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Logan
Hawkes
10/29/08
Crop News Weekly
By the time next week's issue rolls around we
should have a new President-elect. Have you found time from the busy
harvest season to cast your vote? If not, the clock is ticking. Early
voting may prove the better choice for most farmers in order to avoid
the long election-day lines. It's tough to get out of the fields this
time of year, but considering what's at stake, we each should make the
effort to make it happen. It's all part of the American political
process, and to refrain from participating is just not American.
Remember to vote!
October quickly comes to a close this week and there is still a lot of
corn in the field. Wet fields and cold, winter weather is plaguing
harvest efforts across the Midwest and many have resolved to harvest wet
corn as soon as they can get back in the fields. Meanwhile, USDA has
issued a correction to their October crop report, scaling back soybean
production as a result of a mistake in the original report that
indicated a 2.2-million-acre increase in soybean acreage. USDA did find
a 1.1-million-acre increase that helps to offset the mistake. Of more
concern, perhaps, is the latest correction to the projected corn
harvest, decreasing overall estimated production by one million acres.
Richard Brock walks you through the details of the corrected report this
week (below).
In other business this week, I don't know about you, but watching the
cable news networks in recent days has been a little confusing to me. It
seems every network refers to a different presidential election poll,
and most with a different result. It got me to thinking, 'how do farmers
feel about the candidates, and how do they plan to vote?' So we have
included a presidential poll in this issue that offers you the
opportunity to vote and pick a winner. See how you compare to other
farmers. Elsewhere in the news, the Nov. 4 presidential elections could
do more than determine the path of the United States for the next four
years. They could also determine the future of the Doha Round, Find out
how and why below. And finally, as in the rest of the nation, the rural
United States is facing increasingly expensive health care options. With
an aging population of farmers and ranchers, those in the agriculture
sector are watching premiums rise and, often, making hard choices about
preventative treatment. What, if anything, can be done about the growing
problem?
You'll find these are but a few of the stories we're covering in this
issue of Crop News Weekly. Happy reading.
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Time is
running out. Vote here, vote now.
I don't know about you, but watching the cable news
networks in recent days has been a little confusing to me. It seems
every network refers to a different presidential election poll, and most
with a different result. I realize, of course, that not all the polls
and surveys are unbiased, and even those that are rely upon the opinion
of only a small segment - a random selection they say - of the voter
base. That says to me that not one poll is going to give us a true
representation of what will happen on election day. They might, and then
they might not. After all, poll results are nothing more than 'guessing'
what the outcome of the election will be based upon a limited sampling
of opinions. So why should we add a poll to this week's Crop News
Weekly? We thought it might be interesting to see what our community of
CNW readers are thinking at this stage in the game, so we invite you to
take a few seconds (that's all it takes) to cast your vote in our
presidential poll, and review the results. Click on the headline above
and you'll be taken straight to our last minute poll designed to give
you an idea of what the agriculture community is thinking when it comes
to our choice for the next president. The results of the poll will also
be displayed once you cast your vote. So click away and express your
opinion right now. (To cast your vote, click on the headline
above)
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Presidential
race: impact on WTO agreement
The Nov. 4 presidential elections could do more than
determine the path of the United States for the next four years. They
could also determine the future of the Doha Round, a former U.S. Trade
Representative said. WTO officials have been meeting with trade
ministers around the world to try to restart the Doha Round after it
fell apart in July over China and India’s refusal to open their
markets. But the future of the negotiations could well hinge on who wins
the U.S. presidential race, according to Robert Zoellick. “It’s
possible that we can restart the Doha Round,” said Zoellick, now the
president of the World Bank, responding to a reporter’s question after
he spoke at the World Food Prize Symposium in Des Moines, Iowa. “But
if the next U.S. president is not pushing for the negotiations to
succeed, it won’t happen.” - Forrest Laws, Farm Press Editorial
Staff
(To read the complete article, click on the headline above)
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Leaving
the farm for health care insurance
As in the rest of the nation, the rural United States
is facing increasingly expensive health care options. With an aging
population of farmers and ranchers, those in the agriculture sector are
watching premiums rise and, often, making hard choices about
