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Report Is Bullish For Soybeans, Neutral For
Corn
Friday's USDA monthly supply/demand report raised its
export projection for soybeans by 10 million bushels and raised
projections for the domestic crush by 5 million bushels. In comparison,
USDA's estimates for corn carryout remained relatively unchanged from
projections made in January.
The projected drop in soybean carryout pegs ending stocks for 2007-2008
U.S. soybeans at 160 million bushels, about 7 million bushels lower than
earlier trade estimates, reports Doug Harper, Brock Associates editorial
director. "Normally, a change of this size would not be a big deal, but
a drop to only 160 million bushels is significant," says Harper. "The
soybean market just went from tight to tighter."
As of Friday morning, soybean prices were heading higher and corn was
following along. "USDA's soybean report was bullish for prices," says
Harper. "USDA did not change anything in the balance sheet for corn, but
the corn market is in an acreage battle with soybeans, and its prices
are going up, too."
Some market analysts were expecting bullish news for corn in the
USDA report due to brisk export sales. "Corn export sales have been very
strong all winter and the market thought USDA would raise market export
projections, but they didn't," notes Harper. "Corn didn't get any more
bullish news."
The report provided little evidence of current cutbacks in use for corn
or soybeans, but it did for soybean oil. "USDA cut the soybeans for
biodiesel usage projections by about 10.5%," says Harper. "It's just a
case of soybean oil prices getting so high that it is unprofitable for
biodiesel production now."
Last year, corn prices peaked in February. This year may be different.
"The markets are waiting for USDA's perspective plantings report, which
comes out on the last day of March," says Harper. "That's the one report
that the market is really waiting on."
For more information from Brock Associates on Friday's USDA
supply/demand report, click here: www.brockreport.com/brockreport/news.
To read Friday's USDA report, click here: www.usda.gov/oce/commodity/wasde.
By John Pocock
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Volunteer
Corn Can Impact Corn Yield
Volunteer corn in soybeans can be a yield-robbing
weed. But when corn follows corn, it's not so easy to see volunteer
corn.
Trials were established at University of Minnesota research and outreach
centers in Lamberton and Waseca in 2007 to examine the yield impact of
volunteer corn following corn. Various populations of kernels and ears
were seeded with hybrid corn. Carryover seed from the previous year was
used for the volunteer corn treatments to simulate field
conditions.
Corn yield losses due to volunteer corn plants ranged from 0-14% at
Lamberton and 0-19% at Waseca. Volunteer plants at both sites were
behind in growth stage compared to the hybrid corn. It was also observed
at the Lamberton site that only a handful of volunteer plants produced a
small ear by harvest time.
In a similar study conducted by South Dakota State University in 2007,
corn yield losses ranged from 0-13% among the volunteer corn plant
densities evaluated. Over an equivalent range of volunteer corn
densities in soybean, yield losses ranged from 0-60%.
What factors can increase the potential for volunteer corn? Harvesting
problems, storm damage, poor stalk quality and insect damage are some of
the influencing factors. Herbicide options are limited for the control
of volunteer corn in corn unless herbicide resistant traits are rotated,
or a herbicide resistant hybrid is planted after a conventional
hybrid.
Further research will help determine at what point management should be
considered for volunteer corn in corn. If a significant population of
volunteer corn is anticipated the following year, rotating to soybeans
is a good option. Although volunteer corn appears to influence soybean
yield more than corn yield, a number of effective herbicide options
exist for control in soybeans compared to corn.
Cultivation is also a possibility, although not necessarily a popular
one.
By Lizabeth Stahl, University of Minnesota
Extension crops educator
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Deer Control
Conference Attracts Corn Growers
Last fall, Ohio State University South Centers (OSUSC)
sponsored a conference, "Are Deer Eating Your Profits?"
The answer was: Yes! The conference attracted a large turnout, including
corn growers, says Brad Bergefurd, horticulturist at Piketon, OH.
"Hunting to keep deer populations under control seems to be the best
solution for large-acreage growers," he says. "It's also the least
expensive option."
In Ohio, the Division of Wildlife will issue an out-of-season kill
permit if farmers can prove severe economic damage from deer, says
Bergefurd. "It has to be fresh damage, though, preferably within 24
hours," he points out. "Other states may have a similar policy. If you
have damage from deer, you need to contact the local game warden or a
Division of Wildlife specialist right away to verify damage and to see
if you qualify to receive an out-of-season permit."
Due to the large turnout last fall, the deer-control conference will
likely become an annual event, says Bergefurd. However, the conference
was primarily targeted toward people who manage small-acreage,
high-value farms for fruit and vegetable production, he points out.
Repellants and fencing -- either temporary or permanent -- appear to be
the best deterrents to deer for these operations.
"A temporary, poly-barrier fence that runs 10-12 ft. high and the
supplies to erect it would cost on average about $100/acre/year over the
life of about 10 years," he says. "Farmers can also take these fences
down and roll them up after the growing season ends and put them in
storage to help them last longer."
