For the past 30 years, U.S. farmers have increased dramatically the amount of cropland that is planted to corn and soybeans — from 45 percent in the mid-1990s to 60 percent now — say four agricultural economists at the farmdoc daily blog.
The farm-gate value of U.S. corn and soybeans, the two most widely grown crops in the country, will fall 16 percent compared to last year's harvests due to a steep drop in commodity prices, according to USDA data. The season-average price for corn was forecast to be $1.70 a bushel below the near-record prices paid for the 2022 crop, and soybeans were expected to be $1.50 a bushel below last year's price.
Nine out of 10 farmers say they definitely or probably will stick with cover crops after the expiration of financial incentives to add the crops to their operations, said a report based on a survey of 795 farmers nationwide. Half of the participants in the National Cover Crop Survey said they had received some sort of payment for cover crops in 2022.
Competition from South America will crimp U.S. corn and soybean exports over the summer, according to a forecast by the Agriculture Department in its monthly WASDE report.
Drought covers large portions of the Midwest from Ohio to the Missouri River, said the weekly Drought Monitor on Thursday. Less than an inch of rain fell in eastern Nebraska during May, and half of Illinois was in drought, an increase of 20 points in one week.
Higher enrollment in SNAP and lower commodity prices will boost the 10-year baseline for the farm bill to $1.48 trillion, the most expensive ever, said the Congressional Budget Office in an updated projection of federal spending. The baseline sets the limit for spending in the new farm bill. …
Cropland prices in Brazil doubled from 2019-22, pulled up by high commodity prices and strong investor demand, and aided by low interest rates, said four University of Illinois agricultural economists.
World grain supplies will rise marginally in 2023/24, buoyed by larger corn harvests in the United States, the EU, and Argentina, said the International Grains Council on Thursday. The council’s monthly Grain Market Report said corn production would rise 4.5 percent, to reach 1.202 billion tonnes worldwide.
Boosted by large increases in most sales categories, U.S. farm exports mushroomed to a record $196.4 billion in the fiscal year that ended Sept. 30, according to newly released Commerce Department data.
With the fall harvest getting under way, traders expect the USDA to trim its estimate of the U.S. corn crop by more than a quarter-billion bushels on Monday but to stick to its forecast of the largest soybean crop ever, at roughly 4.5 billion bushels. Dry weather in the western Corn Belt, including powerhouses Iowa and Nebraska, will lower corn production to just below 14.1 billion bushels, or 1 billion bushels less than last year, according to the average estimate from traders surveyed by wire services.
Farmers might still harvest the largest U.S. soybean crop ever, even if a rainy spring kept them from planting as much of the oilseed as they had intended. Meanwhile, growers planted slightly more corn than expected, despite high prices and tight supplies for fertilizer and pesticides, reported the Agriculture Department on Thursday.
Renewing a fight that began five years ago, two environmental groups have sued the EPA to force it to regulate pesticide-coated seeds in the name of protecting bees and other pollinators. Seeds coated with neonicotinoid insecticides are used on 80 percent of corn land and 40 percent of soybean land, although researchers question their value against late-emerging crop pests.
U.S. farmers will pare corn plantings by 1.5 percent and modestly increase soybean acreage this spring in the face of high input costs, projected the USDA on Thursday. High yields would bring the largest corn and soybean crops ever in America and pull down season-average prices for the two most widely planted U.S. crops.
The U.S. soybean hit parade, with record production in 2016, 2017, and 2018, will continue this year with the largest crop ever, the government forecast on Tuesday with the harvest in full swing. A late-summer surge in likely yields per acre prompted the USDA to say the crop will be 2 percent larger than its previous estimate.
U.S. farmers will reap two of their largest-ever corn and soybean crops, the first step to assuring an abundant food supply, the government said on Thursday, despite drought damage in the northern Plains and upper Midwest. The wheat crop, meanwhile, will be the smallest in 19 years.
The United States is headed for its largest corn harvest ever and its third-largest soybean crop, based on the USDA's annual Acreage report, issued on Wednesday. The mammoth crops would be ready for harvest late this summer, replenishing U.S. grain inventories that are being drained by robust demand at home and abroad.
Warm and dry weather brought "widespread worsening of drought and dryness" to the upper Midwest in the past week, particularly in Iowa and Wisconsin, said the Drought Monitor.
U.S. farmers will reap two of their largest corn and soybean crops ever and sell them for the highest average prices since the commodity boom ended several years ago, said the government Wednesday in its first projections of the fall harvest. The USDA also said that global soybean king Brazil would increase its share of the world market at the expense of U.S. exports.