Tractor-Combine Sales Fall and Cargill Agrees to Price Fixing Settlement
From the Ag Information Network, this is your Agribusiness Update.**The government released short-term guidance on accessing clean fuel tax credits under the Inflation Reduction Act, but the announcement fell short of finalizing the program’s details.
Farm Policy News says biofuel groups were hoping for more clarity on the tax credits for fuels that help combat climate change.
The groups are hopeful that more complete guidance will provide a pathway for corn-based ethanol to expand its market as a sustainable aviation fuel feedstock.
**According to new data from the Association of Equipment Manufacturers, sales of ag tractors and combines fell in the U.S. during December compared to the previous year.
U.S. sales of ag tractors fell 11.3%, while combine sales fell 26.4%.
AEM Senior Vice President Curt Blades says While the year has been marked by high interest rates and uncertainty throughout the ag economy, AEM is looking forward to the potential in 2025.
**Cargill has agreed to pay $32.5 million to settle a class action lawsuit that accuses the meatpacking giant of conspiring with other companies to artificially raise the price of turkeys.
The deal, filed in the Northern Illinois U.S. District Court, still needs to be approved.
The lawsuit accused Cargill and Tyson, plus other major producers, of coordinating to intentionally reduce the U.S. turkey supply to raise consumer prices.