UnitedSoybean

A poor week for grain and oilseed inspections

According to the USDA, soybean export inspections for the week ending June 25 were within expectations but less than what’s needed weekly to meet the USDA estimates for the current marketing year, while corn and wheat were below pre-report projections.

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Climate change bill alters ‘indirect land use’ rule

The American Clean Energy and Security Act-the climate change bill passed by the House-includes language that would alter the “indirect land use change” penalty provisions of the 2007 energy law.  In a nutshell, it exempts ethanol from indirect-land-use analysis for five years and subjects the theory to further study.

Tom Buis is the CEO of the ethanol advocacy group Growth Energy.  “The precedence is so dangerous for American agriculture,” Buis says, “to say you’re going to make your farming decisions and you’re going to make your energy decisions based on how other countries farm or utilize land use changes, not based upon what’s best for this country.”

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U.S. soybean planting 96% complete

According to USDA, 96% of soybeans have been planted, ahead of last year’s pace of 95% but a little behind the five year average of 98% following a late start in some critical growing areas with 4 states at or less than 90% planted (Illinois, Missouri, North Carolina and Tennessee). 91% of the crop has emerged. 68% of soybeans are in good to excellent condition, up 1% on the week.

4% of the corn crop is silking, compared to the five year average of 8%, with slower than normal development noted in a number of states including Illinois, Indiana and Missouri. 72% of corn is in good to excellent shape.

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Crop farmers made more in June, livestock did not

The Preliminary All Farm Products Index of Prices Received by Farmers in June increased 3.8% compared to May. The Crop Index jumped 8% higher while the Livestock Index slipped .9%. The National Ag Statistics Service says producers were paid more for soybeans, broilers, tomatoes and cantaloupes and less for cattle, milk, hay and strawberries.

The overall Index of Prices Paid by Farmers was up 1% from May as producers paid more for gasoline, diesel, LP and complete feeds. They paid less for feeder pigs, feeder cattle, hay and forages and mixed fertilizer.

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Reactions vary to climate change bill

Overall reaction to the compromise has been mixed; some environmental groups say the bill has been weakened by giving USDA rather than EPA authority over carbon credits. Republicans say the bill will cost Americans too much in higher energy prices although no one expects any Republican support for the measure anyway. The key for Speaker Pelosi is to get enough Democrats on board to pass the bill and getting Collin Peterson’s support was a big step in that direction.

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Corn and soybean planting estimates vary widely

Ahead of the USDA’s planted area update June 30th, analysts are expecting smaller corn acreage and bigger soybean acreage following a wet spring for a number of critical growing areas.

The average of analysts’ estimates for corn acreage is 84.158 million acres, down less than a million from USDA’s March guess.

Soybean planted area is pegged at 78.305 million acres, which would be up more than 2 million from the most recent USDA estimate.

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Nebraska corn producers launch consumer campaign

Nebraska Corn Board executive director Don Hutchens says the campaign is called “Sustaining Innovation”.

“Thanks to a lot of new innovations and farming practices-and seed-we know that we’re growing more corn on fewer acres with less erosion and with fewer inputs like fertilizer and fuel,” says Hutchens, “and it’s a good message-we need to just make sure that the general public knows.”

The campaign began this month and will run through the rest of the year.

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USB to look at international marketing program

During their June Board meeting this week in Dearborn, Michigan, farmer leaders of the United Soybean Board (USB), approved an action plan that includes among other things, conducting a market analysis to identify more effective models of international marketing.

“Other industries continually adjust, refine and modernize how they service global customers and the U.S. soy industry should be no different,” said Chuck Myers of Lyons, Nebraska, Chairman of the USB.

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Energy secretary reiterates support for E15 blend

Energy Secretary Steven Chu has reiterated his support for increasing the amount of ethanol in the fuel supply up to 15 percent.  Speaking in Des Moines this week, Chu also urged automakers to make all new vehicles flex-fuel so they are able to run on even higher blends of ethanol.

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Monsanto announces restructuring plans

As part of the plan, Monsanto will create a separate division for its Roundup and other herbicide business.  In addition, the company will eliminate 900 jobs company-wide, which is about four percent of its total workforce.

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