A three- or four-strand electric fence that connects to a solar charger
is another possibility to keep deer at a distance. "Growers can hang
strips of aluminum foil coated with peanut butter from the fence so that
when deer lick the strips they get zapped and learn to stay away," says
Bergefurd. "Another option for a high-value crop, such as an orchard, is
to install an underground electric dog fence, which keeps dogs in the
orchard, but will keep the deer away."
No control method is perfect, though, adds Bergefurd. "The best control
method depends on what crops are grown, how much money you can afford to
spend and how much time you have to manage the system," he says.
"There's really no surefire method, but all the methods -- hunting,
fencing and repellents -- do help."
For more information on controlling deer in Ohio, click here: ohioline.osu.edu/for-fact/0012.html.
By John Pocock
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Continuous
Corn Or Rotate In 2008?
Crop rotation is a universal management practice that
has been recognized and exploited for centuries and is a proven process
that increases crop yields. In the Midwestern U.S., a biennial rotation
of corn (Zea mays L.) and soybean [Glycine max (L.)
Merr.] produces significant increases in the yields of both
crops.
The mechanism for the rotation effect is unknown. One hypothesis is that
one factor causes the effect. Another hypothesis is that multiple
factors cause the effect and risk of expression depends upon the
environment.
Research evidence began mounting in the 1970s, which indicated that in
spite of all the management inputs a farmer might impose, there was
still a yield advantage to be obtained from rotations. These studies
showed that corn yields are usually higher when the crop is rotated with
some other crop rather than grown continuously.
Yield advantages to corn from rotating with some other crop are at least
10%. In addition, soybean yields also improved by 10% when the crop is
rotated out of a continuous pattern.
To read the entire article about the yield increase provided by rotating
corn with soybeans, click here: corn.agronomy.wisc.edu/AA/2007/A051.htm.
By Joe Lauer, University of Wisconsin Extension
Corn Agronomist
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Tough Enough For
Corn
When strip-tillage first emerged as a method to
conserve soil on Midwest farms, the setup was pretty simple. Mole knives
-- named for their ability to form a tunnel underground -- were attached
to shanks on an anhydrous ammonia toolbar to till narrow strips of soil
while fertilizer was applied. Closing discs, mounted behind the knives,
would catch the loosened soil and form a raised mound that served as the
seedbed for next year's crop.
This decade-old setup has worked well for tilling ground planted to
low-residue crops like soybeans and wheat. And it was designed for such
a rotation. However, in the last two years since the corn ethanol wave,
more Midwest growers have wanted to plant consecutive years of corn to
take advantage of higher prices.
To read more of this article about using strip-till in continuous corn
fields, click here: farmindustrynews.com.
By Jodie Wehrspann
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Benefits From Biotech Yield Endorsement (BYE)
By using a Biotech Yield Endorsement (BYE), farmers in
Illinois, Indiana, Iowa and Minnesota will be able to receive discounts
on crop insurance for non-irrigated corn grown for grain. To be eligible
for the discount, farmers must plant hybrids containing Monsanto-based
technology with the following three traits: Roundup Ready Corn 2,
YieldGard Corn Borer and YieldGard Rootworm. A list of qualifying
hybrids will be made available at: www.biotechyieldendorsement.com/.
Discounts are available on actual production history (APH), crop revenue
coverage (CRC) and revenue assurance (RA). In northern and central
Illinois, BYE discount will be about 20% for CRC policies with 75%
coverage levels and about 15% for CRC policies with 85% coverage levels.
To read the rest of this article on BYE crop insurance discounts, click
here: www.farmdoc.uiuc.edu.
By Gary Schnitkey, University of Illinois
Extension
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New Farm Bill
Update
As Congress works to complete the passage of a new
farm bill, producers have raised some questions regarding process and
provisions in a potential new farm bill, and what effect it might have
on their farming operations in 2008.
To read some common questions and best available answers regarding the
finalization and implementation of a new farm bill, click here: cornandsoybeandigest.com/kentthiesse.
By Kent Thiesse
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Survey Finds Farmers Becoming More
Sustainable
Farmers are adopting best-management practices in
record numbers, according to a survey recently released by the
Conservation Technology Information Center (CTIC) and The Fertilizer
Institute (TFI). The National Corn Growers Association (NCGA) hailed
this survey as further evidence that growers are doing the right thing.
To read more about the survey results, click here: cornandsoybeandigest.com/ag-issues/news/0205-survey-finds-farmers-sustainable/.
Source: National Corn Growers Association
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UNL-USDA Study: Major Net Energy Gain From
Switchgrass-Based Ethanol
Switchgrass grown for biofuel production produced 540%
more energy than needed to grow, harvest and process it into cellulosic
ethanol, according to estimates from a large on-farm study by
researchers at the University of Nebraska-Lincoln (UNL).
