Ag News: 1st Quarter Farm Income Down
**First quarter personal income for farmers fell by the most in three years, as losses mount from ongoing trade wars.
The Commerce Department cites the steep decline as a key factor weighing on the nation’s overall personal income growth, even though ag producers represent only about 2 percent of employed Americans.
According to agweb.com, the report provides fresh evidence of the growing financial strain on U.S. farmers hit by the trade war, low commodity prices and a series of natural disasters.
**Lower milk production in March and declining cow numbers all point to 2019 as a “year of significant recovery” for the dairy industry.
And, according to University of Wisconsin economist Mark Stephenson, there’s an opportunity for prices to break in the fourth quarter of 2019.
Fellow economist, Bob Cropp agrees and tells milkbusiness.com Class III prices will be in the $16 range this month, and reach $17 by the fourth quarter.
**The White House is ramping up pressure to reach a trade deal with China soon, but warns the U.S. is prepared to walk away from negotiations.
Agweb.com reports, President Trump’s acting chief of staff Mick Mulvaney says it won’t go on forever, and at some point, you throw up your hands and say ‘this is never going anywhere.’
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin were in Beijing last week. China’s Vice Premier is expected in Washington this week.