In the 5 ag stories to read this week, take in some online agronomy classes and get new tips for phosphorus application. Read about the latest rules for drone use and get out to sample for SCN. Finally, take some time to set Subway straight and share some reliable farm information about antibiotic use in livestock.
As economic scenarios continue to play out in the emerging nations, it will be interesting to see which options the pilots of our economy choose with political dysfunction, global military and social tensions on the rise....More
The increased corn and soybean yields in the latest USDA Report was more than offset by reductions in the estimated harvested acreage for both crops, and resulted in decreases in the expected 2014 crop production levels, compared to the September report....More
Increased oversight and regulation limit your lender’s flexibility. Be aware of this situation and be prepared! Make sure your financial records are up to date and accurate. Maintain adequate working capital....More
In the 5 agriculture stories to read this week, get some considerations for lime applications and learn more information about tar spot, a newly spotted corn disease. Review crop budget changes for 2016 and get some harvest and post-harvest tips. Finally, enjoy a story about farmers helping farmers in a time of great need.
Cash rents on professionally managed farmland likely will decrease for the 2016 cropping year. Rents on non-professionally managed farmland likely will decrease as well. However, projected rent decreases are not large enough to cause farmers to have positive returns in 2016....More
With corn supplies for the 2015-16 marketing year less burdensome than projected earlier, there will likely be opportunities for price rallies over the next several months. Producers in many parts of the Corn Belt will likely see opportunities to forward price stored corn for late winter/early spring delivery above $4.00....More
This is my list of the worst top 10 management practices. There are most certainly other aspects and components that are very important for businesses, but this list demonstrates that discipline is required for success. Even the mundane, seemingly boring tasks and details can be extremely important....More
Corn production is forecast at 13.6 billion bushels, down 4% from last year's record production and down less than 1% from the August forecast. Soybean production is forecast at 3.94 billion bushels, up slightly from August but down 1% from last year....More
In the past, the lender may have completed the financial records for the borrower in reaction to stiff competition or perhaps, did a simple credit score check before allocating credit. These methods, however, are now history. Lack of complete and accurate financial records is indeed a serious issue; both for the lender and the producer....More
The estimate of total marketing year exports of corn and soybeans will be available with the Census Bureau estimate of August exports to be released on Oct. 6. Export data currently available indicates that marketing year exports were likely modestly larger than USDA projections in the August WASDE report....More
In the 5 ag stories to read this week, check for herbicide resistance in pigweed and get scouting advice. Benchmark your labor efficiency and learn about taking unprofitable land out of your farmed acres. Finally, enjoy a list of reasons why you know you're a farmer.
To avoid losses on 2016 corn and soybeans, ag economist Gary Schnitkey, University of Illinois, recommends growers cut $100 per acre. This suggestion has garnered some questions, and Schnitkey has some answers....More
Increasingly, new lenders will be less familiar with agriculture and farm backgrounds. Further, expect individuals from varied backgrounds, national origins as well as perspectives to enter agricultural lending....More
The millennial generation of producers will set new trends, use more advanced technology and take the agriculture industry into the future. Now is the time to mentor these young leaders and give them the tools they need to succeed professionally and individually....More
good risk management should be a number of strategies implemented in various combinations to mitigate risk for specific business needs. Often, a business manager imagines one silver bullet that will magically address all needs in the operation. Unfortunately, there is no single tool that effective....More
Given farm revenues in 2016 budget projections, costs must be reduced to have positive returns. Cost cuts of $100 per acre will be used at the target. Cuts of $100 per acre would result in $19 per acre of net farmer income, levels that are relatively low and do not provide much margin....More
Economic health and viability are at the forefront for many involved in today’s agriculture industry. While some may prefer to just eat ice cream and hope for improved opportunities, proactive management strategies will be required for success....More
November 2015 soybean futures traded to a low of about $8.96 on June 15, rebounded to $10.45 on July 14, and are currently trading near $9.90. The volatility in prices reflects the market's reaction to generally positive supply factors and some negative demand factors....More
Agriculture is in a time of transition that will affect assets, operations and people. The ag lending industry, however, is also in a time of significant transition. Similar to agriculture, the careful management of this transition will be critical; especially, as some segments of agriculture enter turbulent economic times....More
The USDA supply and remand report released July 10 provided some fairly positive numbers for future corn and soybean prices. The report showed decreases in the projected ending stocks for corn in both the 2014-15 and 2015-16 marketing years. The report also verified the expectations for 2015 national corn and soybean yields in the U.S. to be below the record yield levels of 2014....More