A major sale is in the works that impacts farmland in eight states and would add to the Mormon Church’s portfolio. The Midwest’s economy is struggling as agriculture suffers. And a workers’ strike that threatened agriculture and so much more has paused while the two sides seek final agreement.
Portfolio Grows
Investment entities connected to the Church of Jesus Christ of Latter-day Saints have expanded their farmland assets by agreeing to buy another $289 million in farmland.
American Ag Network reported last December that the Mormon Church owned at least $2 billion worth of agricultural land.
On October 3rd, Farmland Partners Inc. announced that it was selling 41,554 acres of farmland in Arkansas, Florida, Louisiana, Mississippi, Nebraska, Oklahoma, North Carolina, and South Carolina.
Farmland Reserve, Inc., an integrated investment auxiliary of The Church of Jesus Christ of Latter-day Saints, is buying the portfolio of farmland.
“Recession”
Agriculture is a valued sector in the Midwest, but the region is struggling, according to a Creighton University economics professor who tracks a nine-state area.
Dr. Ernie Goss leads Creighton University’s Mid-America Business Conditions Index, which surveys supply managers in Arkansas, Iowa, Kansas, Minnesota, Nebraska, North Dakota, Oklahoma, and South Dakota.
September is the ninth month of the year. It represented the fifth time this year that the Business Conditions Index sank below growth neutral. Supply managers were pessimistic about the economic outlook.
62%, according to the survey, expected a recession in the next six months.
RELATED: Here is the full report from the Creighton University Mid-America Business Conditions Index.
Strike Paused
Farmers, investors, retailers, and consumers can exhale now that a major union representing tens of thousands of U.S. dock workers and the United States Maritime Alliance agreed on Thursday to a tentative deal, ending the strike that brought near-panic to numerous industries.
East Coast and Gulf Coast ports were already showing signs of strain from the strike that had not yet reached a week. The International Longshoremen’s Association’s strike impacted 14 different ports, making it nearly impossible for other ports in the country to absorb the additional load.
Wages for dock workers will increase 61.5% over six years according to the tentative agreement. The agreement extends the previous contract until January 15th, giving the two sides additional time to discuss another area of concern for dock workers: stopping the increased use of port automation.
RELATED: CNBC detailed the problems that already surfaced during the initial several days of the port workers’ strike. Read that story here.
