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USDA Projections Show Increase in Planted Acres, Some Price Increases

first_img Previous articleFarmers Set to Tackle Ag Issues at Commodity Classic San AntonioNext articleFriday Last Day to Schedule Appointment with FSA to Compete in CRP General Signup American Farm Bureau Federation After a rough 2019 planting season that saw 20 million acres go unplanted, the USDA outlook projections are calling for a significant bounce back in planted acres. John Newton, Chief Economist for the American Farm Bureau, says corn and soybean acres are projected to increase, while cotton and wheat acres are expected to decline.“Given an expansion in acreage for both corn and soybeans and a bounce back in yields, corn and soybean production are both going to increase in 2020. Wheat production is expected to decline slightly in 2020 on the lower acreage and a slight yield reduction. Cotton production is expected to fall slightly based on a decrease in acreage but slightly offset by an improvement in yields this year.”Newton says they’re looking for exports, especially in soybeans, to bounce back this year.“We’re expecting to see exports bounce back a little bit, still below where they were a couple years ago before the trade war started. We’re going to see soybean supplies tighten up again, that should lead to higher prices. On the corn side, demand simply not going to be able to keep up with supply, and thus USDA has corn stocks projected to be at 2.6 billion bushels, a record high and a slight decrease in the corn price for 2020.”Newton says overall, the livestock sector will see higher prices.“USDA is expecting record production just about in all livestock categories. Dairy production is expected at 222 billion pounds, but we will see higher milk prices, higher pork prices, higher cattle prices. I think the only sector where there is some weakness is going to be in the broiler space, lower prices there but higher prices for eggs and turkey. Then, on the same side of the coin, lower feed prices for those folks.” Facebook Twitter Home Indiana Agriculture News USDA Projections Show Increase in Planted Acres, Some Price Increases SHARE SHARE Facebook Twitter USDA Projections Show Increase in Planted Acres, Some Price Increases By American Farm Bureau Federation – Feb 26, 2020 last_img read more

Tax bombshell: Wales confirms ‘no stamp duty’ extension and hits landlords hard

first_imgThe Welsh government has confirmed that its residential sales stamp duty holiday is to end on March 31st and also revealed a tax raid on landlords effective tomorrow.Its announcement is likely to weaken the argument for Rishi Sunak to extend England’s stamp duty holiday, but the Welsh government’s raid on landlords has proved more controversial.In Wales LTT is charged at a higher rate for properties that are not purchased as a main home – e.g. second homes and buy-to-let properties.This is different to England where second homes stamp duty is bolted on at a uniform 3%.In Wales it’s 3% up to £180,000, 6.5% on the portion up to £250,000, 8% on the slab up to £400,000, 10.5% up to £750,000, 13% up to £1.5 million and 15% on anything over that.But after tomorrow all these rates are to each rise by 1%. This means a landlord buying a £300,000 property in Wales will pay an extra £3,500 in LTT or £16,900.“This is simply unacceptable to increase the rate of additional property LTT in this fashion,” says John Stewart (pictured), Deputy Policy Director for the National Residential Landlords Association said.“This will destabilise the private rental market in Wales, increasing costs on buying homes with immediate effect.“The start of a national lockdown is not the time to put additional burdens on a sector already facing some of the longest and most severe Coronavirus restrictions and will deter investment in rental properties that we so badly need.”Read the full text of the Welsh LTT announcement.NRLA John Stewart Land Transaction Tax LTT stamp duty December 22, 2020Nigel LewisOne commentKelvin Francis, Kelvin Francis Ltd. Kelvin Francis Ltd. 22nd December 2020 at 10:29 amWhat the Wales Parliament seem to think, is that second homes are holiday homes for wealthy people. They appear to have overlooked the reality that the vast majority are bought by ‘Buy to Let’ Landlords and this is a definite discouragement to them. A future shortage of properties to rent will affect tenants, making the supply short and the rents of those available, higher. They should have discussed this with representative professional bodies before taking such a draconian action.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » Tax bombshell: Wales confirms ‘no stamp duty’ extension and hits landlords hard previous nextHousing MarketTax bombshell: Wales confirms ‘no stamp duty’ extension and hits landlords hardDouble blow for sales market in Wales announced yesterday prompts furious response from NRLA.Nigel Lewis22nd December 20201 Comment3,277 Viewslast_img read more