Midwestern farmers are likely to see “very low returns” from corn and soybean crops this year, said economist Gary Schnitkey of the University of Illinois as spring planting gets under way. When overhead costs such as seed, fertilizer, equipment and insurance are counted, returns per acre could …
President Trump could order $60 billion in tariffs on Chinese products before the end of the week, according to the Washington Post and other reports. U.S. agricultural leaders said they expect farmers will be hit if China retaliates. "Has there ever been a retaliation that didn't include agriculture?" asked Chuck Conner, head of the National Council of Farmer Cooperatives.
Nearly two decades after it agreed that consumption of soy protein reduced the risk of heart disease, the FDA proposed revocation of the so-called health claim because of new research that questions the relationship. It would be the first time the agency revoked any of the 12 health claims authorized since 1990.
"Faltering trust between trading partners on both sides of the border" may be slowing U.S. farm export to Mexico as the nations prepare to renegotiate NAFTA , says Farm Futures. It says that U.S. exports of corn, soybeans and chicken meat to Mexico declined during the first four months of this year, a period when the new Trump administration floated the idea of a border tax and when U.S.-Mexico relations soured.
Record-setting corn and wheat harvests worldwide will pull the average prices for this year's crops to lower prices than expected early this year, says a University of Missouri think tank. Although soybean prices will be higher than the think tank's projections in April, the three crops — accounting for 232 million acres of farmland this year — suggests no more than a minor recovery is likely.
In Argentina, the use of glyphosate increased 1,000 percent between 1994 and 2010, as soybean farmers fought off resistant weeds, says the BBC. With large amounts of the herbicide still being applied to fields, some experts think that it may be responsible for a surge in health problems among rural residents.
Farmers say they'll plant the third-largest amount of corn grown since World War II and the third-highest soybean area on record, superlatives that disguise some of the bad news in the annual Prospective Plantings report.
The government will make its first crop-subsidy payments under the 2014 farm law in October, with an estimated transfer of $6.5 billion to follow, said USDA deputy undersecretary Alexis Taylor at a House Agriculture Committee hearing.
Harvest time is months away but one result is clear - the lowest corn and soybean prices in five years - if crops are as large as USDA's planting data indicate. Analysts such as economist Darrel Good of U-Illinois say the average price for this year's corn crop could be "near $4" a bushel and soybeans "perhaps $10.50" for the 2014/15 marketing year. AgriMoney says the average cost of production in Iowa is $4.29 for corn and $11.13 for soybeans according to Iowa State University figures.