This week we sit down with Scott Bozzo—California’s 2025 Farm Manager of the Year and president of Macotera Ag Group—to unpack the staggering $17 billion loss in California farmland value. From SGMA-driven water restrictions to rising bankruptcies and struggling commodity prices, Bozzobreaks down what's driving the downturn, why some land still holds value, and where investors should look next.

Jim Farrell, a veteran agricultural and financial executive, believes that current interest rates between 4% and 5% strike a healthy balance for the U.S. economy—especially in agriculture. Drawing on his experience as a director of the Kansas City Federal Reserve Board during the Great Recession, Farrell supports the Fed’s independence from political influence and warns against a return to artificially low rates. He argues that while past policies like quantitative easing were necessary at the time, they also contributed to inflation, rising asset prices, and widening wealth inequality. For rural communities, he says, economic stability comes not from extreme rate cuts, but from balance.

Illinois farmland values began to decline in late 2024, with the most significant drop hitting in the first quarter of 2025. According to Luke Worrell, Co-Owner and Managing Broker at Worrell Land Services, this downturn isn't a sign of a crash but rather a necessary correction following the dramatic surge in land prices during 2022 and 2023. Worrell, who also chairs the Illinois Farmland Values and Lease Trends Committee, draws parallels to the early 2010s, when farmland values followed a similar boom-and-pullback pattern. While values are down 10–15% from their peak, Worrell believes the market is transitioning into a “new norm”—one grounded in sustainability rather than speculation.

Andre Faul, Jr. co-manages Faul Family Riverside Farm in Kentucky with his father, Andre, Sr., operating a diverse 100-acre farm that includes pasture-raised meats, eggs, shrimp, and farm-to-table services. This spring, the family faced an unexpected crisis when the USDA abruptly cut funding for the Local Food Purchasing Assistance (LFPA) Program, which had enabled local farms to sell directly to schools. Faul had already invested in a large meat order for Oldham County Schools when the funding was pulled. To avoid waste and still feed students, the family launched a fundraiser to cover costs and donate the food. Faul is now speaking out, urging continued support for programs that strengthen local food systems and benefit both farmers and communities.

Joe and Dave's discussion focuses on the key factors that sustain strong agricultural communities, including healthcare, education, broadband, and economic policies. Joe Murphy, President of the Iowa Business Council, highlights agriculture’s critical role in economic growth and workforce development, emphasizing the need for policies that support both farmers and the industries that rely on them. He also stresses the importance of legal immigration reform to address labor shortages and retain skilled workers, ensuring rural communities remain competitive and resilient.

Catherine DeLong, a water quality program manager at Iowa State Extension, focuses on helping farmland owners discuss conservation practices with tenants. She highlights the challenges of starting these conversations, the financial risks involved, and the impact of shifting federal funding for conservation programs. With a background in soil and water conservation, DeLong provides insight into land management decisions, including options like reduced tillage and cover crops.

Natalie Kovarik, a fourth-generation rancher and formerpharmacist, shares her journey of embracing rural life, entrepreneurship, and agriculture advocacy. She discusses the challenges and rewards of small-town living, building a social media brand, and co-hosting Discover Ag, a podcast covering food, farming, and industry trends. Kovarik also highlights the importance of digital platforms in connecting farmers with consumers and promoting sustainable agriculture.

Despite concerns that GLP-1 weight loss drugs might reduce food demand, new research from Kansas State University economist Dr. Glynn Tonsor reveals that users are actually more likely to eat meat. His study shows that GLP-1 users prioritize high-protein foods like beef, pork, and chicken, helping sustain meat demand even amid rising prices. With these drugs growing in popularity, their impact on food trends continues to evolve.

Paul Neiffer, a CPA, farmer, and speaker, educates farmlandowners and investors on tax strategies, particularly 1031 exchanges - a critical tax strategy for farmers and landowners looking to defer capital gains taxes when selling and reinvesting in similar properties. He discusses the complexities of using 1031 exchanges for farm-related assets, particularly when dealing with Section 1245 property like grain bins, tiling, and hog barns. With ongoing political support for 1031 exchanges, Neiffer advises farmers to carefully plan transactions to maximize tax benefits.

A new report highlights agriculture as North Dakota’s top industry, generating $41.3 billion, supporting 123,000 jobs, and producing $10 billion in labor income. Growth was fueled by two new soybean processing plants, boosting the industry from $30.8 billion in 2022.

Agriculture Commissioner Doug Goehring emphasized the state’s dominance in crop production and noted that 90% of North Dakota’s land is farmed or ranched. He remains optimistic about policies that will reduce regulations and support further growth.