A troubling trend may be developing concerning how agricultural trade is being reported by the USDA. Politico Pro noted that this year’s 2nd quarter agricultural trade report, released at the end of August, predicted that the there will be a $47 billion agricultural trade deficit this year, which is two and a half billion dollars less than the $49.5 billion deficit that was predicted in May, but this deficit is still over $16 billion higher than in 2024. The report projects a $41.5 billion farm trade deficit in fiscal 2026, indicating that 2025’s deficits are not just a bump in the road, but a disturbing longer term trend. Also, both the May and August Reports lacked the usual written analysis that has accompanied the Report numbers for decades. Politico Pro also noted that the May Report’s release was delayed, and that parts of the Report, contradicting White House public statements that agricultural trade was going well for producers, were redacted. For decades, both farmers and grain traders have relied on USDA data to determine the value of agricultural commodities. Farmers use the data to determine when to sell their crops, and grain traders use it to determine the prices they will pay producers, as well as helping traders to price commodities for domestic and export markets.
Agricultural land values continue to climb. In July of this year, the 170 square mile Great Western Ranch, located 120 miles due south of Cortez, Colorado, and near Quemado, New Mexico was sold. The ranch consists of over a half of a million acres of leased and private land, and is one of the largest privately held properties in the United States. It was listed for sale at $115 million, but the selling price hasn’t been revealed. It is reported to have 86 operational water wells, hundreds of dirt water tanks, catch ponds, seasonal playas, small lakes and stock tanks, over 2,200 miles of fences, 134 individual pastures, along with internal roads, ranch buildings and housing. Ranch income is reported to be diversified between livestock production, hunter outfitting for game animals, and guided trips through the property.
Getting a new Farm Bill completed this year continues to be a top priority for producers and other related organizations, but congress is still at an impasse over a new bill. At this point, agricultural programs are still operating under the 2018 Farm Bill that was extended for 1 year by congress in November 2023, and again in December of 2024 until September 30th 2025. But congress still hasn’t passed a new Farm Bill, which has garnered the attention of farmers and 260 U.S. organizations that have agricultural ties. These organizations have written a letter to congressional leadership urging them to get a Farm Bill done pronto. The letter states in part, “As we are now in the second half of 2025, we urge you to prioritize the development and passage of a Farm Bill that fully reflects the evolving needs of American agriculture. We understand there are many needs to address during the remainder of the 119th Congress, and limited floor time must be carefully prioritized. However, we encourage leadership in both chambers to devote the necessary resources ensuring timely debate and action. “ A Text of the full letter is at the Farm News & Views Podcast at KSJD.org.
Economist John Kenneth Gallbraith wrote, “The modern conservative is engaged in one of man’s oldest exercises in moral philosophy: that is, the search for a superior moral justification for selfishness”
