We find out what The Trump Administration could have in store for agriculture. Plus producers need to register your business now, USDA Leadership named, retail meat sales, market recaps, cattle for sale and lots more on this all new episode of the Ranch It Up Radio Show. Be sure to subscribe on your favorite podcasting app or on the Ranch It Up Radio Show YouTube Channel.
EPISODE 213 DETAILS
Top Headlines: Trump For Agriculture, Register Your Business Deadline & Cattle Industry News
Why Trump Supports Agriculture
Agriculture: President Trump Views Importance
What could the new Trump Administration do for agriculture? Justin Tupper, President of the U.S. Cattlemen’s Association and owner/manager of St. Onge Livestock in St. Onge, South Dakota shares his thoughts.
Why Your Business Must File With Government
Deadline: Farmers & Ranchers Must File BOI Report Avoid Fines & Jail Time
Attention farmers, ranchers, agricultural and/or small businesses: A critical deadline is approaching. By January 1, 2025, thousands of farms must file Beneficial Ownership Information (BOI) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) or face severe consequences, including hefty fines and possible jail time.
Who Needs to File?
Under the Corporate Transparency Act of 2021, businesses must register any “beneficial owner” to help combat money laundering. This law applies to farms structured as:
- C-corporations
- S-corporations
- Limited Liability Companies (LLCs)
Specifically, farms with fewer than 20 employees or generating less than $5 million in cash receipts must comply. This requirement impacts the majority of farms, with one report estimating over 230,000 farms are affected. However, government data reveals less than 11% of eligible businesses have filed so far.
The Consequences of Non-Compliance
Failing to file BOI or neglecting to update records can lead to:
- Criminal fines up to $10,000
- Civil penalties of up to $591 per day
- Potential felony charges with prison sentences of up to two years
The financial and legal risks make it essential for farmers to act promptly.
What Should Farmers Do?
Farmers uncertain about their filing obligations should immediately consult with a qualified accountant or attorney. These professionals can assess your business structure and ensure compliance with BOI requirements.
Don’t Wait Until It’s Too Late
The clock is ticking. Protect your farm, avoid penalties, and stay compliant. Take action now to file your BOI by the January 1, 2025, deadline.
Click HERE for Additional Information
Top Cattle Industry News
Brooke Rollins Tapped To Lead USDA Under President-Elect Trump
President-elect Donald Trump has chosen Brooke Rollins, former White House domestic policy adviser and current CEO of the America First Policy Institute, to lead the U.S. Department of Agriculture (USDA).
Rollins, a Texas native with strong ties to agriculture and conservative advocacy, previously led the Texas Public Policy Foundation, championing causes like school choice and fossil fuels. If confirmed, she will become the second woman to head the USDA, following Ann Veneman under President George W. Bush.
With a $200 billion budget and nearly 100,000 employees, the USDA oversees programs like SNAP, WIC, and school meals. Rollins may also tackle the reauthorization of the massive farm bill, which funds farmer safety nets, rural development, and nutrition programs.
Her leadership could drive Trump’s agenda to streamline federal bureaucracy, enforce tariffs, and shape U.S. agricultural policy amid challenges like trade disputes and global competition.
October Proves A Monster Month For Retail Meat Sales
The average price per pound in the meat department across all cuts and kinds, both fixed and random weight, stood at $4.67 in October 2024, up 1.9% year-on-year. Processed meat prices rose the least in October, at a mere +0.1%.
October brought a mix of price movements. Beef and hot dogs increased further, but it was fresh exotic (which includes bison) that had the highest price increase in October, at +6.8% over last year’s October. Several proteins experienced price decreases, including lamb, bacon and processed chicken.
Meat department sales were on a roll in October, with fresh meat sales driving 8.0% gains to lead the department to an overall 5.4% increase over October 2023. The five October weeks generated $10.0 billion, with $7.1 billion for fresh meat. While inflation played a role, pound sales increased by 3.4%, also driven by strong gains in fresh meat.
USDA WASDE Report Highlights 2024 Beef Market Trends
The USDA’s latest World Agricultural Supply and Demand Estimates (WASDE) report offers insights into the evolving beef market, signaling continued growth and strong demand.
Beef Production Outlook:
Higher dressed weights, increased cow slaughter, and unexpected cattle placements in late 2024 have raised beef production projections. These factors, according to the report, “more than offset lower expected steer and heifer slaughter.”
Cattle Prices Rising:
WASDE projects 2024 average cattle prices to reach $186.68/cwt, reflecting strong demand and recent market trends. Prices are expected to remain above $186/cwt through the third quarter of 2025, a notable increase from 2023’s average of $175.54.
Beef Imports Surge:
With strong domestic demand and ongoing cattle herd liquidation, U.S. beef imports are projected to stay robust. After reaching 3.725 billion pounds in 2023, imports are estimated to climb to 4.508 billion pounds in 2024. Shipments from Oceania and South America have exceeded expectations.
These trends emphasize the strength of the beef industry despite challenges like herd contraction, showcasing opportunities for producers and exporters alike.
RanchChannel.Com Now Has The Futures Markets
Futures Markets
RanchChannel.com now has futures markets at your fingertips! Feeder Cattle, Live Cattle, Corn, Wheat, Soybeans, Soybean Oil, Milk Class IV, and Ethanol. Information is provided by DTN and market information may be delayed by as much as 10 minutes. Click Here for more information!
UPCOMING SALES & EVENTS
Clear Springs Cattle Company: November, 20, 2024, Starbuck, MN
World Famous Miles City Bucking Horse Sale: May 15 18, 2025
BULL SALE REPORT & RESULTS
Eichacker Simmentals & JK Angus
Leland Red Angus & Koester Red Angus
U2 Ranch
Four Hill Farm North Country Angus Alliance
Jorgensen Land & Cattle Motherlode Sale
Jorgensen Land & Cattle, Legends Of The Fall Bull Sale
FEATURING
Justin Tupper
President, US Cattlemen’s Association
Kirk Donsbach: Stone X Financial
Mark Vanzee
Livestock Market, Equine Market, Auction Time
https://www.livestockmarket.com/
Shaye Koester
Casual Cattle Conversation
https://www.casualcattleconversations.com/
Questions & Concerns From The Field?
Call or Text your questions, or comments to 707-RANCH20 or 707-726-2420
Or email [email protected]
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AND how is that? Tigger & BEC Live This Western American Lifestyle.
Tigger & BEC represent the Working Ranch world and cattle industry by providing the cowboys, cowgirls, beef cattle producers & successful farmers the knowledge and education needed to bring high-quality beef & meat to your table for dinner.
Learn more about Jeff ‘Tigger’ Erhardt & Rebecca Wanner aka BEC here: TiggerandBEC.com
#RanchItUp #StayRanchy #TiggerApproved #tiggerandbec #rodeo #ranching #farming
References
https://www.livestockmarket.com/
https://www.imogeneingredients.com/
https://alliedgeneticresources.com/
https://www.imiglobal.com/beef
https://axiota.com/multimin-90-product-label/
https://www.bredforbalance.com/
https://www.ruralradio147.com/
https://www.meatingplace.com/Industry/News/Details/116935
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