UnitedSoybean

Another solid week for soybean export inspections

 USDA reports corn inspections for the week ending November 25 were smaller than expected while soybeans and wheat were inside estimates. Soybean inspections were above what’s needed weekly to meet USDA projections for the 2010/11 marketing year but corn and wheat fell short of their respective marks.

Soybeans were pegged at 48.948 million bushels, 8.700 million less than the prior week but 117,000 more than last year. For the marketing year to date, soybean inspections are 570.851 million bushels, compared to 491.470 million a year ago.

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Work on new farm bill may be delayed

Rebecca Blue with USDA’s Office of Congressional Relations tells the Capital Press Online that the next Congress will likely focus on trade and deficit reduction when it convenes in January. 

Blue says that while former House Ag Committee chair Collin Peterson was keen to work on a new farm bill in 2011, the new chairman—Frank Lucas—has indicated he will not begin work on the bill until 2012.  Complicating the situation even more, Blue says, is the fact that seven members of the Senate Ag Committee will be up for re-election in 2012.

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RFS2 requirement for 2011 announced

The Environmental Protection Agency says the Renewable Fuels Standard (RFS2) requirement for 2011 will remain at 13.95 billion gallons. Of that amount, 12.6 billion gallons will be from starch-based ethanol and 1.35 billion gallons will be from biodiesel and other advanced biofuels including 6.6 million gallons from cellulosic biofuels.

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Debt reduction plan takes aim at ag spending

Federal spending on agriculture will take a hit if the Bipartisan Policy Center’s comprehensive deficit reduction plan is adopted. The plan, entitled Restoring America’s Future and authored by the Center’s Debt Reduction Task Force, aims to trim national debt, reduce deficits, and balance the budget by 2014.

The proposal eliminates all support payments to producers with incomes topping $250,000. It also lowers the cap on direct payments based on production history from $40,000 to $20,000. Counter-cyclical payments remain intact.

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Farmland values jump in the Great Lakes area

Farmland values jumped 10 percent in the third quarter of 2010 in the Seventh Federal Reserve District. The bank says the value of good farmland rose so quickly it prompted more farms to be put up for sale compared to recent quarters.

Farmland values in Iowa increased the most, up 13 percent compared to the same quarter last year, Indiana ag land values increase 11 percent, Michigan increased 10 percent, Illinois saw an 8 percent increase while Wisconsin nudged 3 percent higher.

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It was a good year for Deere

Deere & Company reports record net income for the fourth quarter. The Moline, Illinois-based machinery giant reported net earnings of $457.2 million, or $1.07 per share, for the quarter ending October 31.

For the fiscal 2010 year net sales were up 13 percent to $23.573 billion. Equipment sales increased 41 percent in the United States and Canada for the quarter and 14 percent for the year.

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Strong demand for used farm equipment

The rise in commodity prices this fall is driving up prices for good used farm equipment.  Mark Stock with BigIron.com says it is definitely a sellers’ market right now.

Stock says the demand for tractors and grain trailers is especially strong.

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OK Farm Bureau votes to keep direct payments

The Oklahoma Farm Bureau wants the federal government to continue direct assistance payments in the next farm bill.  At the group’s recent annual convention in Oklahoma City, voting delegates passed a resolution to that effect. 

Oklahoma Farm Bureau president Mike Spradling says direct payments provide producers the flexibility to grow various crops while providing income support.  He calls it the top priority of the organization.

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AFBF and NFU leaders support Stabenow

American Farm Bureau Federation President Bob Stallman said Stabenow has a “proven track record as a proponent of Michigan’s agriculture industry” and has the ability to provide leadership on the 2012 farm bill and other important issues to agriculture and rural America.

National Farmers Union President Roger Johnson said the NFU is confident that “Chairwoman Stabenow will be able to work with senators on both sides of the aisle to write a farm bill” that is fiscally responsible while protecting farmers and ranchers from “economic uncertainty in difficult times.”

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Quiet, but still solid, week for soybean export inspections

 Inspections of corn, soybeans and wheat for the week ending November 18 were all lower than expected. Soybeans were above what’s needed every week to meet USDA projections for the 2010/11 marketing year but corn and wheat fell short of their respective marks.

Soybeans were pegged at 42.763 million bushels, 24.504 million under the week before and a drop of 43.790 million bushels from last year. For the marketing year to date, soybean inspections are 499.435 million bushels, compared to 442.639 million a year ago.

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