Author: staff

December corn ended the day up 5¢. January soybeans closed up 11¢. March wheat contracts also ended the day higher. CBOT wheat was up 5¾¢ at the close. KC and Minneapolis wheat were up 5½¢. Karl Setzer, partner at Consus Ag Consulting, highlighted two pieces of positive news for soybeans today. The most supportive news, according to Setzer, was that China is eliminating the export tax rebate for used cooking oil. “Exporters in China have been receiving a 13% tax refund for exporting this product, with much coming to the U.S. for renewable fuel production,” said Setzer. “The immediate reaction…

The nominee to lead the Department of Health and Human Services has vowed to “weaponize” regulatory agencies against modern agriculture and undo decades of farm policy. It’s official: President-elect Donald Trump has nominated Robert F. Kennedy Jr. to serve as secretary of the Department of Health and Human Services. Elections have consequences! Trump made the announcement Thursday afternoon on social media saying, in part: “HHS will play a big role in helping ensure that everybody will be protected from harmful chemicals, pollutants, pesticides, pharmaceutical products, and food additives that have contributed to the overwhelming Health Crisis in this Country.” I am…

A weak La Niña is predicted to take place this winter, bringing drier and warmer conditions, especially for the eastern United States. There is a 57% chance for the La Niña to emerge in October to December, and continue through January to March 2025, according to a recent report by the Climate Prediction Center.  Mild winter conditions pose issues for states in the High Plains such as North Dakota, South Dakota, and Nebraska, according to Bret Walts, chief marketing officer and meteorologist for BAM Weather. If the La Niña causes the jet stream to settle further south, the High Plains…

Starting in 2025, Channel customers will have access to Channel Edge — a downstream custom blend of individually registered soybean seed treatment products and the only combination of four fungicides plus imidacloprid insecticide currently available on the market. Channel Edge was developed based on feedback received from Channel SeedPros, with the goal of providing strong agronomic efficacy and increased yield potential. Available for soybeans in 2025, this suite of seed treatment products is designed to help mitigate key diseases and pests. Channel SeedPros will work closely with farmers to decide which treatment the seed will receive based on their individual…

Smithfield Foods has agreed to a $2 million settlement to resolve allegations of child labor law violations at its plant in St. James, Minnesota. The Minnesota Department of Labor and Industry reported that the company’s subsidiary, Smithfield Packaged Meats, employed 11 minors, aged 14 to 17, from April 2021 to April 2023. Three of these children were hired at the age of 14. Investigators found that nine minors worked beyond legally permissible hours, and all 11 performed hazardous tasks prohibited for individuals younger than 18. The settlement includes measures to prevent future violations. State Labor Commissioner Nicole Blissenbach emphasized that…

What Happened The Nov. 8 USDA World Agriculture Supply and Demand Estimates (WASDE) report confirmed what many had thought: Dry weather in August impacted U.S. soybean yield. However, at 51.7 bushels per acre (bpa), the November figure was lower than the pre-report estimate of 52.9 bpa and down 1.4 bushels from the previous month. Traders were quick to respond with advancing prices. Why This Is Important High crop ratings at the end of summer had some private estimates suggesting yield may have been closer to 54 or 55 bpa. However, the October estimate remained unchanged at 53.1 bpa from September,…

DAILY Bites The SEC charged Elanco with fraud, alleging it misled investors by overstating revenue growth and demand through undisclosed sales incentives. From 2019 to 2020, Elanco was believed to have used discounts and rebates to boost sales, raising concerns about inventory and future revenue impacts. Elanco agreed to a $15 million settlement and a cease-and-desist order without admitting wrongdoing. DAILY Discussion The Securities and Exchange Commission has announced antifraud charges against Elanco Animal Health Inc., alleging the company misled investors by misrepresenting its revenue growth and end-user demand. According to the SEC, the livestock medication company is accused of…

By Ryan Hanrahan Bloomberg’s Kim Chipman, Joe Mathieu, and Tarso Veloso reported Tuesday that “President-Elect Donald Trump’s threat of mass deportations risks hurting the domestic agriculture sector already struggling with labor shortages.” “That’s according to Matt Carstens, chief executive officer of Iowa’s biggest farm cooperative, who said Trump’s plan should be approached carefully. Farming would be one of the biggest US sectors hit should the incoming administration move forward with kicking potentially millions of undocumented immigrants out of the country,” Chipman, Mathieu and Veloso reported. “‘We’ve got to make sure there’s a balance there, that agriculture’s voice is heard,’ Landus…

By Carl Zulauf, Gary Schnitkey, Jonathan Coppess, and Nick Paulson This article continues the assessment of the FARM (Farmer Assistance and Revenue Mitigation) Act of 2024 initiated in the Nov. 4, 2024 farmdoc daily. FARM’s coverage of current estimated 2024 economic loss varies considerably by crop, potentially prompting the “fairness issue.” Moreover, commodity program payments will not be known until October 2025. This information hole increases the odds of miscompensation, providing another reason to move commodity program payments forward from the end of the marketing year (Farmdoc Daily, Oct. 30, 2024). Estimated 2024 Economic Loss Economic loss from 2024 production of barley, corn,…

Usually, late November is a busy time for farmer meetings and webinars. This is also a time for farmers to consider making cash and new crop sales. The crop is in the bin, and for many farmers it is an important time to meet with lenders, agronomists, and marketing advisers, and begin to put the numbers together for this year and to make plans and budgets for the next crop season.  Let’s look at alternatives and strategies to use for the 2024 crops you need to sell. I cannot make one master plan for every farm, since everyone’s breakeven, storage, and debt…