With a return to normal weather, farmers will expand vastly their corn and soybean plantings next year — enough to produce their largest corn crop ever and the fourth-largest soybean crop, according to USDA's agricultural projections. Bumper crops will drive down market prices in the near term and create huge stockpiles that will take years to whittle down.
Aided by the Sino-U.S. trade war, the U.S. soybean inventory doubled to a record 913 million bushels in one year, the government said on Thursday. At the same time, the USDA estimated that total will be cut in half by next September.
A hard freeze is forecast across a significant portion of the western Corn Belt, with 14 percent of the U.S. corn crop and 5 percent of the soybean crop at risk of freeze damage, said forecaster Maxar on Wednesday.
In FERN's latest story, Michael Behar takes a close look at precision agriculture — cutting-edge tools like drones, satellite imagery and artificial intelligence that help farmers keep careful watch over their crops. In addition to improving yields, Behar shows how the technology also allows farmers to reduce water and chemical use. The story was produced in collaboration with EatingWell magazine.(No paywall)
Farmland values are falling for the fifth year in the Midwest, and one factor in the decline is “muted expectations for farm income” this year, said the Chicago Federal Reserve Bank on Thursday. “The profitability of many corn and soybean farms will almost surely fall from their 2018 levels — possibly by a lot for some.”
U.S. farmers will harvest their smallest corn and soybean crops since 2013, but the trade war will constrain exports of America’s two major crops for the second year in a row, forecast the USDA on Monday. Soybeans would sell at the lowest average price at the farm gate in 13 years.
Climate change is expected to lower U.S. corn, soybean, and wheat production and drive up the cost of the federally subsidized crop insurance program. The increase could be as small as 4 percent or as large as 37 percent, depending on how much temperatures rise and whether mitigation efforts are effective, said a USDA report on Monday.
The loss of nearly 6 million acres of corn and soybeans to a cold and rainy planting season this year will be felt into autumn 2020 and beyond, said the government on Thursday, as fat U.S. stockpiles will be drawn down to compensate for short crops.
The wettest spring in a quarter-century may lead to the largest crop insurance payout since 2000 to farmers unable to plant corn and soybeans, said a university economist. He spoke ahead of a USDA report today that will project the impact of a cold and rainy spring on this fall’s harvest.