Agriculture

Elanco Animal Health began trading on the New York Stock Exchange (NYSE) on September 20 under the ticker symbol “ELAN.” “A historic day for Elanco! A tribute to our 5,800 team members who made it happen, and the amazing farmers, veterinarians and pet owners we serve,” Elanco President Jeff Simmons posted on Twitterto commemorate the IPO. The pricing of its initial public offering (IPO) of 62.9 million shares of its common stock began selling at a price to the public of $24 per share. [node:read-more:link]

Agri-Mark, the company that owns Cabot Creamery, could continue to lose millions of dollars in revenue following President Trump’s announcement Monday of tariffs on $200 billion worth of goods from China and Beijing’s response the next day that it would tax $60 billion worth of U.S. goods — including almost all dairy products. For dairy companies like [Agri-Mark], which merged with Cabot in the 1990s and has one third of the dairy farms in New England in its cooperative, news of more tariffs is not good for business. China is the third largest market for U.S. [node:read-more:link]

New York certainly has got milk and an assortment of products made from milk. And apples and grapes and cabbage, corn and beans.Oh, and maple syrup.All of those products rank in the top five in the nation when it comes to production, with New York taking the top spot for producing cottage cheese, sour cream and yogurt. In fact, 15 agriculture products produced in New York are in the top five nationwide, according to a report released Thursday by state Comptroller Thomas P. DiNapoli. [node:read-more:link]

Voters across Switzerland on Sunday resoundingly rejected initiatives aimed at boosting local farming and promoting more ethical and environmental standards in food production, amid fears of cost hikes and reduced consumer choice. Voters rejected two schemes linked to agriculture and food security, as well as protection for Swiss farmers against cheap food imports. [node:read-more:link]

Autryville, NC-based Jackson Farming Company is the 2018 winner of American Vegetable Grower's prestigious Grower Achievement Award. First generation growers Brent and Debbie Jackson and their son Rodney Jackson demonstrate what can be accomplished when you’re willing to aim for long-term success.The Jackson Family will receive the American Vegetable Grower Grower Achievement Award in Washington, D.C., on September 24, 2018, during the United Fresh Produce Association’s Washington Conference. [node:read-more:link]

Lt. Governor Suzanne Crouch, Indiana State Department of Agriculture Director Bruce Kettler and members of the Indiana agricultural delegation met with officials from Canada’s Manitoba Province today to discuss opportunities to grow both regions’ agricultural sectors. Through a signed memorandum of understanding, the Indiana and Manitoba departments of agriculture agreed to facilitate cooperation in several areas including agricultural research and development, youth education and leadership, and trade investment – all for the purpose of mutual economic growth. [node:read-more:link]

FAPRI indicated that, “Large crops and trade disputes put downward pressure on U.S. farm commodity prices and farm income. Even considering the initial round of market facilitation program (MFP) payments, U.S. [node:read-more:link]

The ratcheting of the U.S.-China trade war is unfortunate and comes at a lousy time for farmers, according to Iowa Agriculture Commissioner Mike Naig. The state official said farmers in Iowa are in the harvest season for key crops such as soybeans and corn, which are among the farm commodities already hit by China's tit-for-tat tariffs.Beijing struck back against the Trump administration's new round of trade tariffs by imposing duties on $60 billion of American products, including cocoa powder and frozen vegetables. [node:read-more:link]

 For a seventh straight month the overall index rose above growth neutral. Bankers reported a decline in the sale of agriculture equipment and expect sales to decline by another 7.8 percent over the next 12 months.   More than one-half of bankers supported cutting recently enacted tariffs.  In reaction to weak farm commodity prices and income, almost one-third of bank CEOs reported rejecting a higher percentage of farm loans.  [node:read-more:link]

Due to lower soybean prices and higher costs, budgets suggest returns will be very low for corn and soybeans in 2019.  Conserving cash, cutting investments, reducing costs, and renegotiating cash rents should be aggressively pursued.  If prices do not increase, the budgets indicate it is unlikely that farmers will be able to generate profits on rented farmland in 2019. [node:read-more:link]