Missouri farmers and ranchers are experiencing significant crop and pasture losses due to the prolonged dry weather that has affected the state since 2022. The latest drought monitor report indicates that over 94 percent of Missouri land is under some level of drought, with more than 48 percent of the state experiencing extreme drought. The Missouri Farm Bureau (MOFB) expresses deep concern about the effects of this disaster on farmers, ranchers, agribusinesses, and rural communities.
Livestock producers throughout the state are grappling with moisture scarcity. The United States Department of Agriculture (USDA) reports that current pasture conditions are 58 percent poor to very poor. This has led to a hay and other forage shortage, compelling producers to pay elevated prices for feed. Moreover, many producers have been unable to source local forage, necessitating the transportation of hay from other states or even prompting them to sell their cattle herds.
In past drought years, the Internal Revenue Service (IRS) has granted extensions on critical provisions allowing livestock producers to defer taxes on gains from the forced sale of stock due to drought conditions. Regrettably, the IRS has not yet extended these provisions to encompass the current drought year, leaving livestock producers uncertain about their eligibility for this relief.
MOFB urges an extension of this provision for another year to offer assurance to farmers and ranchers confronting the ongoing drought.
