Another all-time record hog inventory amidst the COVID-19 pandemic extends further downward pressure on prices. The USDA’s June Hogs and Pigs report places the June 1 inventory of all hogs and pigs at 79.6 million head, up 5.2% from a year ago, just above the upper range of pre-report expectations and well above the midpoint of 3.7% […]
Last week, Bloomberg’s Mike Dorning reported that, “U.S. health and agricultural authorities issued thinly veiled criticism of new demands from China for food-exporting companies to sign documents stating that they comply with safety standards to prevent transmission of Covid-19. “‘Efforts by some countries to restrict global food exports related to Covid-19 transmission are not consistent with the known science of transmission,’ U.S. Agriculture Secretary Sonny Perdue […]
On Wednesday, the Senate Agriculture Committee held a Legislative Hearing to Review S. 3894, The Growing Climate Solutions Act of 2020. In his opening remarks, Committee Chairman Pat Roberts (R., Kans.) stated that, “S. 3894 would assist growers in monetizing voluntary conservation practices on their farms, ranches, forests, and businesses. This legislation establishes a program at the Department of Agriculture to certify third party […]
Donnelle Eller reported on the front page of Tuesday’s Des Moines Register that, “The Trump administration has sent $4 billion in payments to U.S. farmers to help cover losses due to the coronavirus, part of $16 billion that’s available to provide direct aid to offset losses for farmers and ranchers. “Iowa farmers have snagged $423.5 million of the pandemic payments, the […]
We developed a statistical model that projects the 2020 harvest price for soybeans, given a national soybean yield and average of May futures prices. This projection represents the harvest price used in crop insurance. The current U.S. yield estimate from the U.S. Department of Agriculture (USDA) is 49.8 bushels per acre. Given this yield estimate […]
The USDA releases the June 1 corn stocks estimate on June 30. Typically, the Acreage report published on the same day eclipses the quarterly grain stocks report. While the Acreage report remains crucial for price expectations this year, the grain stocks report looks to hold some essential information on feed and residual levels for the […]
Last week, USDA’s Economic Research Service (ERS) released its monthly Livestock, Dairy, and Poultry Outlook, which included updated information regarding meat production. In part, the ERS update stated that, “Over the past 2 months, U.S. beef packers had to implement new health protocols for dealing with COVID-19 that might have hindered their ability to process cattle. However, they […]
The Creighton University Rural Mainstreet Index (RMI) increased to a weak level from May’s feeble reading. According to the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy, June’s reading represented the third straight month with recessionary economic conditions. Overall: The overall index for June climbed to 37.9, […]
Bloomberg News reported on Friday that, “China plans to accelerate purchases of American farm goods to comply with the phase one trade deal with the U.S. following talks in Hawaii this week. “The world’s top soybean importer intends to increase buying everything from soybeans to corn and ethanol after purchases fell behind due to the coronavirus, said two people familiar with […]
Reuters writer Stephanie Kelly reported on Thursday that, “The U.S. Environmental Protection Agency has received 52 new petitions for retroactive biofuel blending waivers that, if granted, would help bring oil refiners into compliance with a court ruling this year, EPA data showed on Thursday. “The new pending applications for blending exemptions are for compliance years 2011 through 2018. […]