PJ Huffstutter

It's been quite a Friday for US row-crop farmers. Chicago Board of Trade corn futures dropped by their daily trading limit today after USDA forecast a bigger corn harvest than traders expected. (Those lower corn prices are another blow for growers already grappling with high input costs, including soaring diesel prices.) And now, here's another wrinkle in the farm-finance picture for some folks: My @Reuters colleagues @leahjdouglas and @nicholagroom have a story on changes to @USDA's Rural Energy for America Program, which has helped farmers finance renewable energy and energy-efficiency projects. Under the new Trump administration rules, farmers will have to complete their projects and demonstrate a year of energy savings before they can even apply for funding. I'm trying to work through what that means for a farmer's cash flow and borrowing needs. Does it require more upfront credit? Additional collateral? And how do lenders evaluate a project when the farmer can't apply for a grant until a year after it's completed? Fascinating reporting by Leah and Nichola: lnkd.in/gfux4Rwi

U.S. farm debt is at a record $605 billion, according to the latest USDA data. But what if that number doesn't capture everything farmers actually owe? That is a question I've spent a long time thinking about. (Years. Literally, years.) As part of my reporting travels this year for my Reuters series on the US farm economy, I've interviewed dozens of farmers across seven states, along with lenders, economists, agricultural suppliers and government officials, to understand how farmers are financing their operations. And what I found is a much more complicated lending landscape than the traditional picture of a farmer sitting down with a banker. Most of the commercial-sized row-crop farmers I interviewed had seven to 10 separate lines of credit. Some had more than 30. One Iowa farm family had 42, which might seem wild - but it's largely because equipment dealers often required separate credit lines each time they bought or leased a new piece of machinery. Farmers are increasingly turning to suppliers, equipment dealers, cooperatives and other nontraditional lenders for financing - for lots of very legitimate reasons. But some of that debt is difficult for the federal government to measure, using its current data sources and methods. USDA officials told Reuters the agency is launching research efforts to better understand the size of that lending market, exploring other ways to try to gather that data — and studying whether financial stress in agriculture could have broader economic consequences. There's a lot more to unpack here, including some fascinating research on equipment financing and the gaps in existing federal data. And yes, it's an area that I'm continuing to report on. Here's my exclusive story: lnkd.in/gwytKeHJ

Nebraska grain licensing regulator files complaint into The Andersons after unpaid farmer claim - my latest on @Reuters reuters.com/legal/litigation…

The U.S. Drought Monitor updated this morning, and woof: Things are looking tough right now in the High Plains and specifically in Nebraska, just as farmers there are gearing up to get planting. The entire state is now under some level of drought or abnormal dryness. About 43% is already in Extreme (D3) drought, a sharp 22.2% jump from just a week ago. The state just came off its driest first three months on record, with some areas going weeks without meaningful moisture. Yes, a drought can turn around with a few good rains. (I know that. You know that. We all know that.) But when it comes to farming, timing matters, right? Corn and soybean planting is about to get underway. And planting into conditions like this creates a real Catch-22 for growers: they can wait and pray for moisture and risk delays, or plant into dry soils and gamble on uneven emergence right out of the gate. A big chunk of Nebraska’s farmland is irrigated. But starting the season this dry changes the math, according to agronomists I’ve spoken to. I’m not sure if farmers can (or will?) run pivots before they even plant, but there are limits to how much those systems can keep up, especially if the heat returns. Meanwhile, the latest 10-day forecast shows a window of moisture, then a return to dry conditions. (And yes, I know - forecasts change!) Here's the latest monitor report: lnkd.in/dBBiYG6U

There is something really wonderful about very early morning flights

As USDA begins taking applications for the $12 billion in Farmer Bridge Assistance subsidies this week, agency officials defended the payments at last week’s Outlook Forum as a necessary step to prevent deeper financial damage in farm country. The FBA program is expected to send $11 billion in per-acre payments to row-crop producers, with another $1 billion slated for specialty crops. Farmer applications were slated to open yesterday (Monday), @USDA @SecRollins said, which she described as ahead of schedule. But the language around when the money will actually hit farmers’ bank accounts has shifted slightly. Last week, Rollins said payments could arrive “as early as February 28.” In December, the phrasing was firmer: farmers who qualify “can expect payments in their bank accounts by February 28”. It's subtle, but worth noting. My latest, with @thekarlplume: reuters.com/world/us/usda-de…

In a sign of growing stress for U.S. farmers, USDA forecast on Thursday that U.S. net farm income would fall 0.7% this year, despite near-record government payments that are expected to account for nearly 29% of producers’ bottom line. My latest: reuters.com/business/finance…

Late yesterday, the U.S. Securities and Exchange Commission said ADM agreed to pay a $40 million civil penalty to settle charges tied to a years-long accounting scandal that forced multiple financial restatements and wiped billions off the company’s market value. ADM reached the settlement without admitting or denying any wrongdoing, and the company said the Justice Department, which had been conducting its own probe, has closed its investigation without bringing criminal charges. The SEC also sued ADM's former Chief Financial Officer Vikram Luthar for his role in the allegedly fraudulent adjustments, and filed settled charges against two other top executives. The settlement closes one chapter in a case our Reuters team followed closely and reported on extensively over several years. The latest, from @thekarlplume and @ChrisPrentice: lnkd.in/gbbMkTDm

Computer-assisted reporting question, for the data folks out there: If you're going to be analyzing data from a fairly hefty database, do you prefer using SQL or Python? (Asking for myself.) I've used SQLite in the past, and still remember the "let's head over to github and figure out what the WHAT that error means!" headaches. But at least I'm somewhat familiar with it. However, a friend is insisting that I need to learn Python, because it's easier and more flexible for doing data analysis. I'm hoping to head to IRE NICAR conference in Indy with some of the work done, but before I do...I thought I would ask. I don't want to start down one path - and then have to pivot. Thoughts?

This story sat heavy with me as we were reporting it. Across the U.S. farm belt, the pressure isn’t showing up in just one place. It’s showing up everywhere: higher production costs, weaker crop prices, tightening credit — and job losses that ripple well beyond the farm gate, into equipment plants, schools and rural hospitals. My latest with @thekarlplume and @JulieIngwersen: reuters.com/world/us/us-farm…

🚨 For fellow investigative journalists and freelancers, Fund for Investigative Journalism has rolled out its info for the 2026 grants - up to $10K. Deadline is Jan 30. Get more info here: fij.org/

Year-end question: Has anyone just done a ctrl-alt-delete on their inbox? A friend is doing that, and I'm curious about the pros/cons. (I have my own system for staying on top of emails, but always interested in what others do.)

From @Reuters @thekarlplume: CHINA BUYS AT LEAST 14 CARGOES OF U.S. SOYBEANS FOR DEC-JAN SHIPMENT, TRADERS SAY

USDA issued corrections this morning to Friday’s export sales data: 130,000 MT corn sale to Japan reported on 10/24 should not have been included; and soybean sale to China on 11/03 was overstated by 100,000 MT (correct total: 132,000 MT). Corrected volumes will appear in the Weekly Export Sales report on 12/11. fas.usda.gov/newsroom/privat…

Is anyone here on #agtwitter a fan of Sleep Token? I'm thinking of ordering this as a Christmas gift for a friend who is a huge fan - but wondering if anyone has ever ordered one of their posters before (and if the quality was decent). 'Cause...$$$. storeus.sleep-token.com/coll…

Is it possible to drink too much coffee in a 24 hour period? Asking for a friend.