Closing Market Report

ifr180824–218 2018 Cash Rents were up $5/acre in Illinois Gary Schnitkey, Agricultural Economist - University of Illinois University of Illinois Agricultural Economist Gary Schnitkey discusses the surprise $5 an acre cash rent increase seen in the state wide 2018 survey numbers and how farm economics look going into the 2019 growing season. by USDA NASS see the 2018 USDA Land Values Survey Agricultural Land Values Highlights The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,140 per acre for 2018, up $60 per acre (1.9 percent) from 2017 values. Regional changes in the average value of farm real estate ranged from an 8.3 percent increase in the Southern Plains region to 1.4 percent decrease in the Northern Plains region. The highest farm real estate values were in the Corn Belt region at $6,430 per acre. The Mountain region had the lowest farm real estate value at $1,140 per acre. The United States cropl...

ifr180824–209 Tough Marketing Decisions for New Crop Soybeans Todd Hubbs, Agricultural Economist - University of Illinois A new article posted to the farmdocDaily website suggests farmers will have a very tough time making marketing decisions related to this year’s soybean crop. Todd Gleason reports from the University of Illinois that this is because prices are low with prospects for little to change overtime unless a trade deal is struck with China. by Todd Hubbs, Agricultural Economist - University of Illinois link to farmdocDaily article November soybean futures prices dropped significantly after the release of the August USDA reports. The November futures price closed at $8.93 on August 17, higher last week on the news involving recent developments in trade negotiations with China. The sensitivity of soybean prices to trade issues and the potential for large yields create difficult marketing decisions for new crop soybeans. Numerous issues look to keep new c...

ifr180810–194 AirScout Precision Agriculture Startup Brian Sutton, AirScout Founder & President - Champaign, Illinois A startup on the south end of the University of Illinois campus @UIResearchPark is using thermal imaging to help precision agriculture become prescription agriculture. Todd Gleason has more on how AirScout @AirScoutInc is helping farmers take advantage of their precision-guided equipment.

ifr180803–192 EPA Wheeler Senate Hearing Andrew Wheeler, Acting Administrator, U.S. Environmental Protection Agency This morning, during a U.S. Senate hearing, Acting EPA Administrator Andrew Wheeler answered questions about ethanol, biofuels, the RFS, and small refinery waivers. He appears to be holding the same line Scott Pruitt took during his time at the helm of the agency with some notable differences. Wheeler told U.S. Senator Joni Ernst from Iowa… 2:36 radio 2:55 radio self-contained Wheeler told U.S. Senator Joni Ernst from Iowa that EPA is looking for ways to improve transparency as it is related to the issuance of small refinery waivers. It is the reallocation of the waived ethanol gallons which has raised the ire of farm country politicians… that’s because EPA has seen fit not to reallocate those gallons to larger refineries. Here’s a portion of the exchange between Senator Ernst and Acting Administrator Wheeler. Ernst & Wheeler...