Typically, November soybean futures prices see a bit of a rally in June. Hopes grew recently for a similar rally this year. The potential for any such price movement rests on the 2020 crop and export prospects. November soybean futures prices fell almost 13 percent since the start of the year. The prospect of a […]
On Wednesday, the Federal Reserve Board released its May 2020 Beige Book update, a summary of commentary on current economic conditions by Federal Reserve District. The report included several observations pertaining to the U.S. agricultural economy. * Sixth District- Atlanta– “Agricultural conditions softened. Most of the District remained drought free, with the exception of much of Florida, southern Louisiana, […]
Recent news articles continue to highlight the ripple effects COVID-19 is having on some aspects of the U.S. livestock market. Meanwhile, the minutes from the Fed’s April meeting noted that, “The agricultural sector was under severe stress due to falling prices for some farm commodities and pandemic-related disruptions, such as the closing of some food processing plants.” COVID-19, […]
July corn futures prices hovered between $3.15 and $3.25 since late April. Corn prices continue to stay within a relatively narrow range and that pattern may remain for the next several weeks. The potential for prices to move out of the range depends on supply issues and, more importantly, the nascent economic recovery. As the […]
On Wednesday May 20th, the USDA released more information on the Coronavirus Food Assistance Program (CFAP). In today’s article we provide a broad overview of the CFAP and how payments will be determined for the major eligible non-specialty crops, livestock, and dairy. Applications for CFAP payments open May 26th and close August 28th with additional information and […]
The Creighton University Rural Mainstreet Index (RMI) increased slightly from Aprils’ record low. According to the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy, May’s reading represented the third straight month with close to record lows. Overall: The overall index for May increased to 12.5 from April’s […]
U.S. Secretary of Agriculture Sonny Perdue today announced details of the Coronavirus Food Assistance Program (CFAP), which will provide up to $16 billion in direct payments to deliver relief to America’s farmers and ranchers impacted by the coronavirus pandemic. In addition to this direct support to farmers and ranchers, USDA’s Farmers to Families Food Box program is […]
Yesterday, USDA’s Economic Research Service (ERS) released its monthly Livestock, Dairy, and Poultry Outlook, which included updated information regarding U.S. pork exports. Illinois is a leading pork producing State. In part, the ERS update stated that, “Since early April, COVID-19 infections have reduced laborforces in several U.S. pork processing facilities, causing plant throughput to slow and some plants […]
The USDA released the first projections for U.S. corn and soybean supply and demand in the 2020-21 marketing year on May 12. The forecasts for soybeans showed higher ending stocks this marketing year with a substantial decrease in the next marketing year’s ending stocks. While the prospects for this year’s crop come to the forefront, […]
In 2019, the total of all economic costs per acre for growing corn in Illinois averaged $878 in the northern section, $912 in the central section for farmland with “high” soil ratings, $887 in the central section for farmland with “low” soil ratings, and $851 in the southern section. Soybean costs per acre were $630, […]