USDA’s Economic Research Service forecasts net farm income to be at 100.9-billion dollars for 2011, that’s up 21.8-billion or 28 percent from 2010. Net farm income reflects income from production in the current year, whether or not sold within the calendar year. The agency predicts net cash income to be 109.8-billion dollars, up 17.- billion or 18.9 percent from 2010, and 34.2-billion above its 10-year average.

According to ERS, net value added is expected to increase by almost 23.9-billion dollars in 2011 to 153.7-billion. Net farm income and net cash income are both projected to exceed 100 billion for the first time in 2011. However, the rates of increase in both income measures show slight decreases from the previous year. The 2011 inflation-adjusted forecasts of net value added of agriculture to the U.S. economy and net cash income are the highest values recorded since 1974.

Agriculture Secretary Tom Vilsack was quick to point out that – today’s farm income forecast shows that the American brand of agriculture continues to be a bright spot in our nation’s economy. And this is making a real difference for America’s farm families, whose household income was up 3.1 percent in 2010 and is forecasted to increase 1.2 percent in 2011.

A combination of factors has made these numbers possible including growth in cash receipts, off-farm employment, and a record high of 137.4-billion dollars in FY 2011 farm exports.

LINCOLN, Neb. (AP) – A Kansas-based company has bought the Beatrice Biodiesel plant in southeast Nebraska for $5 million.

Flint Hills Resources LLC submitted the only bid at the bankruptcy auction Tuesday in Lincoln. Flint Hills is a subsidiary of Koch (cohk) Industries Inc.

Construction of the $52.5 million plant began in August 2007, but it never started operations. Bankruptcy was declared in 2008. Among Flint Hills’ other operations, it has ethanol plants in four Iowa communities: Fairbank, Iowa Falls, Menlo and Shell Rock.

A Flint Hills spokesman declined to release other details of the acquisition or Flint Hills’ plans for the plant. Flint Hills is based in Wichita, Kan.

COLUMBIA, Mo. (AP) – A $740,000 federal grant will enable University of Missouri researchers to study the relationship between organic farm crops and greenhouse gas emissions.

Missouri is one of 24 institutions to receive a total of nearly $19 million in grants from the U.S. Department of Agriculture’s National Institute of Food and Agriculture.

Scientists at the university’s Bradford Research and Extension Center in Columbia will study carbon dioxide and nitrous oxide gas releases in organic crop soils. The university says more than 60 percent of nitrous oxide emissions are connected to soil management.

Missouri ranks 20th in the country in number of organic farms. But the university reports that those growers are embracing environmentally friendly farming techniques more slowly than their counterparts in other states.

Senator Debbie Stabenow, Chairwoman of the Senate Agriculture Committee, is stepping up her committee’s investigation of the MF Global bankruptcy. Conducting separate investigations are the FBI and Department of Justice.  They want to know why approximately 1.2-billion dollars is unaccounted for. This Thursday the Senate Ag Committee will hear from top officials at the CFTC and the SEC concerning their oversight of MF Global. Then on December 13^th, the Senate Ag committee has called on former MF Global CEO Jon Corzine to testify.

Stabenow says – anyone engaged in wrongdoing in this matter must be swiftly held accountable. Since MF Global declared bankruptcy, huge amounts of the firm’s customers’ money has gone missing. The company’s customers consisted of many farmers, ranchers, small business owners and other middle class Americans.  Customer accounts have been frozen and many customers still cannot access their own money.

MF Global CEO Jon Corzine will have company when he testifies.  MF Global customers are also being invited to testify at the December 13 hearing.

The Teamsters, Public Citizen and Sierra Club have filed suit to block Mexican trucks from operating in the United States. Teamsters General President Jim Hoffa says – opening the border to these dangerous, dirty trucks is an attack on highway safety, an attack on American truckers and warehouse workers, an attack on border security and an attack on our environment.

In July, U.S. Transportation Secretary Ray LaHood authorized an 18-month pilot program allowing Mexican trucks to enter the U.S. from approved companies. The suit says the Federal Motor Carrier Safety Administration didn’t follow several laws in setting up the program. The suit says the U.S. waived a law that trucks must display certain proof that they meet federal safety standards and ignored a law requiring the pilot program to achieve an equivalent level of safety because Mexican drivers don’t have to meet the same physical requirements as U.S. drivers.

Hoffa says, – it’s outrageous enough that we’ve outsourced millions of jobs to foreign countries, but now we’re bringing foreign workers across the border into the United States to take our jobs. Some estimates suggest up to 100-thousand U.S. trucking jobs could be lost if Mexican trucks get full access to U.S. highways.

USDA’s Risk Management Agency has lowered crop insurance premiums for corn for the 2012 crop year. In an announcement the agency stated the average premium for corn will be lowered by 7 percent beginning in 2012 and soybeans will be lowered by 9 percent.  The rate adjustment is based on findings of an independent study and peer review process. RMA also announced it will be releasing documents by Wednesday that outline premium rates and other program information for the 2012 crop year.

National Corn Growers Association President Garry Niemeyer, a corn farmer from Auburn, Illinois, says – we are pleased to hear our farmers will no longer be facing the continued widening gap between the loss for corn and the premiums charged to growers for policy coverage. He says – this is a day long-coming.

According to Niemeyer, – our farmers have historically paid more than their fair share of crop insurance premiums and we are pleased to see this is finally coming to an end. NCGA has been working on this issue for the past 8 years. Niemeyer pledges, – we will continue to work with USDA as they implement these new premiums for the 2012 crop year.