December 7, 2020
Donnelle Eller reported on the front page of Friday’s Des Moines Register that, “Mid-Iowa Cooperative’s Mike Kinley sees a $275 million soybean processing plant under construction in eastern Iowa as a way for farmers to get more money for the crops they grow.” “Boosting farm income is crucial, even though a new U.S. Department of Agriculture report this week forecasts that U.S. […]
December 7, 2020
Corn and soybean meal prices declined sharply from late January to early August, and then increased significantly in response to deteriorating crop conditions and the potential for strong exports of corn and soybeans during the 20/21 marketing year. Given the uncertainty related to supply and demand, feed prices are likely to be volatile through at […]
December 4, 2020
On Wednesday, the Federal Reserve Board released its November 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 were mixed. While drought-free conditions prevailed in most of the District, some producers reported crop damage caused by recent […]
December 3, 2020
The USDA’s Economic Research Service (ERS) indicated on Wednesday that, “Net farm income, a broad measure of profits, is forecast to increase $36.0 billion (43.1 percent) from 2019 to $119.6 billion in 2020. “Net cash farm income is forecast to increase $24.7 billion (22.6 percent) to $134.1 billion. In inflation-adjusted 2020 dollars, net farm income is forecast to increase $35.0 billion (41.3 percent) and net cash […]
December 1, 2020
Bloomberg writer Dominic Carey reported earlier this month that, “U.S. red-meat production surged to a record in October, months after the coronavirus disrupted slaughterhouses. “Production reached 5.09 billion pounds, up 8.1% from September and 0.4% from a year earlier, U.S. Department of Agriculture data showed [on November 19th]. That marked the highest since the monthly data started in 1944.” The Bloomberg article stated […]
December 1, 2020
Bloomberg News reported late last week that, “China is set to import more U.S. corn, with volumes for next year seen hitting the top end of market expectations and squeezing global grains prices. “State-owned food titan Cofco Corp. has sold 10 million tons to domestic private mills and will probably boost purchases from the U.S. even further, according […]
December 1, 2020
U.S. farmers sentiment weakened following the November 2020 elections, as the Purdue University-CME Group Ag Economy Barometer fell 16 points from a month earlier to a reading of 167. Although this month’s reading was nearly equal to the pre-pandemic high set back in February, it was 9 percent lower than the sentiment reading taken just two weeks […]
November 26, 2020
On Monday, the USDA released its Outlook for U.S. Agricultural Trade, a quarterly report from the Department’s Foreign Agricultural Service (FAS) and Economic Research Service (ERS). Today’s update includes highlights from the report, which was coordinated by Bart Kenner and Hui Jiang. The Outlook stated that, “U.S. agricultural exports in Fiscal Year (FY) 2021 are projected at $152.0 billion, up […]
November 26, 2020
Grain storage infrastructure comes in many forms: bins, elevators, bunkers, and sheds. Storage infrastructure has at least two main uses. First, it enables farmers, commercial grain merchants, and end-users to hold commodity inventories over time. Storing grain to profit from differences in prices across time addresses variation in grain production and consumption within and across […]
November 24, 2020
Wall Street Journal writer Lucy Craymer reported late last week that, “China’s voracious appetite for imported meat is starting to wane, as domestic pork prices fall and consumer worries grow about the coronavirus lingering on food. “For more than two years, Chinese farmers have battled outbreaks of African swine fever, a highly contagious hemorrhagic disease that reduced the […]
