for 2022. That’s up 25.5% from 2021. Cash receipts for corn, soybeans, wheat and other crops are up 19%. Receipts from animal agriculture are expected to increase over 30% from last year.

Class III milk prices announced
  The federal order Class III milk price was $21.01 per hundredweight. That’s 80 cents below October and $2.65 above November 2021. The Wisconsin all-milk price for October averaged $24.40 per hundredweight. That’s $2.30 above September and $4.70 more than October of last year.

Catastrophe avoided
  In the words of President Joe Biden, Congress’ action on the rail contract will spare the country “a Christmas catastrophe in our grocery stores, our workplaces and in our communities.” The House and Senate took action to force unions to accept a tentative contract agreement that was adopted in September. Biden later signed the legislation. The five-year contract gives union railroad workers a 24% bump in wages but does not address the issue of paid sick leave.

Farm bill extension remains a possibility
  The Republicans have a slim majority in the House and a very tight margin is in the Democrat’s favor in the Senate. Compeer Financial chief mission and marketing officer John Monson said that will influence the farm bill debate. “I don’t sense that given the dynamics in place right now, that we’re going to see a major shift in policy perspective,” Monson told Red River Farm Network. “It just seems to me that the path of least resistance is more of an extension of the current farm bill at least for a year, if not longer.” Monson said there will be different dynamics at play during the upcoming session. “The nutrition title will cost 85% of this next farm bill of $1.3 trillion. That’s going to be a big task.”

WTO seeks solution to global hunger
  The World Trade Organization’s agriculture committee is working on a strategy to address hunger, especially in the least developed countries. Future discussions will center on market access, financing food purchases and the strength of farm production worldwide. Specific policies were reviewed, including the U.S. Inflation Reduction Act, the European Union’s new Common Agricultural Policy and Canada’s dairy supply/management program. Another meeting is planned in early December to continue the discussion.

Pent-up demand for farm equipment
  In an update on John Deere’s quarterly earnings, Reuters reported farm equipment and combines are virtually sold out for 2023. StoneX chief commodity economist Arlan Suderman said the high commodity prices in recent years have driven up demand. “Unfortunately, the same issues keeping us from getting new cars is also happening in the equipment industry,” Suderman said. The computer chip shortage is the missing link. “So much of our equipment is reliant on chips, and there is still a shortage,” he said. “The ability to manufacture and get products distributed has led to some long waiting lists for equipment.”

Domestic production for dairy
  The National Milk Producers Federation is asking Congress to protect the domestic production of infant formula. When supplies tightened earlier this year, tariff waivers were granted to bring more baby formula into the United States. NMPF said the situation has improved and the preferential tariff benefits should be allowed to expire at the end of the year.

Fed signals another half-point increase
  Federal Reserve Board chairman Jerome Powell signaled the central bank is on track to raise interest rates by a half a percentage point at its next meeting. During a speech Wednesday, Powell said it would make sense to slow rate increases to give the economy time to adjust to previous rate hikes. A 75 basis point interest rate hike was seen for four straight months.

Farm wages up
  According to U.S. Department of Agriculture’s report on farm labor, farms in the Lake Region paid their hired workers an average of $18.83 per hour. That’s an increase of $2.62 per hour from one year ago. The Lake Region is made up of Wisconsin, Minnesota and Michigan.

Booker Bill considers animal agriculture
  New Jersey Sen. Cory Booker has introduced a bill targeting large-scale livestock operations. The proposal would require packers, processors and farmers to register their businesses with USDA, submit a disaster preparedness plan and pay for disaster mitigation. The bill also calls for more humane treatment of downed animals or those being depopulated due to a disease. Booker is a member of the Senate Agriculture Committee and has proposed similar bills in the past.

Former WFBF president passes
  Former Wisconsin Farm Bureau president Donald Haldeman, 85, has passed away. Haldeman was elected in 1971 and served 20 years. Haldeman was a dairy farmer near Norwalk, Wisconsin.

Selz-Pralle honored
  Dairy Girl Network presented its first-ever Leading Impact Award to Pam Selz-Pralle of Humbird, Wisconsin. Selz-Pralle and her husband, Scott, have been recognized as Holstein USA Outstanding Young Breeders and Wisconsin Jaycee Outstanding Young Dairymen, and Pam has been honored as a Wisconsin Master Agriculturalist.

HOF honors for Jahnke
  During the National Association of Farm Broadcasting Annual Meeting, Madison, Wisconsin-based farm broadcaster Pam Jahnke was inducted into the National Farm Broadcasting Hall of Fame. Jahnke leads the Midwest Farm Report.

Trivia challenge
  Germany is credited with starting the tradition of putting up a Christmas tree. That answers our last trivia question. For this week’s trivia, how much eggnog is consumed by Americans each Christmas season? We will have the answer in the next edition of Dairy Star.
  Don Wick is owner/broadcaster for the Red River Farm Network, based in Grand Forks, North Dakota. Wick has been recognized as the National Farm Broadcaster of the Year and served as president of the National Association of Farm Broadcasting. Don and his wife, Kolleen, have two adult sons, Tony and Sam, and five grandchildren, Aiden, Piper, Adrienne, Aurora and Sterling.