Evening Edition | Thursday, August 11, 2022
In tonight's Evening Edition, catch up on news about July tractor sales, drought in the top corn growing states, and the outlook for the 2023 farm bill.
July Tractor Sales
Sales of U.S. and Canadian tractors fell last month, while combine sales rose in the U.S., according to the Association of Equipment Manufacturers.
In the U.S., total ag tractor sales fell 21% in July compared to a year ago while self-propelled combines rose 9.2% with 715 units sold last month. This category also saw an increase in June sales.
While the heavy-duty tractors category sales were positive for the month, the mid-range and sub-40 horsepower segments saw losses.
Editor Natalina Sents Bausch reports on the drought conditions across the top 18 corn growing states.
Total drought acreage in the lower 48 states declined this week to 50.11%. That means 234.3 million acres of crops are experiencing drought conditions, according to the National Integrated Drought Information System.
Of the top 18 corn growing states, D4 exceptional drought is now present in four - Texas, Kansas, Nebraska, and Colorado.
2023 Farm Bill
The current farm bill expires in September 2023. But given the size and implications of the programs, it is already farm bill season for lawmakers and the groups with a stake in the bill.
The 2018 farm bill was projected to spend $428 billion over five years, according to the Congressional Budget Office. When crafting a new farm bill, lawmakers must keep the total within the baseline estimates for the previous farm bill or find another new funding source.
The current baseline for farm bill programs for the next five years is $648 billion, according to the Congressional Budget Office’s May 2022 estimates. A new estimate in spring 2023 will set the budget for the new farm bill.