U.S. Sen. Tommy Tuberville (R-Auburn) is highlighting the impact of higher costs on farmers in the Yellowhammer State.
“Ag land values have increased 9% over the last year in Alabama,” Tuberville said. “Our farmers are struggling amidst declining commodity prices and rising costs of inputs, equipment, inflation, and land values. We need to bring down costs and help our farmers.”
The senator, who sits on the Senate Committee on Agriculture, Nutrition, and Forestry, was reacting to a new report by the American Farm Bureau Federation, which outlines the increase in values of agricultural land at a time when commodity prices are decreasing.
According to the report, “The average U.S. farm real estate value increased by a $200 per acre, or 5%, over 2023, while the cropland value and pastureland value increased by 4.7% and 5.2%, respectively. Cash rents have also jumped, ranging from 2.8% to 3.4% increases across cropland, irrigated and non-irrigated, and pastureland.”
The report also explains how these increases can impact farmers in places like Alabama.
“High rental rates and land costs strain their financial viability, particularly when input costs are already high and rising and commodity prices are dropping,” the report states. “The current economic environment highlights the farmers’ call for updates to their safety net in the farm bill to support the continued stability and productivity of the agricultural sector.”
Earlier this year, Tuberville discussed what he and his fellow Republicans want to see in a Farm Bill.
“Every time I visit Alabama, I hear from farmers how they’re struggling in Joe Biden’s economy,” he said.
The 2024 Farm Bill is currently making it’s way through Congress.
