The USDA is forecasting reduced milk production this year and growth in 2024. The agency is calling for larger cow inventories this year with slower milk per cow growth, then dairy cows to see production growth and an additional milking day in 2024. In its May supply and demand report, the USDA raised its forecast for 2023 butter and nonfat dry milk prices because of strong demand, while cheese and […]
Soybeans were lower on fund and technical selling, adding to what was already going to be a week of losses. The USDA is projecting a record crop of 4.51 billion bushels with new crop ending stocks expected to be 335 million bushels, compared to the current old crop guess of 215 million bushels, the tightest in several years. The sole change to the old crop balance sheet was a slight […]
Missouri lawmakers have approved updates to the biodiesel production tax credit to make it easier for biodiesel plants to use. Having the production tax credit in place makes soybean oil more affordable for biodiesel producers, because of competition from oil refiners to use the feedstock for other fuels like renewable diesel. Missouri Soybean Association Public Policy Director Casey Wasser says the funding cap increased to $5.5 million in the omnibus […]
Missouri lawmakers updated the biodiesel production tax credit to make it easier for biodiesel plants to use. Having the production tax credit in place makes soybean oil more affordable for biodiesel producers, because of competition from oil refiners to use the feedstock for other fuels like renewable diesel. Missouri Soybean Association Public Policy Director Casey Wasser says the funding cap increased to $5.5 million in the omnibus ag bill. “We […]
U.S. on-farm hay stocks are at historically low levels. The USDA says that on May 1st, the supply was 14.523 million tons, a decrease of 2.2 million on the year because of increased demand and lower production. That is the second smallest U.S. supply since the USDA started keeping track of hay stocks in 1950. The hay harvest is expected to be slightly larger in 2023, but not by much. […]
The USDA has raised its production estimates for beef, pork, and broilers. Beef is estimated at 26.921 billion pounds, up 146 million from April on recent slaughter data and bigger first half of the year placements, with an average steer price of $166.50 per hundredweight, $.70 higher, along increased imports and exports and steady consumption. Pork is projected at 27.381 billion pounds, 21 million higher, with an average barrow and […]
The USDA is anticipating larger cotton and rice crops in 2023. This year’s cotton crop is estimated at 15.5 million bales, which would be up more than a million from 2022, with higher harvested area canceling out an expected lower yield. Harvested area this year is pegged at 8.71 million acres, compared to 7.31 million a year ago, with an average yield of 854 pounds per acre, compared to 950 […]
A University of Wisconsin soybean specialist says with delays in planting, the weeds can potentially get ahead of the crops, so farmers shouldn’t plant too far ahead of the sprayer. Shawn Conley tells Brownfield that getting a pre-emergence herbicide down is very important. “That will be the next challenge, is making sure we get out there and get those pre-emergence herbicides out and activated before water hemp starts to germinate […]
The USDA sees a bigger winter wheat crop this year with larger acreage canceling out a smaller yield. Production is currently expected to be 1.13 billion bushels, 2% more than last year, with a 21% jump in soft red winter to 405.754 million bushels canceling out a 3% decline in for hard red winter to 514.297 million and 11% drop in white winter at a combined 210.364 million bushels. The […]
