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Crop Insurance Decision Tool – Wheat – Fall 2023
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Latest farmdoc Daily Articles
Concentration of US Crops in Corn and Soybeans: Importance to Increasing US Production of Grains and Oilseeds
In today’s farmdoc daily article, we examine an apparent cap on US grain and oilseed acres, which have been range bound between 225 and 250 million acres since 1985. Some likely causes are restrictions that date to the 1985 farm bill on the conversion of highly erodible land into new cropland and conversion of wetlands, specifically hydric soils, into new cropland. Whatever its cause, the lack of new acres puts pressure on raising production by other means to meet increasing demand.
A View of the Farm Bill Through Policy Design, Part 6: Conservation Reserve Program
In today’s farmdoc daily article, we examine the Conservation Reserve Program — the largest conservation program in Title II of the Farm Bill — which was first authorized in the landmark Food Security Act of 1985. The modern CRP has built upon traditional conservation policies, evolving and expanding to include partial field enrollments that compliment working lands and protect soil, water, or other natural resources in conjunction with farming.
Extreme Weather and the Food System
In today’s farmdoc daily article, we explore how the impacts of recent extreme weather events have been felt among US households. Using results from the August 2023 wave of the Gardner Food and Agricultural Policy Survey, we see that US consumers have been impacted in several ways, from changing plans (e.g., vacation) to experiencing property damage, missing work, and seeking medical care. We also find continued support for responding to and mitigating extreme weather events.
Variability in Nitrogen Fertilizer Prices in Illinois Over the Last 15 Years
In today’s farmdoc daily article, we examine how variability around average nitrogen fertilizer prices can be more pronounced during periods of quickly adjusting markets — like current conditions — when average prices are rising or falling at a relatively fast pace. This has important implications for farmers as they make pricing and purchasing decisions. To the extent possible, soliciting price quotes for nitrogen fertilizer products, as well as other inputs, from multiple sources is advised.
More Corn Acres and the Prospect of Large Stocks and Low Prices
In today’s farmdoc daily article, we examine how the US corn market is adjusting to the idea of a relatively large crop and big ending stocks in 2023/24. Corn futures price levels have settled in the $4.70 to $4.90 per bushel range. But with long-run projections for US corn stocks expecting 2-billion-plus bushel corn ending stocks into the foreseeable future, what is the long run ‘normal’ price level? Historical observation suggests it is lower than the current level of about $4.80 per bushel.
Financial Summary of Illinois Farms for 2022
In today’s farmdoc daily article, we delve into the financial results on Illinois farms enrolled in Illinois Farm Business Farm Management, which show that on average 2022 was another good year. The average farms are in strong financial positions — particularly when it comes to liquidity, solvency, profitability, and financial efficiency — which will be needed with projected much lower incomes for 2023 and 2024.
Latest Farm Policy News Articles
Large Chinese Imports of South American Soybeans Continues; Another “Humanitarian Corridor” Grain Ship Sails, While Temperature Lowered on Ukraine, Poland Rift
Bloomberg writers Hallie Gu and Tarso Veloso Ribeiro reported earlier this week that, “China’s voracious appetite for South American soybeans has continued into a period typically dominated by the US,…
Wheat Prices Near Three-Year Low on Robust Russian Supplies; While Ukraine, Poland Grain Tensions Mount
Financial Times writer Susannah Savage reported yesterday that, “The price of wheat has been pushed to a near three-year low by an exceptionally strong crop in Russia, but analysts warn…
Ukraine Takes “Bold Steps” to Export Its Grain, as Better Than Expected Harvest Unfolds
Bloomberg writer Olesia Safronova reported today that, “As Ukraine’s farmers labor through their second wartime harvest, they’re expecting a big one. They just don’t know how much of it will…
Ship Departs Ukrainian Port With Wheat, “Further Testing” Black Sea Blockade; U.S. Soybean Ratings Lowest “At This Time of Year Since 2013”
New York Times writer Matthew Mpoke Bigg reported today that, “A commercial ship loaded with wheat left a Ukrainian port on Tuesday, becoming the first vessel with cargo to use…
Ukraine Set to Bring Unilateral Grain Bans to WTO; While WSJ Explores U.S. Soy Seed Market
Reuters writer Tom Balmforth and Pavel Polityuk reported today that, “Ukraine plans to sue Poland, Hungary and Slovakia over bans on Ukrainian agricultural products, Agriculture Minister Mykola Solsky said on…
Two Grain Ships Arrive in Black Sea Port Using “Humanitarian Corridor”
Reuters writers Pavel Polityuk, Olena Harmash and Michelle Nichols reported on Saturday that, “Two cargo vessels arrived in Ukraine on Saturday, Ukrainian port authorities said, the first ships to use…