AFBF optimistic despite challenging political, economic landscape

The Farm Bureau’s director of market intelligence, John Newton, flatly told delegates, “The Golden Age of ag income is over.”  Net farm income is projected to decline for the third consecutive year, and exporters’ biggest markets — China, Canada, Mexico and Japan — aren’t expanding. Newton said producers need to look at markets that are projected to grow, such as Africa. The world population is projected to hit 9 billion by 2050, and that provides opportunities for American’s farmers, Newton said.  “We are the breadbasket of the world, everybody knows that,” he said. Newton was part of a three-person AFBF economic team presentation. Economist Veronica Nigh said producers should borrow the Uber ride-share company’s slogan and “Get your side hustle on” to develop other revenue streams. She suggested farmers open their property to hunting and outfitting operations, develop a private fishing lake, offer motor home and boat storage rentals, operate a CSA or look for export options. Producers can find export help from various trade associations, Nigh said. “You don’t have to come up with that brochure in Mandarin all by yourself,” she said. Economist Katelyn McCullock said farmers can cope with stagnant prices by becoming more efficient, principally through genetics and technology. On the latter, automatic feeders and robots can reduce labor. “I’ve never met a farmer that said they want to manage more people,” she said.