Soy Briefs11/15/2018 | Crop Production Research, Soybean Exports, Biodiesel, Soybean News, Economics
Please note: Due to the Thanksgiving holiday, the next Iowa Soybean Association E-Weekly Newsletter will be sent Wednesday, November 21.
Des Moines — Governor Kim Reynolds signed a two-week extension to the overweight proclamation yesterday, allowing vehicles transporting corn, soybeans, hay, straw, silage and stover to be overweight (not exceeding 90,000lbs gross wt) without a permit.
The proclamation, which will expire at 11:59pm on Nov. 27, 2018, applies to loads transported on all highways within Iowa (excluding the interstate system).
Des Moines — Harvest is inching toward the finishing lines, according to the latest U.S. Department of Agriculture Iowa Crop Progress and Condition Report.
“Farmers have now harvested 83 percent of corn and 94 percent of soybeans, which is 3 and 4 days behind average, respectively,” Iowa Secretary of Agriculture Mike Naig said in a statement. “It has been a long and challenging harvest season for Iowa farmers to harvest crops and complete other fall field work.
“The deadline to seed cereal rye cover crops has been extended to Dec. 1 statewide, so there is still time for farmers to get cover crops planted and complete other conservation work this fall,” he added.
Ames — The 5th Annual Farm4Profit Conference, sponsored in part by the Iowa Soybean Association (ISA), will feature nationally-known speakers, updates on the ag economy and an opportunity to network with a wide variety of industry leaders, innovators and operators.
Registration is now open for the day-long event to be held Dec. 7, beginning at 8 a.m. at CNH Industrial Ag Information Center in Nevada (located just east of Ames adjacent Hwy. 30).
Formerly known as the Ames Ag Summit, the conference is a local and independently-organized meeting providing farm operations of all types and sizes information to help increase farming profitability. Topics will include financial, land value, cash rent and commodity price trends, grain storage safety and tips, farm bill updates, global ag economic conditions and long-range weather forecasting.
“The material to be presented and opportunity to network with others will be extremely valuable and timely as farmers are facing another year of tighter margins,” said Farm4Profit Conference co-Founder Tanner Winterhof, an ag and commercial banker who was also raised on a farm.
Speakers will include representatives from ISA, Iowa Corn Growers Association, Sukup Manufacturing, True North Insurance, VisionBank of Iowa, Whitaker Marketing Group, Principal Financial Group, Cropstar, BAMWX and Ag West Commodities.
CNH Industrial Ag Information Center is located at 23942 590th Ave, Nevada, IA 50201. Tickets are available at no charge this year courtesy of investments made by ISA and ICGA. Attendees must RSVP to reserve their spot as seating is limited. To register or for more information, visit www.farm4profit.com.
Ames — Improving the odds of a successful cash crop after cover crops is the aim of several new projects funded by the Iowa Nutrient Research Center at Iowa State University.
“Based on strong farmer interest and input from our center advisory committee, almost a third of this year’s $1.7 million in project funding will support research to understand how to best integrate cover crops into Iowa crop and livestock systems,” said Matt Helmers, director of the Iowa Nutrient Research Center and professor of agricultural and biosystems engineering at Iowa State. “Since the center was established in 2013, we’ve funded about a dozen research projects linked to cover crops.”
Planting cover crops is a conservation practice that is a linchpin of the Iowa Nutrient Reduction Strategy, adopted in 2013. One way to achieve the strategy’s goals is to expand the use of cover crops to approximately 12 million acres, so they can soak up excess nutrients, keeping them out of streams and drainage tiles and ultimately reducing nutrient levels flowing to the Gulf of Mexico.
In addition to improving water quality, cover crops can build soil health, provide livestock feed and reduce weed pressure in fields. However, because they can be hard to manage, expensive and pose risks to the following crop, there is still a lot of research needed to address the challenges.
“If farmers have a good year growing cover crops, they can get really excited and plant more acres. But if they have a bad year, they might never use cover crops again,” said Alison Robertson, professor of plant pathology and microbiology and a lead investigator of cover crop projects funded by the Iowa Nutrient Research Center.
Washington, D.C. — The Trump administration is moving to reconsider the stiff antidumping duties that have effectively shut off imports of biodiesel from Argentina, Agri-Pulse reports.
According to a draft notice that the Commerce Department is expected to release next week, the government of Argentina argues that the duties are no longer justified due to changes in its taxes on soybeans and biodiesel.
Argentina has cut its export tax on soybean products by 18 percent and increased the export tax on biodiesel by 15 percent, reducing the export tax differential from approximately 30 percent to 3 percent.
The U.S. industry is calling on the Commerce Department to keep the duties in place, arguing that lifting them now would hurt soybean growers at a time when they’re struggling with the impact of Trump’s trade war with China.
“It is unfathomable how Commerce could take such unprecedented action at a time when American farmers are piling surplus soybeans on the ground,” says Kurt Kovarik, vice president of public affairs for the National Biodiesel Board.
Washington, D.C. — China has virtually halted its soybean imports from the U.S. and the country is tightening its belt to do without the oilseed as supplies from Brazil dry up, the USDA says, confirming reports out of Beijing.
Agri-Pulse reports that forecasts for China’s soybean imports in both the 2017-18 and 2018-19 marketing years have fallen by 16 million metric tons since the U.S. and China began in June hitting each other with tariffs, including a 25 percent import tax on U.S. soybeans, according to a new Foreign Agriculture Service assessment.
That includes a 3-million-ton decrease in the prediction for 2017-18 and a 13-million-ton drop in 2018-19.
In June, USDA was predicting China would import 103 million tons of soybeans for 2018-19, but that forecast has now been slashed to just 90 million tons.
“Since the beginning of the current trade tensions, purchases of U.S. soybeans by China have evaporated, with many previously booked sales being canceled,” FAS said in the new analysis.
The small amounts that were shipped after the duties hit have either been diverted to other markets (Vietnam, Singapore, and South Korea) or “are currently languishing off the coast of China, waiting to be discharged,” FAS says.
China is using less soy protein for feed and buying the least amount of soybeans from Brazil as it can, while also auctioning off portions of its domestic stockpiles.
Washington, D.C. — U.S. soybean crushings in September likely totaled 5.131 million short tons, or 171.0 million bushels, according to the average forecast of nine analysts surveyed by Reuters.
Estimates ranged from 170.2 million to 171.6 million bushels, with a median of 171.1 million bushels.
If realized, it would be up from a 169.6-million-bushel crush in August and well above the September 2017 crush of 145.4 million bushels.
U.S. soybean oil stocks at the end of September were projected at 2.141 billion pounds, based on estimates from five analysts, down from stocks totaling 2.215 billion pounds a month earlier. Estimates ranged from 2.100 billion to 2.225 billion pounds, with a median of 2.120 billion.
The National Oilseed Processors Association (NOPA), whose members account for 95 percent of all U.S. soy crushings, estimated that its members processed 160.779 million bushels of soybeans in September, compared with 158.885 million in August.
NOPA pegged soyoil stocks at the end of September at 1.531 billion lbs, down from 1.623 billion a month earlier.
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