As 27 Minnesota soybean farmers and spouses (including myself) continue our 10-day trade mission trek across eastern China, we spent valuable time Thursday with Paul Burke, North Asia Regional Director of USSEC (United States Soybean Export Council), who gave an overview of soybean consumption trends in China – from crushing to food use to domestic production....More
Did you see what happened with new-crop December corn prices Wednesday? After a nearly 5¢ rise, they closed at $5.67. While that is a long way from the $8 corn from last August, it represents a 2¢ rise above the crop insurance guarantee of $5.65. And that is what you were waiting for to justify your investment in crop insurance. The same faith that you have in burying seed hoping it will grow, has again paid off with your crop insurance decision. So what do you do with that now?...More
In my speeches and seminars, eyebrows will raise and glances between people will occur with nodding and a look of fulfillment when I make the following comment: “The best crop you raise will be your children, grandchildren or youngsters you take under your wing as a mentor.”...More
Buying crop revenue protection (RP) this year is a no-brainer on the heels of last year’s drought. But RP policies pay best when yields are reduced substantially and not so much when yields are about normal. That’s why marketing ahead is so crucial. Consider this simplified example....More
National Ag Week is being celebrated March 17-23 all across the United States, with Tuesday, March 19, being designated as National Ag Day. As we celebrate National Ag Week, it is a good time to reflect on all the traditions and advancements that help make the U.S. agriculture industry second to none! Following are some interesting statistics about today’s agriculture industry....More
"The magnitude of the required slowdown will in turn determine whether soybean prices need to adjust higher in order to slow the pace of consumption more than normal or whether supplies are large enough to allow prices to continue to move lower,” Good says....More
CSD columnist Ed Usset, University of Minnesota, spoke to farmers at Commodity Classic on March 2. His topic: post-harvest marketing for corn and soybeans. Usset used fictional characters to show different marketing styles and the results from those styles, whether you sell the carry, have no storage, etc. He also talked about sizing up the market. His biggest reminder to attendees, and all crop marketers: Forget last year!
Linsey Howell is among a growing number of recent agriculture graduates and graduating seniors who are reporting strong job prospects with their agriculture and natural resources degrees in Ohio and nationwide thanks to the growing world-wide demand for food and an increasingly strong agriculture industry, experts say....More
I hate to sound like a broken record, but even after the recent USDA data the lyrics remain the same..."Tight old-crop balance sheets for both corn and soybeans make time-spreads a much more attractive play than flat-price." Improving rainfall and snow coverage is easing concerns regarding the US drought and therefore keeping a lid on US new-crop prices. As each week passes the ability for old-crop tightness to help keep new-crop prices supported may get...More
Friday’s USDA supply/demand report received a negative initial reception from the soybean market as it lowered South American production less than expected and left the U.S. soybean carryout unchanged, however, supply concerns have quickly reemerged with some questioning why USDA did not raise projected U.S. exports for 2012-2013 despite continued strong demand....More
My last article focused on some of the financial characteristics of producers who attended the Executive Program for Agricultural Producers (TEPAP) this year. Now I’ll discuss some of their management practices. This supercharged conference, coordinated by Danny Klinefelter, is an outstanding educational venue for agriculturalists that offers education and networking with individuals from over 20 states, four Canadian provinces, South America and Australia....More
With early prices for 2013 crops at levels likely above projected breakevens, it may be time to get a few bushels booked, says Ed Usset, University of Minnesota grain marketing economist. Usset recently established his annual preharvest corn and soybean marketing plans. While he believes futures contracts normally provide more marketing alternatives to growers, he doesn’t discard cash contracts in his early marketing plans....More
USDA has lowered the projected high-end season-average farm price for corn down to $6.75-7.45/bu. It’s a 20¢/bu. drop from last month – a trend farmers hope doesn’t continue as planting time nears. The projection came in Friday’s World Agricultural Supply and Demand Estimates (WASDE) report, which also showed tight ending stocks unchanged at 632 million bushels....More
On Friday afternoon attendees at Commodity Classic 2013 were treated to a session on transitioning their farms. Leading the conversation were Darren Frye, Brian Hensley and Arlen Suderman, all of Water Street Solutions, and Bryce Knorr, of Farm Futures. The group started off by saying that now is the time to start planning, reminding the group that having a will and having and estate plan are NOT transition plans....More
Projected 2012-2013 U.S. corn ending stocks are unchanged this month as an increase in imports and lower exports support higher expected feed and residual disappearance. U.S. soybean supply and use projections for 2012-2013 are unchanged this month, leaving ending stocks at 125 million bushels. Prices are also down and narrowed for both crops for the 2013 season....More
USDA's supply and demand report (WASDE) is the focus of the trade. In a nutshell somewhat disappointing for soybeans, mixed for corn and disappointing for wheat. Here are a few quick highlights along with specific numbers and estimates....More
CSD columnist Ed Usset, University of Minnesota, spoke to farmers at Commodity Classic on March 2. His topic: post-harvest marketing. Usset used fictional characters to show different marketing styles and the results from those styles, whether you sell the carry, have no storage, etc.
Relative corn and soybean prices over the past few crop years have encouraged expansion of corn acreage and the use of more corn intensive rotations throughout much of the Midwest. In general, and in central and northern Illinois in particular, increased corn acreage has come at the expense of fewer acres being planted to soybeans and, to a lesser extent, wheat....More
CSD columnist Ed Usset, University of Minnesota, spoke to farmers at Commodity Classic on March 2. His topic: post-harvest marketing. Usset used fictional characters to show different marketing styles and farming types. He also went over carrying charges and what those mean for different marketing styles.
While locking down revenue crop insurance may be top of mind, farmers also should look hard at marketing 25-30% of their soybeans before planting, says Chris Hurt, Purdue University Extension economist and grain marketing specialist. The $12.87/bu. insurance floor for soybeans was determined by the February Chicago Board of Trade November 2013 soybean futures contract price....More
I am cutting straight to the facts today. We have a couple big reports coming up, and I wanted to throw my hat in the ring and call a few shots to help you get in the game and better your operation....More
One of the elite management learning experiences in agriculture is the Executive Program for Agricultural Producers (TEPAP) at Texas A&M University, coordinated with leadership of Danny Kleinfelter. Now in its 24th year, this gathering of agricultural lifelong learners with an array of outstanding presenters who have a vast amount of background and experience is truly the “Super Bowl week” of education and networking in agriculture....More