This week's guest on Open Mic is Jim Farrell, President and CEO of Farmers National Company. 

With declining commodity prices, land values, and net farm income some fear a  repeat of the 1980's farm crisis.  In this week's interview, Farrell discusses the similarities and differences to the last great bear market, steeper declines for land prices, the potential effects of larger enrollment in the Conservation Reserve Program and the growing percentage of land controlled by investors and absentee owners

Jeff Nalley

Jim Farrell, CEO Farmers National Company

This week’s Open Mic guest is Ryan Heiniger, Executive Director of the Conservation Technology Information Center and Iowa farmer. He explains why CTIC has high expectations for the Sustainable Agriculture Summit scheduled for this week in Minneapolis. Heiniger discusses government programs and industry interest in helping farmers embrace sustainable agriculture practices. He previews a new "Conservation Connector" which will be introduced this week to help inform producers of assistance to bring cover crops and conservation practices to more acres and reach their 30 million acre goal by 2030. 

This week’s Open Mic guest is Michael McAdams, President of the Advanced Biofuels Association. After an extensive career serving on Capitol Hill, McAdams founded the ABFA in 2006.  The group represents all aspects of the advanced biofuels in the nation from large refiners to major feedstock providers and new technology groups.  McAdams believes government statutes for advanced biofuels are not working with taxpayer incentives to grow the industry. While the nation transitions to new leadership in Washington, a delay in the release of new regulations has the industry operating in a cloud of confusion. McAdams believes Congress needs to act in the Lame Duck Session to provide a window of time to provide clear rules for the industry to follow and meet the growing need for advanced biofuels.

This week’s Open Mic guest is Kip Eideberg, Senior Vice-President Government and Industry Relations for the Association of Equipment Manufacturers.  Like the industries they serve, equipment manufacturers are familiar with the cyclical turns in farming, forestry, construction and mining. Eideberg says higher interest rates, a lack of trade agreements and sluggish economies around the globe and in the U.S. are proving challenging for the customers to make capital purchases. Eideberg is hopeful Congress will bring a new farm bill in the Lame Duck session or at least early next year. He says tax policy will also be critical next year as both industry  and customers need amended policy on deductions for research as well as depreciation.

This week’s Open Mic guest is Randy Russell, President of the Russell Group. The race for the White House and leadership of the 119th Congress is coming down to the wire. The majority of polls show very narrow margins, but Russell suggests some trends may be developing as indicators of a Harris or Trump administration. Russell says history could be made in this Congressional election but control of the House of Representatives may not be known for several days after Nov. 5. Disaster assistance will likely be on the Lame Duck agenda and perhaps an economic assistance package for farmers, however, Russell says a new five year farm bill will likely be added to an already stacked legislative agenda in 2025.

This week’s Open Mic guest is Dan Basse, President of AgResource Company. With over 45 years of experience in the global grain market, Basse has seen cyclical swings in commodity prices and farm income many times before. Unlike years gone by, the United States farmer is no longer the primary supplier of grains to the international market and is politically and financially being squeezed out of what were once promising markets. Basse says price is no longer the primary driver of export sales and future administrations may be forced to use strong trade policy to open doors for farmers.  Basse says the renewable fuels industry as well as airlines need regulatory certainty to secure their share of a promising demand base for their crops.