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USDA Forecasts U.S. Corn and Soybean Production Down from 2018
The Crop Production report issued today by USDA’s National Agricultural Statistics Service (NASS) forecasted soybean and corn production down from 2018. Soybean production is down 19 percent from 2018, forecast at 3.68 billion bushels; corn growers are expected to decrease their production 4 percent from last year, forecast at 13.9 billion bushels.
Area for soybean harvest is forecast at 75.9 million acres with planted area for the nation estimated at 76.7 million acres, down 4 percent from the June estimate, and down 14 percent from last year. Soybean yields are expected to average 48.5 bushels per acre, down 3.1 bushels from last year. If realized, the forecasted yield will be a record high in...
REPORTER: Planting Season Gets Off to a Slow Start
United States-Colombia Trade Promotion Agreement Pays Dividends to American Farmers and Exporters
The United States-Colombia Trade Promotion Agreement (CTPA) entered into force on May 15, 2012, laying the foundation for a surge in U.S. agricultural exports. Since 2012, U.S. agricultural exports to Colombia nearly tripled from $1.1 billion to $2.9 billion in 2018. Despite its geographic proximity to major U.S. competitors Brazil and Argentina, Colombia, the third-largest economy in South America, purchases half of its agricultural imports from the United States. Preferential access from CTPA and a strong Colombian economy have allowed the United States to increase its market share from 19 percent prior to CTPA, to 50 percent in 2018. Changing demographics, a growing middle-class, and consumer trends toward more modern retail outlets is expected to keep demand strong into the future for high-quality U.S. agricultural exports.
Colombian Macro-economic Trends and Changing Demographics
In addition to CPTA, political stability and a dynamic economy have contributed to Colombia becoming the United States’ 12th-largest destination for agricultural exports, up from...
Perdue Responds to UGA Study on USMCA
The University of Georgia recently published a study claiming the new United States–Mexico–Canada Agreement would cost some Georgia vegetable and fruit growers revenue and jobs. The sensational assertions are flat wrong. As a proud UGA alumnus, I’m here to tell you USMCA is good for Georgia’s farmers and all American agriculture.
Chapter by chapter, verse by verse, USMCA improves virtually every component of NAFTA and Georgia’s agriculture industry stands to gain significantly. It’s important to note we didn’t get all the improvements we wanted for seasonal fruits and vegetables. While we were hopeful we could make progress in the renewed NAFTA, USMCA isn’t a step backward. The UGA study assumed we lost ground, but the facts are it wasn’t ground we had to begin with. Since the inception of NAFTA more than 20 years ago, agricultural trade between our three countries has...
Grain Futures Soar on Delayed Plantings
In the latest Crop Progress report, planting progress continues at a slower than expected pace—causing concern for traders and seeing corn futures up 12 to 13 cents per bushel Tuesday morning.
The USDA reported corn plantings at 30 percent completion as of Sunday, May 12. That’s less than half of what the normal 5-year average rate is at this point in the season. It’s also only a 7 percent increase from the previous week.
Rain and cool weather in the major production areas has hindered planting activities so far this season.
Emergence is also lower than expected, currently at 10 percent. Last year at this time...
Planting Progress Lags for Corn and Soybeans
In the latest Crop Progress report, the USDA shows corn plantings across the 18 primary production states is currently just 23 percent complete, which is half the normal progress made by this time over the last 5 years.
Planting progress is well-below expectations for this point in the season, having been hindered by rains throughout the Midwest where much of the crop is produced. Every state surveyed has reported lower progress rates than their respective 5-year averages.
Corn emergence is currently at 6 percent, also less than half the average rate. Seven of the 18 production states have yet to report any emerging corn.
Meanwhile, 6 percent of soybeans have been planted so far this season—also...
Cargill Strengthens China Commitment with $112m New Investment in Jilin
Cargill announced today that it will invest US$112 million to expand the capacity of its corn processing facility in Songyuan of Jilin province. This is part of its joint initiative with Songyuan government to build the Sino-US Cargill Biotech Industrial Park, featuring the Cargill Food Safety and Technology Center. Cargill will continue to invest in the park in the coming years. The move is expected to help boost local economy and strengthens local corn processing industry.
“Cargill has made significant investments in Songyuan, which is welcomed by us,” said Mr. Wang Zilian, mayor of Songyuan Municipal Government. “I believe the new investment and projects will help boost the prosperity of local farmers and also benefit the growth of local corn processing industry.”
The park, which occupies 3.71 million square meters, is designed to facilitate both corn processing and trading, with a processing capability of up to two million tons per year by...
Study Finds 11 Percent of the Price of Corn is Derived from Red Meat Exports
The U.S. Meat Export Federation (USMEF) has received the results of an updated study aimed at quantifying the value delivered to U.S. corn producers through exports of red meat. The original 2016 study, as well as the 2018 follow-up, were conducted by World Perspectives, Inc. (WPI), a leading agricultural consulting firm.
The original study, titled The Intersection of U.S. Meat Exports and Domestic Corn Use, concluded that in 2015 exports of U.S. red meat accounted for 11.7 million tons of combined corn and Dried Distillers Grains with Solubles (DDGS) use. In its update, WPI concluded that 2018 beef and pork exports will use a combined total of 14.9 million tons of corn and DDGS, which equates to an additional 459.7 million bushels of corn produced – an increase of 29 percent over the 2015 projections.
Other highlights from the updated study...
Rabobank: Global Food Price Stability in 2019 Threatened by Trade Wars, Disease and El Niño
A “melting pot” of risks – including US trade war with China, disease and extreme weather – threaten global food price stability next year, according to research from Rabobank, the specialist food and agribusiness bank.
