If fed to hogs, corn is worth an estimated $6.85 per bushel when the profits from hog production are assigned to the value of corn, says Chris Hurt, Purdue University Extension economist. That’s good to know for grain farmers who are seeking new ways to add value to corn....More
Agriculture Secretary Tom Vilsack has issued the following statements on EPA's proposal of 2014 Renewable Fuel Standards (RFS):
“The Obama Administration remains committed to the production of clean, renewable energy from homegrown sources, and to the businesses that are hard at work to create the next generation of biofuels....More
The National Council of Chain Restaurants (NCCR) has issued the following statement from NCCR Executive Director Rob Green on the Environmental Protection Agency’s (EPA) proposed Renewable Fuel Standard (RFS) volume mandate for 2014:...More
The U.S. government may be about to reduce the federal requirement for blending ethanol into fuel, which has major ramifications for farm states, food prices and energy, according to a report yesterday in Politico.
As early as Tuesday, the Environmental Protection Agency (EPA) is expected to announce how many billions of gallons of ethanol it will require refiners to blend into gasoline and diesel fuel in 2014. If it sticks with a draft version that leaked in October, the agency will lower the amount to 2012 levels....More
U.S. corn growers remain on track for a record high 14.0 billion bushel production year, according to the Crop Production report, released today by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS).
In addition to corn numbers, the report also included updated forecasts for U.S. citrus production, and major field crops, such as soybeans and cotton.
Based on administrative data, NASS revised the acreage planted to corn this season to 95.3 million acres, down 2% from the previous estimate....More
The anticipation that a government report this week will show a bumper crop of corn caused corn futures to slip to the lowest price in more than three years, according to a Blomberg report. Soybeans gained, wheat prices fell....More
Crop farmers scrambled to make headway in their quest to advance harvest this past week, passing the average for completion of the past five years (2008-2012), according to Crop Progress released today by the National Agricultural Statistics Service of the U.S. Department of Agriculture (USDA).
Corn harvest in the 18 top corn-producing states reached 73% completion as of Nov. 3, 2013, ahead of the previous five-year average of 71% and making notable gains over last week’s completion rate of 59%....More
Fermenting soybeans eliminates anti-nutritional factors, such as oligosaccharides and antigens, that restrict its use in diets fed to weaned pigs. This process makes fermented soybeans a potential lower-cost substitute for animal protein in starter diets....More
While some growers may choose to let corn dry in the field, the longer the corn sits, the greater potential it has for yield loss, according to a field crop expert with Ohio State University's College of Food, Agricultural, and Environmental Sciences....More
This year’s harvest of both corn and soybeans continues well behind last year’s pace, when drought accelerated completion, and wet weather has contributed to the slower levels that are behind the five-year average, according to USDA’s National Agricultural Statistics Service (NASS)....More
Retreating corn prices have declined to their lowest level since August 2010, according to a University of Illinois agricultural economist.
The most recent price weakness reflects both supply and demand considerations, says University of Illinois agricultural economist Darrel Good.
“On the supply side, ongoing reports of yields that exceed expectations in many areas suggest that the next USDA forecast of the U.S. average yield will be at least equal and perhaps exceed the September forecast of 155.3 bushels,” he says....More
Crop farmers who don’t emphasize good grain storage practices this fall will pay for it in the spring, when they find the corn they harvested contaminated with unusual amounts of mold, says an Iowa State University grain storage expert.
Uneven quality and maturity in this year’s corn harvest means grain storage management will take on even greater importance than in previous years, says Charles Hurburgh, a professor of agricultural and biosystems engineering at Iowa State....More
These warm, sunny days have spurred farmers to kick harvest into high gear, with some pleasantly surprising results, according to a report in today’s Minneapolis Star Tribune from the Associated Press.
Dairy farmer Ben Steffen, who also grows corn, soybeans and wheat on 1,900 acres near the southeastern Nebraska town of Humboldt, said his first corn field brought in 168 bushels an acre, above the average of 140....More
This fall is proving vastly different from last year as falling feed prices are returning hogs to profitability, and a reduction in slaughter numbers seems to show that producers are noticing, Purdue Extension agricultural economist Chris Hurt says.
Major drought in 2012 ransacked the nation's feed crops, sending livestock feed prices sky high and driving hog producers to quickly send animals to slaughter. With a record-large corn crop expected this year, feed prices have been decreasing, which has turned around the outlook for hog profits....More
Compared to 2012, inventories of corn and soybeans have dropped significantly as of Sept. 1, USDA’s National Agricultural Statistics Service (NASS) reported today.
There were 824 million bushels of old crop corn and 141 million bushels of old crop soybeans in storage. Corn and soybean stocks stored in all positions were down 17 percent from 2012, according to the quarterly Grain Stocks report....More
The hog market, along with the futures market on hogs, has been on fire. October 2013 futures are at almost the same price as July 2014 hog futures! I can’t remember ever seeing this happen before....More
The headline message on Monday’s Daily Livestock Report sponsored by CME Group asked “Where Did All The Hogs Go?” It’s a question likely being asked by a lot of people after last week’s 2.172 million head fell 10.3% short of last year’s level and well-short of even my relatively low forecast for weekly slaughter (Figure 1)....More
Despite the excessively wet spring and hot, dry summer, U.S. crop farmers are on the verge of harvesting the largest corn crop in history, according to a report today from the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS).
NASS forecasts corn production at 13.8 billion bushels, up less than 1% from the August forecast and up 28% from 2012. If realized, this will be a new record production for the United States....More
The widespread hot, dry weather producing sharp increases in feed prices has scorched the potential for hog producers to return to profitability, warns Purdue Extension agricultural economist Chris Hurt says.
December corn futures rose to $5 per bushel - a $0.50 increase since the early August lows and soybean meal increased $90 per ton. These equate to about $5 higher hog production costs per live hundredweight. While that doesn't completely dash producers' hopes of returning to profitability, it does mean they need to think twice before growing their operations....More
Just as early June hog futures prices soared to $100 per hundredweight, so, too, did feed ingredient prices nearly increase in lockstep to $97 to raise a finished pig (50 to 280 lb.), lamented Joel DeRouchey of Kansas State University in a talk at World Pork Expo (WPX) held June 5-7 in Des Moines, IA....More
Changes in the federal mandate for biofuels production in 2014 will make the Renewable Fuels Standard (RFS) workable, according to an analysis of the program by a Purdue University energy policy specialist.
The nation likely can produce federally mandated levels of biofuels in 2014 if the U.S. Environmental Protection Agency reduces its requirements by 2.3 billion gallons, Wally Tyner says....More
The total first half 2013 commercial slaughter at 54.651 million head vs. 54.765 million head last year or 114,000 head lower, is reflected in higher average first-half hog prices and also stronger year-over-year demand for pork products, says the Livestock, Dairy and Poultry Outlook published today by USDA’s Economic Research Service (ERS).
Average first half 2013 prices of 51-52% live equivalent hogs were $62.25/cwt., nearly 1% greater than average prices in the same period a year ago, the ERS report indicates....More
At 3.411 million acres, the number of acres on which planting was prevented for corn in 2013, is the highest figure in the past three years, according to the Daily Livestock Report published today....More
Is the opportunity for the lowest possible costs for the next crop year gone? That depends on a lot of factors, but today’s World Agricultural Supply and Demand Estimates (WASDE) report from USDA predicts lower-than-expected yields and, consequently, higher prices than futures markets had been reflecting. USDA’s actual forecasts for corn and soybean supply and usage appear in Tables 1 and 2 of today’s report....More