Agriculture

Crop and livestock farmers who are working on preparing their 2022 income tax returns can review two useful documents for end-of-year determinations.

The article “Suggested Closing Inventory Prices for 2022 Records” provides suggested closing inventory prices for all major crop and livestock commodities produced in Iowa, and “Deductible Livestock Costs for Adjusting 2022 Income Tax Returns” provides cost estimates for farmers who consume food produced by their operation, which must be deducted from expense reporting. Both documents are published by Iowa State University Extension and Outreach as part of the December Ag Decision Maker.

The inventory prices are averages compiled by economists with ISU Extension and Outreach, using data from the United States Department of Agriculture, the Iowa State Cash Rental Rates Survey, and the Iowa Farm Business Association. The prices are used by consultants with the Farm Business Association and tax preparers across Iowa.

Upcoming Deadlines/Dates
January 16: Office Closed in Observance of Martin Luther King Jr. Day
March 15: ARCPLC Signup

Transitioning a farm to the next generation is one of the biggest challenges that farm owners and beginning farmers will face. The decisions made can affect families, finances and rural communities for decades into the future.

That’s why Iowa State University’s Farm Transitions Conference, slated for Feb. 9-10 in Ames, will bring together experts and experienced landowners from a wide range of backgrounds with the goal of improving the farm transition process.

Bankers, attorneys, tax professionals, mediators and family farmers will all be part of this year’s event, to be held at the Gateway Hotel. Attendees will hear from professionals who deal with all parts of farm transitions – those looking to exit farming, those looking to enter or expand, and those who simply want to review their existing succession plans to ensure they are current.

Webinars announced for the upcoming year to assist with dairy goat management

The Iowa State University Extension and Outreach dairy team will continue its dairy goat webinar series in 2023 with all webinar dates and topics listed below. All webinars will be from noon to 1:15 p.m. and are free to attend.

Upcoming Deadlines/Dates
January 16: Office Closed in Observance of Martin Luther King Jr. Day
March 15: ARCPLC Signup

Farm Loan Presence in Allamakee County
The USDA/FSA Farm Loan team will have a Loan Officer in our office every Tuesday during normal business hours (8 a.m. to 4:30 p.m.). If you would like to visit with the loan officer, feel free to call or stop in.

Enrollment Open for Agriculture Risk Coverage and Price Loss Coverage Programs for 2023
Agricultural producers can now make elections and enroll in the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs for the 2023 crop year. The signup period opened in October and runs through March 15, 2023. These key U.S. Department of Agriculture (USDA) safety-net programs help producers weather fluctuations in either revenue or price for certain crops. Enrollment for the 2023 crop year closes March 15, 2023.

Transitioning a farm to the next generation is one of the biggest challenges that farm owners and beginning farmers will face. The decisions made can affect families, finances and rural communities for decades into the future.

That’s why Iowa State University’s Farm Transitions Conference, slated for Feb. 9-10 in Ames, will bring together experts and experienced landowners from a wide range of backgrounds with the goal of improving the farm transition process.

Bankers, attorneys, tax professionals, mediators and family farmers will all be part of this year’s event, to be held at the Gateway Hotel. Attendees will hear from professionals who deal with all parts of farm transitions – those looking to exit farming, those looking to enter or expand, and those who simply want to review their existing succession plans to ensure they are current.

Upcoming Deadlines/Dates
January 2: Office Closed in Observance of New Year’s Day

Local Economies Need to be the First Consideration
by LuAnn Rolling, District Conservationist

Farmers and agribusiness professionals, ages 18-35, are invited to attend Iowa Farm Bureau Federation’s Young Farmer Conference January 27-28, 2023, at the Iowa Events Center in Des Moines. “This year’s conference theme is ‘Our Roots Run Deep,’” said Megan Hansen, Young Farmer Advisory Committee chair and Pottawattamie County farmer. “As young farmers, we’re grateful for those who have paved the way before us - planting that seed. As the next generation, we are intent on solidifying those roots by learning from experts and each other at this popular event that typically attracts between 500 to 600 young farmers.”

One year after skyrocketing 29%, the average value of an acre of Iowa farmland jumped another 17%, or $1,660, to $11,411 per acre. The nominal value of an acre of farmland is again higher this year than at any point since Iowa State University began surveying values in 1941. When adjusting for inflation, the 2022 average value surpasses the previous inflation-adjusted record value set in 2013 for the first time.

Farmland values in Iowa have increased more than 15% in a year a handful of times since 1941, most notably in 2011, when values rose 32.5%, and last year, when values rose 29%.

While inflation was a major factor that drove the increase last year, Wendong Zhang, an associate professor of economics and faculty affiliate of Center for Agricultural and Rural Development at Iowa State University, said that it did not play as much of a factor as commodity prices, limited land supply, and low interest rates through summer 2022 did this year.

Upcoming Deadlines/Dates
December 26: Office Closed in Observance of Christmas
January 2: Office Closed in Observance of New Year’s Day

Farm Loan Presence in Allamakee County
The USDA/FSA Farm Loan team will have a Loan Officer in our office every Tuesday during normal business hours (8-4:30).  If you would like to visit with the loan officer, please call or stop in.

Progression Lending from FSA
Farm Service Agency (FSA) farm loans are considered progression lending. Unlike loans from a commercial lender, FSA loans are intended to be temporary in nature. Our goal is to help you graduate to commercial credit, and our farm loan staff is available to help borrowers through training and credit counseling.