Week 30, 2024 Here are the University of Illinois Extension | WILLAg.org highlights for the work week ending Friday, July 26, 2024. WILLAg.org Closing Market Report click and listen Monday we heard from Iowa State University agricultural economist Chad Hart. He remains concerned about old and new crop prices. Particularly as it relates to how the remaining old crop corn supplies owned by farmers will blunt pre-harvest price rallies. Tuesday Kansas State University ag economist Dan O’Brien discussed the supply and demand tables he has been sharing with growers in his state. These include yield and price probabilities. Wednesday we heard from market analyst Greg Johnson, ILLINOIS ag economist Gary Schnitkey, and meteorolgist Drew Lerner. Greg, an elevator manager, discussed old and new crop sales and USDA’s current $11.20 season’s average 2024/25 soybean cash price. Gary explored how well (or in this case not so well) the crop insurance SCO and ECO options ha...
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Week 29, 2024 WILLAg.org Week in Review
Week 29, 2024 Here are the University of Illinois Extension | WILLAg.org highlights for work week ending Friday, July 19, 2024. WILLAg.org Closing Market Report click and listen Monday University of Missouri’s Ben Brown discussed the changes in the July USDA WASDE. Near the end of our conversation, he made explicit note that these changes carried through both the old and new crop supplies. Tuesday we heard from the farmdoc Team’s Joana Colussi. She wrote an article for the farmdoc Daily website about corn exports across the planet focusing on Brazil, and concluding the United States would regain the title of #1 corn exporter in the new crop marketing year. Wednesday our Closing Market Report discussions turned to S-A-F or Sustainable Aviation Fuels in something of a not “if but when” conversation with the Geoff Cooper of the Renewable Fuels Association. Thursday’s CMR was filled with three U of I ACES grads. Two will be ...
The Rising Costs of Corn Production in Illinois
"Total direct costs for corn production in central Illinois have increased over time from $134 per acre in 2000 to $558 in 2022, which implies an average annualized growth rate of 7% between 2000 and 2022." - @farmdocDaily @ACESIllinois ag econ team Read the article on the farmdoc Daily website
USDA Reports
USDA July WASDE This month’s 2023/24 U.S. corn outlook is for fractionally higher supplies and ending stocks. Corn beginning stocks are lowered 50 million bushels, as greater feed and residual use for 2022/23 more than offsets reductions in corn used for ethanol and exports. Corn production for 2023/24 is forecast up 55 million bushels as greater planted and harvested area from the June 30 Acreage report is partially offset by a 4.0-bushel reduction in yield to 177.5 bushels per acre. --- Soybean production is projected at 4.3 billion bushels, down 210 million on lower harvested area. Harvested area, forecast at 83.5 million acres in the June 30 Acreage report, is down 4.0 million from last month. The soybean yield forecast is unchanged at 52.0 bushels per acre. With lower production partly offset by higher beginning stocks, 2023/24 soybean supplies are reduced 185 million bushels. Soybean crush is reduced 10 million bushels reflecting a lower soybean meal domest...
