Closing Market Report

ifr180928–246 New Lab Dedicated to Commodity Crop Bioprocessing Vijay Singh, Director of IBRL - University of Illinois The market for commodity crops processed into new products is expected to more than double in the next six years to some 490 billion dollars. Todd Gleason reports the Univesity of Illinois is investing in the future of these agricultural innovations. Last week a new building was dedicated… 1:19 radio 1:42 radio self-contained (Sep 27, 2018) Last week a new building was dedicated on the Univeristy of Illinois campus in Urbana-Champaign. The Integrated Bioprocessing Research Laboratory is designed to bridge the gap between discovery and commercialization. IBRL’s director, Vijay Singh, says every year some 250 invention disclosures are filed at the University of Illinois. Most are never commercialized because there isn’t a proof of concept facility to scale up new ways to process ethanol or other agricultural biofuels. The labs in IBRL, ...

ifr180928–243 African Swine Fever from China to Europe Jim Lowe, DVM - University of Illinois We’ve been hearing a great deal lately about a pig disease called African Swine Fever. Soybean traders in Chicago worry it will have a negative impact on feed usage in China. Todd Gleason has more on the disease and its spread. 1:44 radio 2:01 radio self-contained 1:55 tv 2:04 tv cg ASF, as the name implies, developed in Africa. It moved from there to Europe about ten years ago says University of Illinois veterinarian Jim Lowe. He was doing some heavy yard work when we caught up with him. Lowe :32 …it has moved into eastern Europe over time here. Quote Summary - The virus is interesting because it survives outside the host really well. So, in meat or meat products or tissue it lives. We think the virus was brought to Europe from Africa in some meat. We don’t know for sure, but that is the most likely explanation. About ten years ago it was introduced i...

Friday the United States Department of Agriculture will tally how much of last year’s corn and soybean crops are still left in the bin around the nation. The Grain Stocks report is more of a census of what’s on hand than an estimate. This is because USDA collects information from more than 9000 grain elevators, terminals, and other storage facilities around the United States. It helps them to determine the total number of last year’s bushels on hand as of the first day of September. University of Illinois Agricultural Economist Todd Hubbs says his calculations aren’t far off from what USDA has already projected the report should show, “For corn, in particular, it will come down to the feed and residual number and how much feed was used in the fourth quarter of the 2017/18 marketing year and it looks like soybeans are on track to hit the projection USDA currently has.” USDA’s ending stocks figure from the September World Agriculture Supply ...

ifr180928–242 Friday’s USDA Grain Stocks Report Preview Todd Hubbs, Agricultural Economist - University of Illinois Friday the United States Department of Agriculture will tally how much of last year’s corn and soybean crops are still left in the bin around the nation. Todd Gleason has more on what the agency is expected to find. The Grain Stocks report is more of a census… 2:12 radio 2:21 radio self-contained The Grain Stocks report is more of a census of what’s on hand than an estimate. This is because USDA collects information from more than 9000 grain elevators, terminals, and other storage facilities around the United States. It helps them to determine the total number of last year’s bushels on hand as of the first day of September. University of Illinois Agricultural Economist Todd Hubbs says his calculations aren’t far off from what USDA has already projected the report should show. Hubbs :14 …on track to hit the projec...

ifr180921–139 2019 Crop Budgets Suggest Dismal Corn and Soybean Returns Gary Schnitkey, Agricultural Economist - University of Illinois farmdocDaily article Even with cost-cutting and savings measures, University of Illinois Agricultural Economist Gary Schnitkey says, for the moment, it seems unlikely farmers will have positive returns on rented farmland in 2019. Todd Gleason has more… I’m University of Illinois Extension’s Todd Gleason… 8:52

ifr180921–238 Small Refinery Exemptions and Ethanol Demand Destruction Scott Irwin, Agricultural Economist - University of Illinois farmdocDaily article There is widespread interest in whether small refinery exemptions (SREs) under the RFS have “destroyed” demand for ethanol in the physical market. Todd Gleason discusses the point with University of Illinois agricultural economist Scott Irwin. I’m University of Illinois Extension’s Todd Gleason… 8:09

ifr180921–237 How Does the 2019 Acreage Mix Change Frayne Olson, Agricultural Economist - North Dakota State University VOICER If the Trump Administration trade and tariff policies continue for very much longer it will cause farmers to plant different crops next year says North Dakota State University’s Frayne Olson. Olson :15 …a very large variety of other crops. Quote Summary - More than likely we’ll see a pretty drastic reduction at least in soybeans. In this region, in particular, the southeast (of North Dakota) because we’ve been rotating soybeans pretty hard in this area. What do we switch to? A combination of corn and spring wheat are the two obvious ones, but we do grow a very large variety of other crops. The problem with this kind of switch is that it’s likely to produce an overabundance of corn in 2019.