preventative treatment. Seeking to bring attention to what farmers and
ranchers are facing, a recent survey — titled “Health Care in the
Heartland: 2007 Health Insurance and Survey of Missouri Farm and Ranch
Operators” — was released by the Missouri Rural Crisis Center, a
farmer advocacy group. - David Bennett, Farm Press Editorial
Staff
(To read the complete article, click on the headline above)
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USDA
corrects October crop report
USDA issued significant corrections to the October
Crop Report this morning for both corn and soybeans – and most of the
changes are bullish for prices. Here’s a brief rundown of the
adjustments: The surprising 2.2-million-acre increase in soybean acreage
that showed up in last month’s supply/demand update was wrong. USDA
did find additional acres, but it was “only” a 1.1-million-acre
increase. The new harvested acreage figure for soybeans is 74.4 million,
compared to the 75.5 million used in the October report. This dropped
the production estimate by 45 million bushels, but the new carryover
projection was cut only 15 million (to 205 million bushels) because the
export projection was reduced by 20 million. (MORE) - Richard Brock,
Corn & Soybean Digest
(To read the complete article, click on the headline above)
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Significant
crop insurance payments likely
Many farm operators in Minnesota and surrounding
states will be facing reduced yields on some farm units in 2008, due to
late planting, floods, drought and severe storms. Many growers purchased
upgraded levels of federal crop insurance for the 2008 growing season
because of the excellent revenue guarantees available at the crop
insurance sign-up deadline on March 15, 2008. For producers who incur
losses to their 2008 corn and soybean crop – even minor yield
reductions – the added revenue guarantees that were purchased last
March are likely to pay big dividends this fall. - Kent Thiesse, Corn
& Soybean Digest
(To read the complete article, click on the headline above)
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China
moves to support crop prices
China will set up a national soybean reserve and
purchase grains, oilseeds and cotton for reserves at prices above
current market levels in order to help shore up incomes of farmers whose
commodity prices are falling sharply, a key government policy commission
said on Monday. The moves are in line with a pledge by top policy makers
this month to increase rural incomes and also serve to put a floor under
softening crop prices, so that discouraged farmers continue to plant
crops next year. - Richard Brock, Corn & Soybean Digest
(To read the complete article, click on the headline above)
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Market
choices suspended by U.S. seed industry
The American Seed Trade Association (ASTA) announced
today the suspension of the grain marketing program and certification
mark, Market Choices, which will be phased out by fall 2009. This
decision comes as the trade of U.S. corn, corn gluten feed and
distillers dried grains with solubles (DDGS) with the European Union
(EU) has essentially stopped due to the lack of timely regulatory
approvals for corn biotech traits. Although the U.S. has seen continued
rapid development and adoption of these traits over the last 13 years,
the regulatory approvals for grain and other feed products derived from
this technology to enter the EU has lagged significantly behind U.S. and
global approvals. A zero tolerance for traits not fully approved in the
EU has made importation of U.S. corn and derived products virtually
impossible since 2007. - Corn & Soybean Digest
(To read the complete article, click on the headline above)
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New
calculator helps growers see benefit of ACRE
The National Corn Growers Association and several of
its state affiliates have prepared a computer program that performs
detailed benefit analysis of producer operations under traditional farm
programs vs. the new optional Average Crop Revenue Election (ACRE)
program. NCGA and its state-level allies worked hard for ACRE to become
part of the 2008 Farm Bill. Because the USDA has not finished its final
rule-making procedures, some of the assumptions in the program could
change. For example, NCGA and its allies believe the 2009 crop state
revenue guarantees should be based on the season average prices for 2007
and 2008 commodities, as stated in the law and is more contemporaneous
with actual market conditions. At present, USDA is considering averaging
prices from 2006 and 2007. - Corn & Soybean Digest
(To read the complete article, click on the headline above)
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Financial
crisis impact on agriculture
How the current financial crisis impacts agriculture
and changes decision-making for producers is the focus of five new
reports prepared by members of the University of Illinois department of
agricultural and consumer economics. The five-part package is available
on University of Illinois Extension's farmdoc Web site at
http://www.farmdoc.uiuc.edu/ifeu/. "The recent turmoil in financial
markets is very large by any reasonable standard of comparison," says
Scott Irwin, professor of agricultural and consumer economics. "The
farmdoc team prepared these articles to illustrate the impact of the