In its annual Outlook reports, which analyse the prospects for more than 15 agricultural commodities, meat and seafood, Rabobank says that while the global food price environment remains relatively stable, ongoing geopolitical tension, the threat of El Niño weather system and diseases affecting livestock bring great uncertainty to the outlook for 2019.
Stefan Vogel, head of agri commodity markets at Rabobank and report co-author, said: “The agri commodity price environment may be relatively stable currently, but it’s difficult to remember a time there were so many threats to...
Commodity Leaders Join Forces on Sustainability Research
Pork, Soybean and Corn Sign Memorandum of Understanding on Sustainability Research
The National Pork Board (NPB), United Soybean Board (USB) and National Corn Growers Association (NCGA) announce the signing of a Memorandum of Understanding (MOU) on a sustainability research platform that will benefit all three organizations and their producers. This research program will include the sharing of completed research, coordination on current and planned research and define ways to share and communicate results with each organization’s members.
Leadership from the three commodity groups agree that it is prudent to consider specific ways in which they might work together more effectively to ensure alignment and collaboration in sustainability research and how the results can and will be communicated and shared...
Harvest Activities Delayed in Some Areas Due to Recent Rains and Early Snow
A wet Autumn so far in parts of the Midwest, along with some very early snow for the season, has hampered harvest efforts as of late.
According to the latest Crop Progress report, the USDA estimates the corn harvest to be 39 percent complete, which is still ahead of the 5-year average, but the rate has slowed in the last week. States falling behind in harvest activities include Iowa, Minnesota, Pennsylvania, and South Dakota.
The soybean harvest is notably behind schedule, with only 38 percent completed as of October 14. That compares to the 5-year average rate of 53 percent by this time. Iowa, usually 51 percent underway at this point in the season, reports only...
Secretary Perdue Statement on President Trump’s Ethanol Announcement
U.S. Secretary of Agriculture Sonny Perdue today hailed President Trump’s directive to the Environmental Protection Agency (EPA) to begin a rulemaking process to expand the sale of corn ethanol, to include E15 year-round. Perdue issued the following statement:
“This is another case of ‘Promises Made, Promises Kept’ for President Trump. Expanding the sale of E15 year-round is sound policy for a variety of reasons. Consumers will have more choices when they fill up at the pump, including environmentally friendly fuel with decreased emissions. It is also an excellent way to use our high corn productivity and improved yields....
October Harvest Season Ramps Up
The 2018 corn harvest is now 26 percent underway, almost 10 points above the average pace over the last 5 years.
Leading the pack in the latest Crop Progress report is North Carolina, showing harvest activities for corn at 83 percent, while Texas follows up with 70 percent, followed by 65 percent in Missouri.
Looking at top producing states, the Iowa corn harvest is up to 11 percent, while Illinois reports 48 percent, and Nebraska shows 17 percent.
All 18 primary corn production states are...
Corn Harvest Ahead of Year-Ago and 5-Year Avg
-- Soybean harvest also off to a fast start
Corn harvest in the 18 major producing states made further progress last week and is well ahead of a year ago and the five-year average.
The same can be said about the soybean harvest. It is early in the harvest season though and farmers may face some weather-related delays that could slow their progress versus historic levels in the weeks to come.
USDA data released Monday showed corn harvest in the top 18 producing states as of Sunday at 16%, up from 9% the previous week and 10% a year ago. The five-year average ...
Corn Conditions Surpass Year Ago Ratings as Harvest Picks Up
The corn harvest is now 9 percent underway for the 2018 crop season, just ahead of past progress benchmarks.
The USDA reports in the latest Crop Progress report that 54 percent of corn has reached maturity, which is well ahead of the 36 percent 5-year average for this week. The condition of the corn crop is unchanged in the latest report, with 68 percent rated good to excellent. A year ago, only 61 percent made the GTE category rating.
Corn futures are down 4 to 5 cents per bushel so far Tuesday.
The soybean harvest has also begun in the week ending September 16. Currently 6 percent underway, the harvest is progressing slightly ahead of the 5-year average rate...
The 2018 Corn Harvest Is Officially Underway
The week ending September 9th marked the first week of measurable corn harvest in the U.S. for 2018.
The USDA reports 5 percent of this year’s corn crop has been harvested so far, which is on par with a year ago at this time, and two points ahead of the 5-year average. Texas reports 63 percent of their corn crop has been harvested, while North Carolina has harvested 43 percent. Eight of the 18 primary corn producing states have yet to kick off harvest activities.
Overall, corn reaching maturity is up to 35 percent, compared to...
Late Season Heat Wave Boosting Crop Development in Parts of Corn Belt
In the latest Crop Progress report, corn conditions were adjusted slightly with 67 percent now in good to excellent condition, down a point from the previous week. Corn rated in fair gained that point, now totaling 21 percent.
Corn in the dough stage of growth is nearly complete at 96 percent, which is also ahead of the 5-year average rate of 91 percent. Corn dented is up to 75 percent, beating the average pace by 15 percentage points.
Corn reaching the mature stage is reported at 22 percent, double that of the 5-year average. A late season heat wave in the eastern Corn Belt is helping to hasten summer crop maturation, according to USDA weather reports.
So far this morning, corn futures are trading barely lower, down up to half a cent per bushel...
Late Summer Crop Growth Looks Positive
It’s the final week of August and summer crops continue to excel through key growth stages.
In the latest Crop Progress report, corn condition ratings were nearly unchanged, with 68 percent remaining in good to excellent condition. That compares with 62 percent in the category a year ago at this time.
As corn in the dough stage nears completion at 92 percent, corn dented is up to 61 percent—nearly 20 percentage points ahead of the 5-year average. In addition, the USDA provided initial figures for corn reaching maturity, currently at 10 percent. This is double the rate of past progress benchmarks.
Soybean conditions were altered just slightly in the latest week...
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