Good foreign demand for U.S. soybeans is helping bean markets stay above $10 per bushel, with the January 2015 contract closing up about 25¢ at $10.36 Friday. March ended the week at $10.42, up 24¢. And anticipation of possible reduction in soybean ending stocks could add further support to bean prices, says Bryce Knorr, senior editor at Farm Futures....More
The five agriculture stories to read this week includes a new tool for farmers to use when making nitrogen application decisions, and it's used on the computer. There's also research showing soybean yield when double cropping vs. relay intercropping soybeans and wheat. Read about the possible impact crop insurance may have on ag land values, and how one farming family has success with marketing goals. Finally, enjoy a nice piece in The New York Times about agriculture and data.
Soybeans enjoyed another week of better-than-expected export sales. In its wake the trade continues to believe the USDA will soon be forced to raise their current export estimates by 25 to 50 million. Hopefully we see this take place next Wednesday in the upcoming December USDA report....More
Chad Hart, Iowa State University Extension economist, expects to see corn prices in the $4 range, and soybeans in the single digits for 2015. Good demand but larger supplies will hold prices down over the next couple of years, he says....More
As we look back on 2014, we remember some of our best stories, tips and ideas from farmers. Included in this first Best Of installment are ideas about data management and using and sharing that data to farm smarter, better. There are conservation ideas and soil health tips. Read about biotic fertilizers, and tips for telling your farm story. All of these stories offer farmers the chance to Think Different about their operations.
Northern Illinois is not the first place you’d expect to see 100-bushel soybeans. But Peru, Ill., farmer Dan Arkels yielded 104 bushels per acre on his 30-acre Illinois Soybean Association Yield Challenge plot in LaSalle County, a 15-bushel increase above the previous Illinois record....More
Rabobank published a global outlook for ag commodities, including corn and soybeans, in 2015, focusing on demand, supply and prices. Lower prices levels should encourage consumption growth, say market researchers. According to the report, key variables to watch include: U.S. dollar strength, uncertain Chinese demand growth, slowing biofuel demand and oil price weakness....More
An analysis of some of the more common custom rates in the 2014 Iowa Custom Rate Survey showed that the listed “average” custom rates for some farming practices may be a bit low, given the higher ownership costs of larger farm machinery, higher fuel expenses that have existed in 2014, and the difficult field conditions that existed in some areas....More
Jon Everett didn’t dodge opportunities to get about 70% of his 2014 crops marketed last winter and spring, when corn prices were still pushing $5 per bushel or better and soybean prices were near $11.80 per bushel. And he and his farming partners wasted no time in making sales on about 40% of their expected 2015 corn and soybean production....More
When storing corn and soybeans in on-farm bins this winter, be sure grain is stored at appropriate temperatures and moisture percentages. Also be sure the aeration fan is timed properly. Read these and more grain storage tips from Ohio State University.
Sign-up for the new farm program, which part of the new farm bill, is now underway at local USDA Farm Service Agency (FSA) offices. The new farm program will be in place for the 2014 to 2018 crop years for all eligible crops under the Commodity Title of the 2014 Farm Bill, including corn, soybeans, wheat and other crops....More
The November issue of Corn+Soybean Digest offered fresh ideas in merging art and science to farm for the big picture. There are also corn residue breakdown myths, including a photo gallery. Read challenges in rail transport, and weed control. Get an outlook about corn production in China, and see what's ahead in soil health tests. Finally, read about the weather future for the Corn Belt. And don't forget regular pieces from Editor Kurt Lawton, as well as new ideas from Xperts Ed Usset and Dan Frieberg.
Included in the five agriculture stories to read this week is a reminder to pay attention to pesticide labels, particularly if planting cover crops. There's new research regarding demand for genetically modified seed, and a recap of the choices to make regarding upcoming farm bill options. Hear from Xpert Ed Usset about market price triggers, and check out a great Buzzfeed list about the top 10 things farmers are tired of hearing.
Low corn and soybean prices and an expected increase in interest rates may put an end to farmland value increases, says Michael Langemeier, associate director of the Center for Commercial Agriculture, Purdue University. He says, however, that any decline will be slight and spread over more than a year....More
Forecasting higher-than-normal rainfall several months in advance is still folly. But from a climatological standpoint, odds are that wet springs and summers are more likely in the years ahead than they have been in the not-so-distant past....More
Those anticipating today's USDA Crop Production Report were surprised when the corn forecast was lowered from the October report. Soybean production was increased. " If current production and consumption forecasts actually verify, the big story this year will be that extremely large corn and soybean crops resulted in less than burdensome year ending stocks," says Darrel Good, University of Illinois ag economist....More
Jim Legvold’s weed-management story began when this Vincent, Iowa, farmer planned out his program, embodying a new approach. But the plot thickened after an extremely wet spring and cool summer thwarted his best-laid plans. Weather extremes, weed adaptability and low crop prices challenged his long-term plan of corn-soybean herbicides, residual herbicides and rotated modes of action....More
Soybean growers should consider taking advantage of the nice rally, said Chris Hurt, Purdue University ag economics professor.
“I think this is a good selling opportunity. It’s about as much recovery as we can expect in the short run. Futures at near $10.50 is a whole lot better than $9.”...More
Michael Slack is taking a more diversified approach to getting his corn and soybeans marketed. He’s leaning on two separate entities: one for its advice and the other for grain contracting programs. One segment pools grain with other bushels to demand a better price from big buyers, while the other offers the Kansas grower periodic sell-period notifications....More
Farmers undertake various tasks to meet the challenge of flowing their crop efficiently from field to market. Though on a very different scale, railroads are confronted with a similar logistical challenge. In 2013, U.S. Class 1 railroads hauled 124.5 million tons of grain....More
Many farmers with final 2014 corn and soybean yields below actual production history (APH) crop yields who had a revenue protection (RP) crop insurance policy in place in 2014, will likely be able to collect a crop insurance indemnity payment on the crop losses incurred this year....More
The lowest corn and soybean prices in five years are creating bad conditions for grain producers. This might be a good time to simplify our corn and soybean marketing strategy to see if we can’t recapture a winning approach....More
Corn futures have reversed a three-month downward swing to make about a 40¢ per bushel climb since the first of the month. And soybeans can take much of the credit for it, says Craig Turner, analyst for Daniels Trading....More