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.
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.
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 …
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.
Corn and soybean plantings by U.S. farmers are sure to surge this spring, according to USDA and private analysts, but the coronavirus pandemic is creating uncertainty about whether there will be enough buyers for a bumper crops this fall. The economic slowdown is likely to reduce demand for corn ethanol, hitting corn growers in the wallet, but the alternative crop for many farmers, soybeans, faces a glut of its own.
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 …
The U.S. share of global soybean production is falling for a second year while its two South American oilseed rivals pass a milestone. Brazil and Argentina will grow 53 percent of the world’s soybeans, with a combined output of 180 million tonnes in 2019/20, estimated the USDA in its monthly …
Agriculture Secretary Sonny Perdue said the odds of a multibillion-dollar round of trade war payments to farmers this year are “less than 10 percent,” although a senior lawmaker said the payments may be "absolutely vital" for survival in the Farm Belt. China will turn to the U.S. market for soybeans “late this spring, this summer,” Perdue predicted during a House Agriculture hearing on Wednesday.
Farmers are optimistic about the resumption of trade with China and, as a result, fewer of them believe the Trump administration will send trade war payments to producers this year, said a Purdue University poll on Tuesday. Fewer than half of the producers contacted by the Ag Economy Barometer said they anticipated payments this year, compared to nearly six out of 10 last fall.
Without a doubt, the best outcome from the "phase one" agreement with China "is the possibility of U.S. exports to China returning to pre-trade war levels," says economist Dave Widmar. But it's not clear how larger sales to China would affect overall U.S. ag exports, which are forecast at $139 billion this year and have varied from a low of roughly $130 billion to a record-high $152 billion over the past several years.