Farm-gate prices for corn, soybeans and wheat, the three most widely planted crops in the country, "have declined sharply from record levels set in recent years and no quick price recovery is expected," says the University of Missouri think tank FAPRI in an update of its agricultural baseline.
More than one-fifrth of farmers have yet to tell the USDA which crop-subsidy plan they want under the 2014 farm law, the insurance-like Agricultural Risk Coverage or the traditionally styled Price Loss Coverage. The deadline for action is Tuesday. Some 77 percent of grain and oilseed growers made the ARC/PLC selection by March 19, says the USDA. "We expect these numbers to continue to increase significantly by the end of the month," said Val Dolcini, head of the Farm Service Agency, during a House Agriculture subcommittee hearing.
"It sounds like the plot of a cheesy 1950s sci-fi movie," says Delta Farm Press in a story about the rapid spread of the sugarcane aphid, which can cause huge losses in sorghum yields.
Two agricultural economists say corn subsidies could cost $6 to $8 billion for this year's record-large corn crop, says Reuters. The estimates are based on the projected U.S. average price of $3.50 a bushel for the crop, the price guarantees of the farm bill and...
Analysts at the Congressional Budget Office are penciling lower prices for corn, wheat and soybeans into their budget assumptions, according to documents that circulated among commodity traders. The preliminary estimates are prepared for consultations with other agencies and will be refined in coming weeks.
Bids for slaughter cattle hit a record $170 per 100 pounds last week amid limited supplies in Kansas, Texas, Nebraska and Colorado, says Beef Today. Cash prices were up $6 per 100 pounds on live cattle.
Soybeans will sell for less than $10 a bushel, on average, at the farm gate for three years in a row, projected a University of Missouri think tank, because another large crop is likely to follow this year's record-setting harvest.
Farmers will sell this year's record-setting corn and soybean crops for the lowest season-average price in eight years, the government forecast in a new look at crop output and usage. USDA says the corn and soybean crops are marginally larger than it estimated a month ago. Supplies will be the largest in years, holding down prices for the year ahead.
Grocery shoppers will pay record-level prices for beef and pork through 2015, says a University of Missouri think tank.