Business

“These awards enable landowners to address the threat that feral swine pose to natural resources and agriculture,” NRCS Acting Chief Kevin Norton said. “The projects we have identified will be key to addressing the feral swine problem.” (U.S. Department of Agriculture, Public Domain)

DES MOINES, Iowa (AP)—Thanks to the government paying nearly 40 percent of their income, U.S. farmers are expected to end 2020 with higher profit than 2019 and the best net income in seven years, the Department of Agriculture said in its latest farm income forecast in December. Farm cash receipts are forecast to decrease nearly 1 percent to $366.5 billion, the lowest in more than a decade, measured in real dollars. Direct federal government payments saved farmers’ bottom line: Farmers overall saw a 107 percent increase in direct payments from 2019, when a third of net income came directly from the government. Excluding USDA loans and insurance indemnity payments made by the Federal Crop Insurance Corp., farmers are expected to receive $46.4 billion from the government, the largest direct-to-farm payment ever. That includes $32.4 billion in assistance through coronavirus pandemic relief food assistance and Paycheck Protection program payments to farmers. Additional support comes from more traditional revenue-loss programs due to low commodity prices, compensation for trade disruptions resulting from tariff battle, and conservation programs assistance. Overall, farmers will see the highest level of net farm income, a broad measure of profitability, since 2013, the USDA said.

AUSTIN—Texas Comptroller Glenn Hegar announced this week he will send cities, counties, transit systems, and special-purpose taxing districts $783.2 million in local sales tax allocations for January, 2.6 percent more than in January 2020. These allocations are based on sales made in November by businesses that report tax monthly.

Third quarterly AgriLife oil and gas miniseries is postponed The third in a series of Hemphill County AgriLife oil and gas short courses, which was scheduled for next Tuesday, Jan. 19, has been postponed and will be rescheduled at a later date.

AUSTIN—Texas Comptroller Glenn Hegar said this week that state sales tax revenue totaled $2.86 billion in December, 5 percent less than in December 2019. The majority of December sales tax revenue is based on sales made in November and remitted to the agency in December.

COLLEGE STATION—Enrollment for agricultural producers and private landowners interested in the Conservation Reserve Program (CRP) began this week and continues until Feb. 12. The competitive program, administered by USDA’s Farm Service Agency (FSA), provides annual rental payments for land devoted to conservation purposes.

The $900 billion pandemic-relief legislation passed by the U.S. Congress late Monday includes $33 billion in aid for farms, broadband, biofuels, and nutrition programs according to the Iowa Capital Dispatch.

PORTALES, N.M.—The Sagamore Wind Project, one of the largest wind farms ever built in New Mexico, is now complete and is expected to save Xcel Energy’s New Mexico and Texas customers $110 million annually in generating fuel costs by using the free and abundant wind of Roosevelt County, New Mexico, to produce clean electricity for a growing economy.