Drought Hits California Production and U.S. Farmland Prices Increase
**In a third year of drought, California farmers and ranchers have seen a drop in production as water supplies diminish.
The California Farm Water Coalition reports, state farmers last year fallowed over 395,000 acres of cropland, costing over 14,000 lost farm jobs and $1.7 billion in revenue.
They predict this year will be worse, with up to 691,000 fallowed acres, over 25,000 lost jobs and $3.5 billion in lost revenue.
**The Inflation Reduction Act passed by the Senate includes some $40 billion of agricultural funding.
Passed along party lines, Senate Ag Committee Chair Debbie Stabenow says the legislation "gives farmers the resources to tackle the climate crisis by reducing greenhouse gas emissions."
But, Arkansas Republican John Boozman says Democrats are passing their far-Left agenda that includes parts of the Green New Deal, higher taxes, and expanding the government’s reach.
**U.S. farmland prices increased 12.4% over the last year, according to the USDA’s National Agricultural Statistics Service.
The report shows U.S. farm real estate value averaged $3,800 per acre, up $420.
The U.S. CROPLAND value averaged $5,050 per acre, up $630, or 14.3%.
And, U.S. PASTURE value averaged $1,650 per acre, up $170, at 11.5%.