Results from the five-year study involving fields on farms in three
states highlights the prairie grass' potential as a biomass fuel source
that yields significantly more energy than is consumed in production and
conversion into cellulosic ethanol, says Ken Vogel, a USDA-Agricultural
Research Service (ARS) geneticist in UNL's agronomy and horticulture
department.
The study involved switchgrass fields on farms in Nebraska, North Dakota
and South Dakota. It is the largest study to date examining the net
energy output, greenhouse gas emissions, biomass yields, agricultural
inputs and estimated cellulosic ethanol production from switchgrass
grown and managed for biomass fuel.
"This clearly demonstrates that switchgrass is not only energy
efficient, but can be used in a renewable biofuel economy to reduce
reliance of fossil fuels, reduce greenhouse gas emissions and enhance
rural economies," says Vogel.
The joint USDA-ARS and Institute of Agriculture and Natural Resources
study also found greenhouse gas emissions from cellulosic ethanol made
from switchgrass were 94% lower than estimated greenhouse gas emissions
from gasoline production. Researchers reported their findings in the
(Jan.7-11) Proceedings of the National Academy of Sciences. The research
paper is available online at www.pnas.org/cgi.
Source: University of Nebraska-Lincoln
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Tax Return Not A Good Measure Of Farm
Income
Farmers who do not have a good income statement often
rely on the Schedule F from their tax return to measure their income.
An income statement measures profit or loss in a given length of time.
In the case of farms, this is usually one year, and the year should be
the same as the tax year. Since most farmers are on the cash basis for
taxes, their Schedule F only shows the amount of cash sales less cash
purchases, and an allowance for depreciation.
However, the Schedule F is a poor tool to measure profitability. It
measures the amount of cash that was handled, but gives no hint as to
whether:
- only a portion of a crop was sold (or two crops)
- all of the year's bills were paid (or some of the previous year's
bills)
- all income earned was collected.
An accrual-adjusted-income statement combines the cash basis farm
records with the inventories from the balance sheets (the beginning and
end of the year) to give a true measure of profitability. The income
statement produced by the FINPACK software is called FINAN, and is an
accrual-adjusted-income statement. Other accrual-adjusted-income
statements exist that measure income in a similar way.
An adequate net income statement is absolutely key to the survival of a
farm business. Without a good accrual-adjusted-income statement, how do
you know if there is a profit?
It's important for the farm family to have good financial statements,
and to understand them. After all, it is their financial life.
More details are available in a new "Ag Business Management" series of
fact sheets at www.extension.umn.edu.
Click on "publications."
By James Kurtz, University of Minnesota
Extension
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Corn Prices Near Record High, But What About
Food Costs?
Higher corn prices increase animal feed and ingredient
costs for farmers and food manufacturers, but will consumers undergo the
same sticker shock at the grocery store?
To read this article, from the February 2008 issue of Amber Waves, click
here: www.ers.usda.gov/AmberWaves.
By Ephraim Leibtag, USDA Economic Research
Service
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Deer Control Tips: A Note From The Corn
E-Digest Editor
Several Corn E-Digest readers have written to
me over the last few months about the need for more information on how
to control deer in corn. Here is a sample of what I have received so
far:
"I've had a long battle with the white tail deer here in Wisconsin,"
writes Jim Hebbe, Green Lake County conservationist, Green Lake, WI.
"Our county has been called a deer factory by Department of Natural
Resources wildlife biologists. Through the years I have had hunters come
and shoot hundreds of deer, which of course doesn't hurt, but I would
compare it to swatting mosquitoes out in the marsh in July. I'm
interested to hear what other farmers have to offer, but our problem is
not due to how we are managing our land but instead how our non-farmer
neighbors are managing theirs and the impact of their objectives to our
farm crops."
A Michigan corn grower writes this: "I have found that deer like some
varieties better than others, so I try to put the ones they like least
along the wooded areas. Also, I have noticed that they do not like corn
planted thick (30,000/acre). If you have a tall variety and plant it
thick, they do not like to try to walk through it (kind of like me when
I scout). I have also found that it helps somewhat if I tell my hunters
who lease my ground that I will take some money off their rent for each
doe they shoot. I have one fellow who has taken six does (last year)
with his bow."
A third reader, who owns farmland near Springfield, IL, in Dewitt County
near Clinton Lake, writes this: "In 1997, the deer ate nearly 50% of the
corn on an 80-acre field that is approximately 80% surrounded by woods.
I ended up building a 9 1/2-ft.-tall, high-tensile electrified fence
around 76 acres to keep them out. The first year the fence was
completed, the corn yield increased by over 40 bu./acre. It continues to
be effective."
If you're like these readers and have deer-control tips or stories that
you'd like to share with others, please write to me (John Pocock) at: jpocock@csdigest.com. As always,
you're also welcome to write to me if you have ideas on other topics or
concerns or questions about this issue.
I hope to hear from you soon. Thanks for your readership!
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