Author: Dave Alexander

Washington State Department of Agriculture (WSDA) recently opened the application period for the Resilient Food System Infrastructure (RFSI) Grant. This one-time grant program is funded by USDA and is designed to bolster the middle of Washington’s food supply chain. The program aims to enhance local and regional food systems by supporting activities like aggregation, processing, manufacturing, storage, transportation, wholesaling, and distribution.

Who should apply?

Eligible entities include agricultural producers, processors, non-profit organizations, for-profit entities meeting SBA small business size standards, local and tribal governments, and institutions like schools and hospitals. Priority will be given to projects that benefit underserved and socially disadvantaged farmers, small and veteran-owned businesses, and projects that expand processing, aggregation, and distribution capacities.

Key dates

The application period opened on May 30, 2024, and closes on July 15, 2024 at 5:00 PM.

Application support and resources

WSDA is offering extensive support to help applicants through the process. This includes assistance from the Small Business Development Center (SBDC) and dedicated office hours every Tuesday and Thursday leading up to the application deadline.

Visit the RFSI webpage for more information about what’s available.

U.S. farmers’ outlook improved in May as the Purdue University/CME Group Ag Economy Barometer index rose to 108, marking a 9-point increase from April.

Both of the barometer’s subindices saw increases, with the Index of Future Expectations climbing 11 points to 117 and the Current Conditions Index rising 6 points. The boost in the Index of Future Expectations reflects farmers’ expectation that conditions will improve, although it’s clear 2024’s financial challenges are still a concern.

A rise in crop prices from the April survey’s date to mid-May played a role in boosting farmer sentiment this month. By mid-May, Eastern Corn Belt cash corn prices had increased by 6% to 7%, and soybean prices had risen by 2% to 3% since the April survey was conducted. The improvement in prices along with good corn and soybean planting progress contributed to the sentiment improvement. This month’s Ag Economy Barometer survey was conducted from May 13-17, 2024.

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According to MarketsandMarkets, the agricultural sector is on the cusp of a digital revolution. The digital agriculture market, which encompasses the use of advanced technologies to improve farm operations and optimize yields, is experiencing significant growth.

Market Size and Growth

The global digital agriculture market was estimated to be worth $22.0 billion in 2023 with a projected Compound Annual Growth Rate (CAGR) of 10.3%. Analysts predict a robust growth trajectory, with the market reaching $36.0 billion by 2028. This growth signifies the increasing adoption of digital tools and technologies by farmers worldwide. 

Market Drivers Cultivating Efficiency and Sustainability

Several factors are fuelling the digital agriculture market’s expansion:

• Rising food demand: A growing global population necessitates increased food production. Digital agriculture solutions like precision farming enable farmers to optimize resource utilization and maximize yields.
• Precision Farming Advancements: Technologies like Internet of Things (IoT) sensors, drones, and robotics are transforming traditional farming practices. Real-time data collection and analysis empower farmers to make data-driven decisions regarding irrigation, fertilization, and pest control, leading to improved efficiency and sustainability.
• Government Initiatives: Many governments are actively promoting the adoption of digital agriculture through subsidies and research programs, recognizing its potential to enhance agricultural productivity.
• Mobile Internet and Cloud Computing: The widespread accessibility of mobile internet and cloud computing is making digital agriculture tools more accessible and affordable, particularly for smallholder farmers in developing countries.

Download PDF Brochure

SOURCE: MARKETSandMARKETS

According to a research report “Global Agriculture Industry Outlook 2024 – Feeding the Future Through Innovation” published by MarketsandMarkets, the top ten agriculture markets will grow from $81.5 billion in 2023 to $94.3 billion by 2024 at a YOY increase of 15.7%. The report says the industry is undergoing a transformative journey, with a growing focus on sustainable practices, innovative technologies, and ethical organic farming.

