February 29, 2020

Ag Economy; Biotech; CFTC; Farm Bill; Immigration; and, Regulations

Agricultural Economy

Cheri Zagurski and Emily Unglesbee reported yesterday at DTN (link requires subscription) that, “Corn harvest progressed by 11 percentage points during the week ended Nov. 10, according to USDA’s latest crop progress report.

Eighty-four percent of the nation’s corn is in the bin, compared to 73% last week and a five-year average of 79%.”

The DTN article added that, “Soybean harvest advanced by five percentage points in the same week. Ninety-one percent of the nation’s crop has been cut, compared to 86% last week and a five-year average of 92%.”

Dar Danielson noted yesterday at RadioIowa Online that, “Iowa farmers are rushing to complete the corn and soybean harvest before winter sets in for good.”

Meanwhile, University of Illinois Agricultural Economist Gary Schnitkey indicated yesterday at the farmdoc daily blog (“Break-Even Soybean Prices: History and Projections”) that, “For farmland that is cash rented near average rent levels, break-even soybean prices have increased from near $5.00 per bushel in 2004 to around $10.70 per bushel in 2013 and 2014.   Break-even prices near $10.70 will cause losses when soybean prices are below $10.70. Prices being below break-even prices are possible over the next several years.”

Tony C. Dreibus reported yesterday at The Wall Street Journal Online that, “Soybeans rose for the fifth straight session on signs of strong demand for U.S. inventories…[C]hicago Board of Trade soybean futures for November delivery gained 11 cents, or 0.8%, to $13.19 a bushel.”