UnitedSoybean

A fairly quiet week for grain and oilseed exports

USDA reports sales of corn and soybean meal for the week ending February 18 were smaller than expected while soybeans and wheat were within pre-report projections and bean oil was above estimates. Physical shipments of corn and soybeans were more than what’s needed weekly to meet USDA projections for the 2009/10 marketing year but wheat fell short.

Soybeans were placed at 239,100 tons (8.8 million bushels), an increase of 17% from the prior week but a decrease of 39% from the four week average. China picked up 177,700 tons but unknown destinations canceled on 249,000 tons. At this point in the marketing year, soybean sales are 1.312 billion bushels, compared to 989.6 million a year ago. Sales of 2,900 tons (100,000 bushels) for 2010/11 delivery were to Japan.

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Bunge to end soybean processing in Danville, IL

Bunge North America has announced that effective April 23 they will no longer process soybeans at their facility in Danville, Illinois, impacting about 100 jobs. The Danville facility will however, continue to handle soybeans as a grain elevator and the corn mill will continue to operate.

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Vilsack talks direct payment cuts in hearing

Ag Secretary Tom Vilsack explained Wednesday his budget proposal to cut direct payments for some farmers. In a hearing of the House Appropriations Subcommittee for Agriculture, Vilsack said the current proposal is significantly different from the one last year that he called “ill thought out and not appropriate.” He says only a small percentage of farmers would be affected.

Vilsack says the 2011 budget has a strong safety net when you look at the “whole package” which includes research money, export promotion money, and efforts for commodity purchases as well.

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Supreme Court refuses to review pesticide application ruling

The U.S. Supreme Court has refused to review a lower court ruling related to pesticide application permits.  It’s a decision some ag groups fear will subject farmers to additional regulatory requirements.

American Farm Bureau president Bob Stallman was critical of the Supreme Court’s decision. “Farmer’s abilities to protect our food supply from pests took a big hit today,” Stallman says. “The U.S. Circuit Court of Appeals misfired in its ruling—the Supreme Court compounded that mistake by not reviewing the case.”

CropLife America (CLA), which represents ag chemical manufacturers and distributors, also expressed disappointment with the Supreme Court’s decision to not review the ruling.

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Peterson introduces bill to ease Cuban trade restrictions

Co-sponsored by 30 other representatives, the bill would eliminate the need to go through banks in other countries to conduct ag trades with Cuba. It would therefore eliminate the fees those banks charge for the service.

HR 4645 would also place the same payment requirements on Cuba that other nations enjoy; payment is due when the shipment changes hands. Currently, Cuba must pay in advance.

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USB selects U.S. Soybean Export Council

Selecting the primary contractor for International Marketing programs was one of the most contentious issues facing directors of the United Soybean Board (USB) here in Birmingham and when the votes were counted, the U.S. Soybean Export Council, USSEC received 55 percent of the vote.

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IL Soybean young leader exchange with Brazil

Illinois Soybean Association board members are talking with a Brazilian soybean group about setting up a young leader exchange program. ISA chairman Ron Moore, a producer from Roseville, says they’re interested in encouraging young leaders to “learn about the global scale of soybean production.”

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Net farm income projected up 12 percent

The USDA’s Economic Research Service projects that net farm income for U.S. producers will be up nearly 12 percent this year from 2009.

ERS says economic conditions for livestock producers should improve in 2010, while the crop picture looks stable to slightly lower.  Total farm expenses are expected to remain about the same as last year.

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Answering lender’s questions

A Purdue University agricultural economist says farmers preparing to meet with lenders about renewing their operating line of credit need to be prepared to answer more questions, something that they may not have had to do in the past, but Michael Boehlje says times have changed.

The Purdue ag economist suggests being able to answer questions about profitability, managing risk and working capital.

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IA & NE soybean groups win biodiesel award

The Iowa Soybean and the Nebraska Soybean associations are sharing the National Biodiesel Board’s 2010 “Eye on Biodiesel Award” for Initiative with the Minnesota Soybean Association. At the NBB Conference in Dallas, the three state soybean farmer groups were commended for leading the way in submitting comments to EPA on its proposed Renewable Fuels Standard rules.

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