Farm income and agricultural land prices are headed for record highs. Farm income could top $87.3 billion this year, a number not seen since 2004, while cropland values are expected rise as much as 10 percent. Agricultural commodities have led a surge in the Thomas Reuters/Jefferies CRB Index since June with cotton prices increasing to a record 76 percent, wheat rising to 48 percent and corn reaching a two-year high. (Bloomberg) Read more.

USDA and the Department of Justice will hold its fifth joint public workshop to discuss competition and regulatory issues in agriculture. The workshop — held Dec. 8 in Washington, D.C. — will examine the issue of margins at various levels of the agricultural supply chain. Those interested in attending must register online. Learn more or register online.

Designer soil is the new agricultural fashion trend. USDA scientists along with researchers at Virginia Tech are developing replacement soils that take waste products from the mining and agricultural industries and turn them into nutrient-rich topsoil. The man-made soil is made up of quarry byproducts and chicken litter. Testing has shown the mixture to be as effective as commercial fertilizer in establishing vegetation. (Newsleader.com) Read more.

More than 272,000 acres have been enrolled in the Wetlands Reserve Program, the highest single-year enrollment in the program’s history. According to a USDA press release, the number of acres enrolled is 52 percent higher than fiscal year 2009 and increased the total number of acres to 2.3 million.  The Wetland Reserve Program provides assistance to private landowners and Indian Tribes to restore wetlands degraded or converted for agricultural uses. Learn more.

Indiana farmers are expecting to receive near record income this year thanks to an increase in grain prices. Driven by strong global demand for American grain, prices have soared, lifting the state’s farm income nearly 25 percent. Indiana’s farm income is expected to top $3 billion, a half-billion dollars higher than last year, but short of the 2008 record of $3.2 billion. (ABC News) Read more.

USDA released a plan that could allow farmers to plant genetically modified sugar beets, despite a pending lawsuit that halts the planting of the crop. The 365-page report provides ideas, including allowing farmers to plant the beets under a closely monitored permit intended to prevent contamination of other crops. A California judge halted planting of the Roundup Ready seeds until USDA completed an environmental impact study. Nearly half of the nation’s sugar comes from sugar beets, and 95 percent of them are grown using the Roundup Ready seeds. (Associated Press) Read more.

Soybeans are on target to set a production record. According to a USDA crop production report released today, soybean production is forecasted at 3.38 billion bushels, up 0.5 percent from the previous record set in 2009. Growers are expected to harvest a record-high 76.8 million acres of soybeans, up 0.6 percent from last year. Based conditions reported Oct. 1, soybean yield is expected to average 43.9 bushels per acre, which is down 0.2 percent from 2009. Review the report.

Farmers are ahead of the average five-year harvest, according to a report by USDA. Based on the report, 96 percent of the corn harvest is complete, compared to an average 73 percent for this time of year. Seventy-one percent of cotton has been harvested, compared to a five-year average of 53 percent, while 89 percent of sorghum and 86 percent of peanuts have been harvested compared to the average 71 percent and 81 percent, respectively. (UPI.com) Learn more or review the report.