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Business Briefs - Oct. 14, 2009

Deere: UAW members ratify 6-year contract

MOLINE, Ill. (AP) — Deere & Co. said it was notified by the United Auto Workers (UAW) that union members have ratified a six-year contract. The agreement, which covers about 9,500 workers and 17,000 retirees, took effect Monday and expires Oct. 1, 2015.

Neither party provided details about the contract’s terms. Deere and the union began negotiations in late August. The previous contract went into effect Oct. 1, 2003, and expired at midnight Sept. 30.
The world’s largest maker of farm equipment has been battered by the slumping global economy that depressed sales of its tractors, bulldozers and other products.

The UAW-Deere agreement represents workers at sites in Illinois, Iowa, Kansas and parts depots in Atlanta and Denver.

$1.7 billion in CRP rental payments for 2010

WASHINGTON, D.C. — Agriculture Secretary Tom Vilsack announced the USDA will distribute approximately $1.7 billion in Conservation Reserve Program (CRP) rental payments to participants across the country in fiscal year 2010.

Producers holding about 758,000 contracts on 424,000 farms will receive an average of $51.52 per acre. The number of contracts is higher than the number of farms because producers may have multiple contracts on a single farm. The payments allow producers to earn an average of $4,104 per farm enrolled in the program.
Included in the totals are 391,000 contracts, approximately 4.4 million acres, for CRP’s continuous signup and 369,000 contracts, approximately 29.4 million acres, for general signup. Currently, enrollment stands at approximately 31 million acres, making CRP the largest public-private partnership for conservation and wildlife habitat in the United States.

USDA issues other CRP payments throughout the year. These include a 50 percent expense reimbursement for establishing and managing cover as well as incentive payments for enrolling eligible high priority conservation practices.

Iowa has the greatest number of contracts – more than 105,000 – as well as the highest state aggregate of rental payments, at nearly $198 million. Illinois has more than 79,000 contracts at a total of $111.9 million and Indiana has nearly 37,000 contracts totaling more than $29.5 million.

Kentucky has more than 18,100 contracts totaling nearly $40.5 million; Ohio, 36,744 at nearly $39.3 million; Michigan, 15,655 at nearly $20 million; and Tennessee, 7,793 contracts totaling just over $14 million.

For more information on CRP, producers should contact their local FSA office or visit www.fsa.usda.gov

2010 DCP and ACRE signup possible through next May
WASHINGTON, D.C. — Agriculture Secretary Tom Vilsack announced enrollment for the 2010 Direct and Counter-cyclical Program (DCP) and the Average Crop Revenue Election (ACRE) program has begun and will continue through June 1, 2010.

The USDA urges producers to make use of the eDCP automated website to sign up, or producers can visit any USDA Service Center to complete their 2010 DCP or ACRE contract. For more information on DCP or ACRE, visit a Farm Service Agency county office or www.fsa.usda.gov

FSA announces $1.1 million max guaranteed loan amount
WASHINGTON, D.C. — The USDA’s Farm Service Agency (FSA) announced the loan limit for its Guaranteed Loan Program has been increased to $1.112 million, effective Oct. 1.

The limit is adjusted annually based on the “Prices Paid to Farmers Index,” compiled by the National Agricultural Statistics Service (NASS). The increased limit will enhance the agency’s ability to meet the credit needs of farmers and ranchers throughout the country.

The Guaranteed Loan Program allows commercial and farm credit lenders to extend credit to qualified applicants, who otherwise would not meet their standard lending criteria. Participating lenders can use the Guaranteed Loan Program to strengthen a loan’s viability through a guarantee of up to 95 percent of the loan amount. Farmers interested in guaranteed loans should apply through a conventional lender.

FSA also offers the Direct Loan Program as an alternative for those unable to obtain financing from commercial credit sources. The limit for loans under the Direct Program is $300,000 (except for Emergency Loans). Farmers interested in applying for a direct loan should contact their local FSA office.

Vilsack OKs 86 grants under Farmers’ Market Promotion

WASHINGTON, D.C. —  As part of the USDA’s “Know Your Farmer, Know Your Food” initiative, Agriculture Secretary Tom Vilsack announced the winners of the 2009 Farmers’ Market Promotion Program (FMPP) at the opening of the FRESHFARM Market by the White House on Vermont Avenue with First Lady Michelle Obama.
Reaching into communities across America, 86 grants totaling more than $4.5 million were awarded to encourage and support the viability of farmers’ markets and direct marketing projects nationwide. A national directory of markets is available at www.ams.usda.gov/farmersmarkets

Thirty of the 86 grants promote the use of new electronic benefit transfers (EBT) projects, and funding directed toward new EBT amounts to a little more than 18 percent of the total being announced. These will help increase access to locally grown fresh fruits and vegetables by low-income consumers, using funds provided by the Supplemental Nutrition Assistance Program (SNAP).
The Farm World area grantees are as follows: Chicago’s Green City Market Program, $76,300; Refugee Resource and Research Institute of Indiana, Inc., $22,000; Allen County (Ind.) Agricultural Producers, Inc., $11,348; Iowa Food Cooperative, $28,327; city of Jeffersontown, Ky., $44,700; Food Bank Council of Michigan, $45,100 (EBT budget $45,100); Michigan Food and Farming Systems, $92,440; Alcona (Mich.) Local Foods Assoc., $77,943; SID Public Services Assoc. (Ohio), $61,229 (EBT budget $5,155); and Appalachian Native Plants, Inc. (Tenn.), $32,320 (EBT budget $8,740).

10/14/2009