Record corn and soybean crops possible as farmers chase high prices

Responding to strong exports and expectations of a U.S. economic recovery, farmers will plant 92 million acres of corn and 90 million acres of soybeans this spring, pointing to a record soybean crop and possibly the largest corn harvest ever, said the USDA on Thursday. Chief economist Seth Meyer also said farm exports would be a record $157 billion this year, including the largest-ever exports to China of $31.5 billion.

Highest corn and soybean prices since commodity boom, says USDA

U.S. farmers, who harvested some of their largest corn and soybean crops ever last fall, will reap the highest season-average prices for the crops since the heady days of the commodity boom that ended in worldwide surpluses seven years ago, said the government on Tuesday. Commodity prices are on the rise due to tightening global supplies and large purchases by China, the first country to rebound economically from the pandemic.

Corn export boom to China likely to soften by fall 2021

China is buying huge amounts of U.S. corn as it rebuilds its hog herd and recovers from the pandemic but its appetite for imports could weaken by next fall, when U.S. farmers are expected to harvest their second-largest crop ever, said University of Illinois economists on Tuesday. Chinese imports of 13 million tonnes this year could taper to a still-large 10.5 million tonnes during the sales year that begins on Sept 1.

U.S. corn and soy crops: Not quite as big now

In the space of two months, the USDA has shaved more than half-a-billion bushels from its estimate of this year’s corn harvest and pared the soybean forecast by a similar 3.5 percent. The crop are still bin-busters but they are more manageable than initially expected and should fetch much …

Crustaceans and oilseeds ahead of U.S.-China ‘phase one’ review

China bought $188 million worth of U.S. soybeans on Monday, continuing a string of purchases that began last week, as the world's two largest economies approach a six-month review of the "phase one" agreement that de-escalated the trade war.

China buys 1.11 million tonnes of U.S. soy in four days

Large sales of soybeans to Chinese buyers provide hope for "a robust demand recovery" this fall and into the new year, said economist Todd Hubbs of the University of Illinois on Monday, the same day that exporters reported the sale of 390,000 tonnes of soybeans for delivery to China. In the space of four days, China purchased 1.11 million tonnes of the oilseed, worth $354 million.

EPA cancels dicamba registration, allows use of the weedkiller until July 31

Farmers and pesticide applicators can use the weedkiller dicamba until July 31, the EPA announced on Monday as it canceled its approval of the herbicide, as required by an appellate court decision announced last week. The so-called existing stocks order will allow use of the chemical on GE cotton and soybeans this crop year — the goal of farmers facing the loss of a potent weed control tool with the growing season already underway.

Soybean sprint underway as planting season rolls along

Farmers have planted two-thirds of the soybean crop — more than 54 million acres — a breath-taking change from a year ago when barely more than a quarter of the crop was in the ground by late May due to a persistently rainy spring, said the weekly Crop Progress report on Tuesday. Growers sowed …

Farmers’ shift to soybeans won’t avert grain glut

Low market prices will deter farmers from planting as much corn as they planned a month ago, but a record corn crop is still on the horizon, said two Purdue University economists on Monday. The mammoth crop would create the largest corn stockpile since the late 1980s while the already-large soybean stockpile grow bigger still.

Coronavirus darkens income prospects for grain farmers

Seven weeks ago, the USDA forecast the highest U.S. net farm income since 2013. Since then, the coronavirus pandemic has driven down grain prices and “reduced (the) grain farm income outlook for 2020,” wrote five university economists on Tuesday. “Given current expected …