Following the downturn in the agriculture economy, a majority of precision farm equipment dealers expects sales to slow. Precision Farming Dealer magazine reports only 40 percent of dealers expect some growth in their precision farming sales due to the continuing headwinds in agriculture. Still, precision farm equipment dealers remain optimistic. The magazine’s 2016 Benchmark Study found only 21.1 percent of dealers expect any fall off in revenue, a considerable improvement from last year’s results when 35.5 percent of dealers predicted declining revenues. The percentage of dealers reporting declines of seven percent or less in 2015 revenue was about two percent less than forecast in last year’s benchmark study. When it comes to predicting strong growth, however, fewer dealers expect a significant gain in sales dollars in the precision segment of their business. The survey shows just one in 10 dealers are projecting revenue increases of over eight percent for this year.
The Environmental Protection Agency says the Department of Agriculture is one of the nation’s leading green power users. USDA is using more than 169 million kilowatt-hours of green power annually, which represents 35 percent of its total energy needs. The EPA recognizes USDA as number five on its Top 10 Federal Government list of the largest green power users. Additionally, USDA is number 43 on the National Top 100 list. The Green Power Partnership is a voluntary program encouraging organizations to use green power to reduce the environmental impacts associated with electricity use. By using green power, USDA is reducing 120 million metric tons of CO2 per year, or the equivalent of taking 25 million cars off the road. USDA is generating green power from on-site renewable energy including solar, wind, biomass, hydro and geothermal systems. USDA also uses alternative fuels in vehicles, designs and constructs high-performance green buildings and promotes the use of biobased products.
Cargill this week reported financial results for the fourth quarter and full fiscal year ending May 31st, 2016. The report comes as the company is on what it calls a “transformative path” to strengthen financial performance. Cargill reported full year earnings were down 11 percent, but noted net earnings were up 50 percent. The net earnings jump is attributed to the reshaping of the company’s portfolio, including selling off multiple pieces of the business in the refocusing efforts. Cargill CEO David MacLennan says while Cargill has more work to do, the company has already made many changes and is “seeing improved results.”
The Farmer’s Business Network announced this week it has raised $20 million in additional funding, led by Acre Venture Partners. The independent farmer-to-farmer network says it will use the funds to further expand its farmer network, farm analytics and FBN Procurement Services. Launched commercially in 2015 and originating from farmers, the FBN network now encompasses more than 2,500 farms operating nearly nine million acres in 31 states. The company says the FBN network levels the playing field for farmers by networking farms together and enabling transparent national access to manufacturer direct prices on farm inputs. The new round of fundraising brings total funding to nearly $48 million for the services.
U.S. red meat exports ended the first half of 2016 on a positive note as June export values for both pork and beef were the highest of the year. The U.S. Meat Export Federation says June also marked the second consecutive month of solid year-over-year volume growth. Pork exports reached 187,900 metric tons in June, up eight percent from a year ago, while export value increased 11 percent to $505.4 million. For the first half of the year, pork export volume was up two percent to 1.1 million metric tons, but value was down four percent to $2.77 billion. June beef export volume increased two percent from a year ago to 98,000 metric tons, while export value was $545.4 million, down five percent. First-half export volume was up three percent to 541,000 some metric tons, while value fell 10 percent to $2.91 billion.