Transformative Trends Shaping the Industry in 2024

• Focus on Agricultural Biologicals and Sustainable Practices: The demand for sustainable and carbon-neutral agriculture is driving growth in the use of agricultural biologicals. This shift reflects a commitment to eco-friendly practices and resource conservation.
• Integration of Advanced Technologies: Technologies like artificial intelligence (AI) and automation are redefining production processes, increasing efficiency and optimizing yields. Precision agriculture techniques are becoming increasingly popular, allowing for targeted resource use and data-driven decision making.
• Intensified Competition and Innovation: As the industry embraces technology and sustainability, competition among leading players is expected to intensify. This will fuel further innovation and development of new solutions that meet the evolving needs of farmers.
• Balancing High-Tech and Organic Approaches: The industry is witnessing a unique convergence of high-tech solutions and organic practices. Precision agriculture and biotechnologies are working alongside organic methods to achieve optimal yields while maintaining ecological balance.
• Emphasis on Automation and Novel Farming Systems: The use of automated farm machinery, agricultural biotechnology, and novel farming systems like vertical farming is accelerating growth and creating new opportunities for food production.

Request for Sample Report Pages: HERE

The U.S. House of Representatives Agriculture Committee passed its version of a $1.5 trillion The Farm, Food, and National Security Act of 2024 in the early-morning hours of May 24. Passage of the bill in the full House is uncertain, as proposed amendments to the bill are causing deep partisan divide.

The Specialty Crop Farm Bill Alliance (SCFBA) released the following statement:

“We thank Chairman Thompson and his staff for including so many investments for specialty crops in his bill, as well as the countless Democrats and Republicans on the House Agriculture Committee who expressed strong support for them during Thursday’s markup. Investments like these are vital to maintaining and enhancing the competitiveness of our growers across the U.S. and to support a healthier America, and it’s essential they appear in the final conference report.

“Delivering a farm bill this year is imperative and will require bipartisan support on funding sources. It is now time for all parties to come together to develop that agreement and provide the certainty that specialty crop producers and the country overall deserve.”

National Association of State Departments of Agriculture (NASDA) CEO Ted McKinney praised
U.S. House Agriculture Committee Chairman Glenn “GT” Thompson for releasing the Farm, Food, and
National Security Act of 2024 today in the following statement:

“NASDA applauds Chairman Thompson for beginning the process of creating the next farm bill,”
McKinney said. “With the release of the legislative text, NASDA remains committed to advocating for a
bipartisan farm bill that will secure a commitment to American agriculture and the critical food and
nutritional assistance programs for those who need it most. Signing a farm bill into law is vital to the food and agriculture sector which benefits our economy, accounting for roughly one-fifth of U.S. economic activity and supporting nearly 23 million jobs. We welcome the opportunity to work with the House Agriculture Committee as they begin debating the Farm, Food, and National Security Act of 2024.”

SOURCE: NASDA

Farmer sentiment plunged in April as the Purdue University-CME Group Ag Economy Barometer fell 15 points below a month earlier to a reading of 99. The barometer’s sub-indices both declined from a month earlier, with the Current Condition Index at 83, down 18 points, and the Future Expectations Index at 106, down 14 points.

This was the weakest farmer sentiment reading since June 2022 and the lowest current condition rating since May 2020. Concerns about their farms’ current financial situation and expectations for weak financial performance in the year ahead were the driving forces behind the fall-off in farmer sentiment. The April Ag Economy Barometer survey was conducted from April 8-12, 2024.

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Verified Market Research has projected that the agrochemicals market size will grow by 3.62% CAGR during the forecast period 2024-2031. According to the company, the market was valued at $275.89 Billion in 2024 and is projected to reach $357.21 Billion by 2031.

The full report is available for purchase, but a sample report can de downloaded HERE.

The reports are customizable and broken into segments:

UPL Corporation Ltd. (UPL Corp), a global provider of holistic and sustainable agricultural solutions, announced that it has completed the acquisition of Corteva Agriscience’s solo mancozeb global fungicide business outside of China, Japan, South Korea, UK, Switzerland and EU member countries.

The acquisition is set to strengthen UPL Corp’s portfolio of solutions and leadership in the multisite fungicide market, giving the company ownership of Dithane®, the original global mancozeb brand which has provided farmers with a reliable disease management solution, as well as access to Rainshield™ technology which enables crop protection in wet weather conditions.

The acquisition is limited to Corteva’s solo formulations of mancozeb, with Corteva retaining ownership of premix formulations. With the deal, UPL Corp has acquired access to the full regulatory scientific dossier of mancozeb including all data, registrations, trademarks for Corteva’s solo mancozeb products, and a license to the Rainshield™ technology.