Ag News: Farm Income-Land Values Up
**Farm income and land values surged in the closing months of 2020, lifted by higher commodity prices and large federal payments. That’s according to farm lenders across the Midwest and Plains.
Federal Reserve regional banks in Chicago, Kansas City and Minneapolis tell www.agriculture.com, with the commodity rally expected to persist, the farm economy was in its best shape in years.
The farm sector has been in a rut since the collapse in 2014. Agriculture is forecast to benefit from an economy-wide recovery from the pandemic this year.
**Farm tractor and self-propelled combine unit sales start the year with continued growth in both the U.S. and Canada according to the Association of Equipment Manufacturers.
U.S. total farm tractor sales rose 24.7% in January compared to 2020 while U.S. self-propelled combine sales grew a significant 76.8%.
U.S. unit sales grew across all segments, with the biggest gains continuing in the small sub-40hp segment, gaining 32.9%. 100+hp continued to grow, up 1.2%.
**A new report says the value of most California-grown vegetable crops declined in 2020, as pandemic impacts echoed through markets.
In an annual report, the USDA says farmers of a number of vegetables found themselves unable to sell some of their crops, when sales to restaurants or other customers abruptly changed or ended.
California remains the leader in U.S. vegetable production.