With a rebound in U.S. production, the world soybean crop will be a record 364 million tonnes in 2020/21, up 8 percent from this season, said the International Grains Council on Thursday. Record-setting corn and wheat crops were also forecast for 2020/21.
The Ninth Circuit U.S. Court of Appeals rejected an emergency motion for an immediate cutoff of farmer use of the weedkiller dicamba, a victory for the EPA plan to allow spraying of the herbicide on GE soybeans and cotton through July 31. The court voided EPA approval of versions of dicamba sold by Bayer, BASF and Corteva on June 3; a few days later, the EPA said farmers could use stocks already on the farm through the end of July.
Low market prices on this year's corn and soybean crops due to the coronavirus could trigger up to $7.2 billion in USDA subsidies to corn and soybean growers, said five university economists on Wednesday. "In estimating the damage that U.S. crop agriculture has suffered, it is important to take into account the payments made by existing farm safety net programs," they said. (No paywall)
After looking at the latest USDA price projections for corn, wheat, and soybeans, and taking into account price patterns for the crops, five university economists say the Price Loss Coverage subsidy is a better choice for growers than the Agricultural Risk Coverage subsidy for corn and wheat grown this year.
The rainiest spring in a quarter-century slowed the planting season and helped limit U.S. farmers to their smallest crop area in five decades, said the government in assessing 2019 production. Early snowfall and icy autumn weather prevented growers from harvesting more than 600 million bushels of corn, and the USDA said it would update estimates of corn and soybean supplies, if warranted, "once producers are able to finish harvesting remaining acres."
Three weeks after he slammed Brazil and Argentina for actions "not good for our farmers," President Trump reversed his decision to impose high tariffs on steel and aluminum imported from the South American nations, said Brazilian President Jair Bolsonaro on social media over the weekend. "The relationship between the United States and Brazil has never been Stronger!" tweeted Trump on the same day.
China said it would waive import tariffs on some shipments of U.S. soybeans and pork in a goodwill gesture hours before White House economic adviser Larry Kudlow said the two nations were close to an interim agreement on the trade war. "No arbitrary deadlines," said Kudlow, but the Trump administration has set Dec. 15 as the date for higher duties on $160 billion of consumer goods made in China.
The USDA traditionally shuts down its weekly Crop Progress report at the end of November because the growing season is over and the fall harvest is all but complete in most states. But this year, the USDA will continue to monitor the harvest, which is weeks later than usual, into December.
With the Sino-U.S. trade war unresolved, the Trump administration released $3.625 billion in trade-war payments to farmers and ranchers on Friday to offset losses on 2019 production. Payments will begin this week and Agriculture Secretary Sonny Perdue said they "will give farmers, who have had a tough year due to unfair trade retaliation and natural disasters, much needed funds in time for Thanksgiving.”