Midwestern farmers will likely need large reductions in rental rates on cropland in 2019 to have a chance of making money on corn or soybeans, said economist Gary Schnitkey of the University of Illinois.
In its monthly Drought Outlook, the National Weather Service says drought will persist in northern Missouri and southeastern Iowa through August, a key month for crop development. Nationwide, about 15 percent of soybean land and 11 percent of corn land is in drought.
Thanks to continued strong demand from overseas buyers, U.S. corn exports this trade year could be the second highest ever, the Foreign Agricultural Service said on Thursday.
The typical midwestern corn and soybean grower lost tens of thousands of dollars in potential revenue due to steep declines in commodity prices over the past four weeks, said Purdue economist Brent Gloy, listing global trade uncertainty as an obvious factor.
Searing drought in the central and southern Plains will result in the smallest winter wheat crop since 2002 and the second smallest in 47 years, said the USDA in its first estimate of the summer harvest.
More than 19 million acres of corn were planted last week, thanks to generally favorable weather in the Midwest, according to the Crop Progress report released on Monday.
Farmers have planted only 5 percent of this year’s corn crop nationwide, one-third of their usual rate headed into the final week of April, says the weekly Crop Progress report. Plantings are too small to register in eight of the 18 major corn states, including Iowa, the No. 1 corn …
In a letter to President Trump, five Corn Belt senators said on Monday the EPA "is currently undermining your commitment of a 15 billion-gallon RFS." The Republican senators sent the letter on the same day White House officials were scheduled to discuss possible revisions to the ethanol mandate, which requires oil refiners to blend in the corn-based fuel.
At the same time he threatened an additional $100 billion in tariffs on China, President Trump said on Thursday that the government will use its broad powers to protect U.S. farmers and agricultural interests from “China’s unfair retaliation.”