current financial crisis on the agricultural economy and
decision-making. - Corn & Soybean Digest
(To read the complete article, click on the headline above)
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New
videos address seed treatments and corn traits
It's a modern world, and the editors of Farm Industry
News understand the time limitations of ag producers and have developed
a series of new videos to help speed up the process of keeping up with
the latest developments in the industry. This week we encourage to take
a look at two new videos that will help you keep up with the latest
research on seed treatments and corn traits. Follow the link by clicking
on the headline above to view the latest video about seed treatments,
and then take a moment to watch the corn trait video next by following
this link: farmindustrynews.com/tv/1001_corn_traits/firstseedtests.com
Happy viewing. - Farm Industry News
(To view the videos, click on the headline above)
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ROAD
WARRIOR: The Perfect Storm for Agriculture
Dave Kohl writes: "The island of agriculture,
particularly the grain sector, has been oblivious to the economic
downdraft of the general economy until recently. Is the perfect storm
brewing? What are the potential ingredients? First, the new presidential
administration decides to lower tariffs and subsidies on alternative
energy, reducing demand for grain. Second, changes in tax laws encourage
higher tax rates on earnings and capital gains, changes in estate tax
paid and alterations to 1031 exchanges, requiring more taxation..." -
Corn & Soybean Digest
(To read the complete article, click on the headline above)
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Mexico DDGS
needs could quadruple
Mexico has the potential to increase its imports of
distiller’s dried grains (DDGS) with solubles by four-fold, according
to Julio Hernandez, U.S. Grains Council director in Mexico and Central
America, speaking at the Council’s International Distillers Grains
Conference in Indianapolis, Ind. Mexico currently is the No. 1 purchaser
of U.S. DDGS, a co-product of ethanol production, importing 708,000
metric tons in the 2007 calendar year. Canada follows with 317,580 tons
last year. In the first eight months of 2008, Mexico has already
imported nearly 699,000 tons. Hernandez said his native country is not
near its maximum utilization of the co-product. He said Mexico has the
potential in the foreseeable future to import as much as 4 million tons
of distiller’s grains. (To read the complete article, click on the
headline above)
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Ethanol
production increasing supply of livestock feed
The U.S. ethanol industry will continue to grow in
2009, creating a substantial increase in the supply of distiller’s
dried grains with solubles (DDGS), a co-product of ethanol, according to
Ken Hobbie, president and CEO of the U.S. Grains Council. Ethanol
production increased in 2008 by approximately 3 billion gallons to 9.3
billion gallons compared to last year, Hobbie told more than 500
attendees at the USGC’s International Distillers Grains Conference in
Indianapolis, Ind. Even more critically, production is projected by
Informa Economics to reach 11.9 billion gallons in 2009. According to
Hobbie, roughly 33 percent of the grain going into U.S. ethanol
production will come out as DDGS. (To read the complete article,
click on the headline above)
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Kentucky,
Tennessee soybean harvest at mid-way point
Soybean harvest in Kentucky and Tennessee reached the
half way point last week as fairly open weather prevailed over the two
states. In Kentucky, 48 percent of the soybean crop was harvested and
that compared to 63 percent at the same time last year and 47 percent
for the five-year average. Tennessee soybean growers also made good
harvest progress as the crop’s condition continued to be rated
fair-to-good. For an overall look at the soybean picture in the two
states, as well as other crops, here’s the report from the USDA/NASS
state field offices for the week ending Oct. 19. (To read the
complete article, click on the headline above)
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MGEX
trading going all electronic
After a long history of futures and options open
outcry trading, the Minneapolis Grain Exchange is closing its trading
pits effective Dec. 19, 2008. The decision to make the transition to
exclusively electronic trading was unanimously approved by the MGEX
board of directors and is pending MGEX ownership approval. The
exchange’s electronic trading operations on the CME Globex electronic
trading platform will remain unchanged. MGEX will continue to host the
cash market from a newly remodeled location in the historic Grain
Exchange Building. This space will include a new member lounge as well
as desk space for electronic trade execution. (To read the complete
article, click on the headline above)
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Farm Industry News
Product
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View and read about the Farm Industry News Product of the
Week.
Click here to visit farmindustrynews.com
Corn & Soybean Digest
Market News
Richard A. Brock
Check out the latest corn and soybean market advice from
marketing guru Richard Brock by visiting cornandsoybeandigest.com
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