The milestone comes as consumer demands shift in favor of non-GMO and organic products, which has drawn farmers, major food companies and private equity investors to the organic market.
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David Widmar, agricultural economist at Purdue University, told Agri Investor that the difficulties US farmers will face in the upcoming 2017 season are likely setting in.
National Australia Bank expects cattle prices to fall further in 2017 due to softening demand abroad but is optimistic that weaker Australian dollar will help exports.
The latest ag economic survey from Purdue University and CME Group shows that producer optimism continues to climb further into record territory despite mixed views on commodities prices and limited confidence in farm financials.
Despite the strength in exports, the separate 2016 Farm Sector Income Report shows continued weakness.
Lower commodity prices could cause US farmland values to fall by as much as 20 percent by 2018, but the decline will not compare to the crisis of the 1980s.
US pistachio production fell in the last year as did demand in China, but Australia, the US and China stepped up almond and walnut production as Japanese, Chinese and European demand rose.
After VC investors flooded the agtech sector with a record $4.6bn in 2015, this year has seen a decline reflecting a broader slowdown in venture funding.
A USDA report shows gains in Southeast and Pacific cropland were outweighed by declines in the major grain-producing regions of the US.
US permanent cropland continues to outperform row crops, are also falling much more gradually.