ifr180921–236 Trump Trade Policy Crashes Soybean Basis Frayne Olson, Agricultural Economist - North Dakota State University The Trump Administration trade and tariff dispute with China has caused the cash price of soybeans in the United States to tumble. Todd Gleason has more on the impact this year and next. 1:35 radio 1:44 radio self-contained China, the number one destination for all U.S. soybeans, has stopped buying because of the President’s trade policies. Normally those bushels would be exported via the PNW (the Pacific Northwest) grain export terminals. That gate has closed says NDSU’s Frayne Olson and now all those bushels are expected to try and move through the other export gate at the Port of New Orleans. Olson :20 …magic number is depends upon where you are. Quote Summary - The challenge we have in the soybean market is that the basis levels are trying to choke off the inflow of grain. Local basis is all about what’s the inflow rate versus the outflow rate. Th...

This week an ag economist from the University of Illinois has penned an article for the farmdocDaily website which explores the price of soybeans and how the Trump administration trade policies have changed how the oilseed is moved across the planet. Todd Gleason has more on what this means for farmers trying to sell the crop into the world market. This fall farmers will harvest a record sized soybean crop. USDA says about 4.7 billion bushels. They’ll need a home and farmers in North Dakota are really worried. About 2/3rds of their crop is shipped by rail to the Pacific Northwest for export to China. The Trump administration trade policies have mostly closed that market says North Dakota Senator Heidi Heitkamp, “What I would tell you is not only have you disrupted the markets and we have taken a haircut, you may not be able to sell them which is something I’ve been talking about for a long time.” Heitkamp was speaking to farmers in Fargo at the Big Iron farm...

ifr180914–234 Selling Soybeans Across the Scale Todd Hubbs, Agricultural Economist - University of Illinois U.S. Senator Heidi Heitkamp - North Dakota This week an ag economist from the University of Illinois has penned an article for the farmdocDaily website which explores the price of soybeans and how the Trump administration trade policies have changed how the oilseed is moved across the planet. Todd Gleason has more on what this means for farmers trying to sell the crop into the world market. This fall farmers will harvest a record sized soybean… 1:37 radio 1:58 radio self-contained 1:38 tv 1:58 tv cg This fall farmers will harvest a record sized soybean crop. USDA says about 4.7 billion bushels. They’ll need a home and farmers in North Dakota are really worried. About 2/3rds of their crop is shipped by rail to the Pacific Northwest for export to China. The Trump administration trade policies have mostly closed that market says North Dakota Senator...

ifr180914–229 Market Mitigation Signup | an interview with Gary Schnitkey Gary Schnitkey, Agricultural Economist - University of Illinois Sign up for the trade and tariff compensation package from the United State Department of Agriculture is open. Todd Gleason has more on how and when farmers and landlords should fill out the paperwork. Gary Schnitkey now joins us from the University… 5:52

ifr180907–224 Marketing Corn & Soybeans this Fall Todd Hubbs, Agricultural Economist - University of Illinois The dramatic fall in the price of corn and soybeans earlier in the year has put farmers in a unique marketing position. They must decide how much of the drop is due to the expected bumper crop size of the harvest and how much comes from the Trump Administration trade policies. University of Illinois Agricultural Economist Todd Hubbs says determining when those disputes might be settled is key to making good marketing decisions. Well it is a really tough marketing year… 4:44 radio 4:44 tv

ifr180807–222 Great Corn Grind, but Ethanol Stocks are Building Dan O’Brien, Kansas State University Extension Dan O’Brien from Kansas State University discusses the state of ethanol production and stocks. While grind has been tremendous, stocks are building, and plant profitability looks to be near breakeven. Todd Gleason has more with O’Brien. We are now joined by Dan O’Brien… 5:57