Archived Posts

News Flash: July 31, 2014

INDUSTRY

Oilseed Profits Might Best Corn in Next 10 Years

Oilseeds and coarse grains are experiencing a price correction in 2014/15, but a new 10-year global forecast predicts that oilseed profitability will best that of corn and other coarse grains moving forward. “Relative profitability of coarse grains versus oilseeds is expected to favor allocation of land towards oilseeds and lead to a 26% increase in production by 2023 when combined with yield gains,” notes the report published by the Organization for Economic Cooperation and Development (OECD) and the Food and Agriculture Organization (FAO) of the United Nations. Ag Web

 

SOYBEAN

USA – Independent study shows that soybean checkoff returns more than five dollars for every dollar farmers invest

Under the soy checkoff program, all U.S. soybean farmers contribute a small percentage of their gross soybean sales for research and marketing projects that maximize their profit potential. According to the results of a new, independent study, the checkoff continues to enlarge these small investments into big results for U.S. soybean farmers. The results of the checkoff’s most recent regular, independent return-on-investment analysis found that all U.S. soybean farmers receive $5.20 in profits for every dollar they invest in the checkoff.SeedQuest

Soybeans Extend Decline as Rain in U.S. Boosts Yields

Soybeans fell on the Chicago Board of Trade, heading for a July slump that would mark the longest monthly losing streak in more

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than a year, on speculation that rain will improve yields in the U.S. Midwest. Meanwhile, corn advanced. Scattered showers are expected next week before more widespread precipitation develops toward the end of the week, meteorologists have reported. U.S. corn and soybean crops are developing in the best condition in at least 10 years, government data reports. “We’re in the midst of a weather market,” Joe Vaclavik, president of Standard Grain Inc. in Chicago, stated when interviewed. “August is by far the most important month for soybean growth. If we catch some rains next week, that’s going to go a long way.” Soybeans futures for November delivery fell 1.3 percent to close at $10.8125 a bushel on the CBOT. The oilseed is down 6.6 percent in July on the outlook for a record U.S. crop, set for a third straight month of declines would be the longest slump for a most-active contract since April 2013. Bloomberg

 

CORN

U.S. Corn Farmers Face a Cash Crunch

Concerns from tumbling corn prices have led many to fear that U.S. farmers may suffer their first losses in years and that the agricultural economy could face its first sustained slump in a decade. Corn prices have plunged nearly 30 percent in the past three months to their lowest point since 2010, as near-perfect weather in the Midwest fuels expectations of a second consecutive bumper harvest. Prices of other crops have fallen sharply as well, with soybeans trading near 2½-year lows and wheat near four-year lows. Wall Street Journal

Corn Heads for Biggest Monthly Decline Since Sept. 2011

Corn is poised for the biggest monthly decline in almost three years, on expectations that supplies will be ample amid an outlook for a bumper harvest in the US. American corn crops are maturing in good condition, boosting prospects that output may reach the U.S. Department of Agriculture’s forecast of 13.86 billion bushels, the second-highest ever. Rain is set to increase in August after dryness developed in some areas late this month, according to weather forecasts. Corn for December delivery fell 0.4 percent to $3.70 a bushel today on the Chicago Board of Trade. Prices are set to slump 13 percent in July, a third straight monthly drop and the biggest decline since September 2011.Bloomberg

 

CANOLA

More emergency funding provided to tackle outbreak of beet western yellows virus

Further emergency funding has been directed towards Australia’s Canola fields, after the spread of the beet western yellows virus. The virus has affected thousands of hectares of canola in South Australia, Victoria and New South Wales and is the most severe outbreak ever seen in Australia.There are now concerns that pulse crops could become infected as virus-transmitting aphids become active with the arrival of warmer weather. ABC (Australia)

 

BIOFUEL

Biofuel groups press White House on more than just 2014 targets

The U.S. biofuel industry is urging the Obama administration to go beyond raising proposed targets for use of the fuels, making the case instead for fundamental changes to the government’s approach to the renewable fuel program.Recently, there has been a flood of meetings between biofuel supporters and White House officials in advance of the release of the long-delayed targets for the use of renewable fuels this year, which are expected to reach the Office of Management and Budget for review within weeks.The Renewable Fuel Standard requires increasing amounts of biofuels to be blended into gasoline and diesel supplies each year through 2022. The targets for this year have been plagued

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by repeated delays amid outcry from biofuel producers. Biofuel industry sources said in May the Environmental Protection Agency would likely raise proposed levels. Based on rising gasoline demand, the corn ethanol portion of the mandate is widely expected to be increased to about 13.6 billion gallons (49 billion liters) from 13 billion announced in November. Notably, the key message biofuel groups have delivered to the administration has been that their industry’s future viability hinges on more than just tweaking volume requirements for the current year. While advanced biofuel producers seek the inclusion of new fuels, some corn growers have lobbied to protect the grain’s position in the renewable fuel program.They argued the White House should reconsider its estimates of the lifecycle greenhouse gas emissions for corn ethanol as it weighs both the final targets for 2014 and the fuel’s role in the administration’s broader climate policy. Corn-based ethanol is currently classified as a “conventional biofuel” that delivers only 20-percent emissions improvement over gasoline. Critics have argue that ethanol be removed from the mandate. Reuters