UnitedSoybean

Corn loss to snow could be 100 million bushels

Heavy snow in parts of the Midwest could cause as much as 100 million bushels of corn to be lost.  The according to analysts interviewed by Reuters.

Citigroup analyst Terry Reilly says the crop could be down 100 million bushels from the current USDA estimate because of the combination of problems related to the late harvest and the winter storms.  Joe Victor with the research and consulting firm Allendale figures, of the 620 million bushels left in the field, about ten percent—or 60 million bushels—could be lost.

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Vilsack hopes biodiesel incentive will be extended

Agriculture Secretary Tom Vilsack says he’s confident Congress will act early in the new year to extend the tax incentive for soy biodiesel.

“We’re obviously encouraged by comments from congressional leaders that it’s their intention to take this matter—the tax extenders—up by the end of next month,” Vilsack says, “which will hopefully be in time that there isn’t any significant disruption in the market.”

At a news conference in Des Moines Monday, Vilsack also talked about a new Obama administration report on biofuels to be released in January.  He says it’s a collaboration between USDA, EPA and Energy.

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Another strong week for soybean export inspections

Soybean inspections for the week ending December 24 were larger than expected, as were corn inspections, but wheat was below pre-report estimates. Inspections of soybeans were above what’s needed weekly to meet USDA projections for the 2009/10 marketing year while corn and wheat fell short of their respective marks.

Soybeans were pegged at 51.915 million bushels, 18.186 million more than the prior week and an increase of 18.366 million from last year. For the marketing year to date, soybean inspections are 656.572 million bushels, compared to 496.365 million a year ago.

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A poor week for soybean export inspections

Soybeans were pegged at 29.913 million bushels, 31.05 million less than the prior week and 329,000 below last year. For the marketing year to date, soybean inspections are 640.587 million bushels, compared to 462.816 million a year ago.

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95% of corn harvested

According to USDA, as of Sunday, 95% of corn was harvested, up 3% from the previous week with 12 of the 18 largest corn producing states at least 95% complete. South Dakota and Wisconsin are at 88%, Nebraska is 93% complete, Illinois is at 95% and Indiana, Iowa and Missouri are at 98%.

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A blue Christmas for Iowa’s biodiesel producers

Iowa Renewable Fuel Association’s Monte Shaw says Congress’ inaction on extending the federal biodiesel blenders tax credit means most biodiesel refineries will be forced to shut down production and lay off employees.   He calls it “painful irony” that, while Congress talks about passing a jobs bill, it can’t take action that would save hundreds of “green collar jobs” in Iowa alone.

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Potts to serve as Ag Committee Chief Counsel

American Farm Bureau General Counsel Julie Anna Potts is leaving that position to serve as Chief Counsel for the Senate Agriculture Committee.

Committee Chairman Blanche Lincoln of Arkansas says Potts’s AFBF experience makes her a good fit for the Senate Agriculture Committee.

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Copenhagen conference an ‘eye-opener’

Just back from the international climate change conference in Copenhagen, Denmark, National Corn Growers Association president Darrin Ihnen says it was an “eye-opening” experience.  

Ihnen—a corn grower from Hurley, South Dakota—says he was somewhat surprised at the animosity that many countries feel towards the U.S. and even U.S. agriculture.  He says there is a real misunderstanding of how modern agriculture operates.

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Biodiesel tax incentive could expire

The American Soybean Association is making one final push on the biodiesel tax incentive.

With the tax incentive expiring at the end of this month, ASA says it’s imperative that Congress extend the incentive before adjourning for the year.  ASA says absent the tax incentive, biodiesel production and consumption in the U.S. will come to a halt.

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NAWG applauds committee approval of rail bill

The bill would reauthorize the STB, which regulates the nation’s rail system. And it makes what NAWG considers to be much needed reforms to improve competitive conditions and transparency in the rail industry—including improved mechanisms for challenging rail rates.

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