Closing Market Report

ifr190301–040 Farmers Unlikely to Make Big Acreage Switch to Corn Gary Schnitkey, Agricultural Economist - University of Illinois The scuttlebutt in the trade, even in the numbers released by USDA at its February Agricultural Outlook Forum, is that the economics will push farmers to plant a lot more corn acres this year. Todd Gleason reports University of Illinois crop budgets don’t bear that out. Ag Economist Gary Schnitkey has updated budgets… 1:35 radio 1:53 radio self-contained Ag Economist Gary Schnitkey has updated budgets for corn and soybeans across the state. He knows USDA increased its expectation for corn acres around the nation by about 3 million acres but says he does not expect a big shift to corn in Illinois. Schnitkey :25 …more profitable for 2019 Quote Summary - What we find is that corn is projected to be more profitable than soybeans. This is the first year in a while that has happened. However, our budgets do not suggest shifti...

ifr190222–033 Corn Acreage in 2019 Todd Hubbs, Agricultural Economist - University of Illinois read farmdocDaily article The number of acres of corn planted this spring will be a key factor in determining where the price of corn goes. University of Illinois Agricultural Economist Todd Hubbs took up the issue in this week’s farmdocDaily article. Todd Gleason has more on the prospects. He starts with a historical graph… 2:13 radio 2:29 radio self-contained He starts with a historical graph. It shows the principal crop acres in the United States and how those have changed since 1997. Both corn and soybean acreage have increased. Combined they’re up about 10 percent over the past two decades. INSERT fdd190218–01.png Illinois’ Todd Hubbs uses that history to help put the number or corn and soybeans acres into perspective. Hubbs :43 …corn acreage we think we are going to see. Quote Summary - When we look at the harvest month corn...

ifr190215–129 Illinois Extension to Host Soil Fertility Webinar February 28 Phillip Alberti, Extension Educator - University of Illinois A live webinar will be hosted in 23 Illinois Extension offices across the state on Thursday, February 28, 2019. Check the list of locations below to find an office nearest you. Registration must be made by phoning the office where you plan to attend. Presentations include: Understanding and Extending Organic Nutrient Management Concepts by Joel Gruver, Western Illinois University, Associate Professor of Soil Science & Sustainable Agriculture Managing Phosphorus Loss in Tile Systems by Aaron Pape, University of Wisconsin Discovery Farms, Tile Drainage Education Coordinator Long-term Crop Rotation and Tillage Effects on Soil GHG Emissions and Crop Production in Illinois by Gevan Behnke, University of Illinois, Senior Research Specialist Cover Crops and Soil N Availability in Corn & Soybean Systems by Lowell Gentry, Universit...

Supplemental Coverage Option (SCO) was introduced in the 2014 Farm Bill but was limited to acres where Price Loss Coverage (PLC) was the commodity title program choice. More farmers likely will be choosing PLC for the 2019 and 2020 marketing years, leading to more acres being eligible for SCO. SCO may be attractive to those farmers who find the costs of Revenue Protection (RP) at an 85% coverage level too high. Farmers interested in SCO should discuss eligibility options with crop insurance agents. by Gary Schnitkey SCO Background SCO is available to farmers who choose PLC for receiving commodity title payments. SCO is not available when Agricultural Risk Coverage (ARC) is chosen (farmdoc daily, June 16, 2015). ARC was selected on over 90% of the base acres in corn and soybeans under the 2014 Farm Bill. As a result, SCO was not an option for most Midwest farmers. Similar to the 2014 Farm Bill, the 2018 Farm Bill again gives a choice between PLC and ARC. More farmers likely will c...