Based on recent weekly Crop Progress reports from the USDA, planting progress for the 2020 U.S. soybean crop has been proceeding at a faster than normal pace. Figure 1 shows that 53 percent of soybean acreage in 18 major producing states was planted as of May 18, 2020 (week #20), six percentage point higher that the 5-year […]
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 […]
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, […]
U.S. barley can now be exported to China following the approval of a phytosanitary protocol by both countries, a market development achievement years in the making finally accomplished with the boost of the U.S.-China Phase 1 deal signed in January. The notice on China’s customs website was posted on Thursday and confirmed to be approved […]
Corn prices came off recent lows last week on glimmers of hope that the worst of the coronavirus impacts on corn use may have passed. Uncertainty around the pace of economic recovery prompts a significant disparity between corn price outcomes as we move deeper into 2020. The upcoming WASDE report sets the baseline for corn […]
Bloomberg writer Isis Almeida reported last week that, “There’s light at the end of the tunnel for the battered American ethanol market, according to producer Green Plains Inc. For now, coronavirus stay-at-home measures are keeping cars off the road, slashing demand for biofuels. But as economies reopen and people settle into post-pandemic life, they will likely avoid […]
Donnelle Eller reported on the front page of Sunday’s Des Moines Register that, “The coronavirus has caused an agricultural tsunami that’s ripped through Iowa and the nation. Markets have been disrupted as schools, restaurants and hotels have shuttered, and meatpacking plants are slowing or closing as about 10,500 workers — including 1,650 in Iowa — have tested positive for COVID-19. “Prices […]
Bloomberg News reported today that, “The top trade negotiators for China and the U.S. pledged to create favorable conditions for implementation of the bilateral trade deal and cooperate on the economy and public health. “China’s Vice Premier Liu He talked with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin by phone Friday Beijing time, according to a statement from China’s Ministry of Commerce. They also […]
Kevin Rector reported on the front page of Wednesday’s Los Angeles Times that, “In less time than it takes a farmer to plant and harvest a head of lettuce, the nation’s entire food industry has been flipped on its head by the COVID-19 pandemic. An intricate system for matching supply with demand, established over decades, has been thrown […]