2020 Soybean Price Prospects

By: Todd Hubbs, Department of Agricultural and Consumer Economics University of Illinois. farmdoc daily (10):29

Soybean prices put in a moderate rally last week. An outlook for a large South American soybean crop and uncertainty of the impact on economic growth associated with the evolving coronavirus situation hang over U.S. soybean demand scenarios moving forward.  Expanding soybean acreage in 2020 looks to test the prospects for lower ending stocks despite stronger Chinese buying. Continue reading

Managing Stored Grain Through Winter

By: Jason Hartschuh, OSU Extension Crawford County

Managing stored grain throughout the winter is an important part of your grain marketing plan for farm profitability. This winter we are already receiving reports of stored grain going out of condition, which can lower the value and be a hazard to those working around the grain facility. At a minimum, stored grain that has gone out of condition can cause health hazards, especially when grain dust contains mold and bacteria. Out of condition grain can also form a crust or stick to the bin walls and if someone enters the bin for any reason an entrapment could occur. For more information on safety when working around grain visit http://go.osu.edu/AFM and listen to episode 41 of the podcast on grain bin safety. Continue reading

Soybeans Need Good News

By: Todd Hubbs, Department of Agricultural and Consumer Economics .University of Illinois. Originally published by farmdoc daily (10):14

Soybean futures prices fell again last week on reports of a coronavirus outbreak rattling the Chinese economy and the prospects of a huge Brazilian crop.  A double hit associated with increased production from our main competitor and a potential drop in Chinese demand appears set to drive prices lower in the near term.  If present consumption trends stay in place this marketing year, the prospect of ending stocks dropping substantially below the current projection of 475 million bushels seem remote.

The coronavirus outbreak continues to spread around the world.  The Chinese government’s attempt to contain the virus appears to have fallen short and brings up the possibility of a hit to China’s economic growth.  While China’s growth and integration in world markets helped commodity prices, the risk-off approach to most equity markets under the prospect of reduced growth in China is hurting agricultural commodity prices.  Soybeans are particularly impacted by this development. Continue reading

Soybean Price Prospects Moving into 2020

By: Todd Hubbs, Department of Agricultural and Consumer Economics University of Illinois .December 9, 2019. farmdoc daily (9):230

The two major drivers of uncertainty impacting soybean prices in 2019 appear set to carry over into 2020.  The status of trade negotiations with China continues to move soybean markets despite numerous fits and starts in the process. Another USDA estimate of the 2019 soybean crop comes out in January.  Without supportive information on either issue, the sustainability of the recent price rally into 2020 seems remote.

Nearby soybean futures prices since the middle of September ranged between $8.70 and $9.40.  The highest prices came in mid-October in association with a reduced soybean production level in the October WASDE report and thawing relations on the trade front.  The lowest prices occurred in early December after another round of trade frictions.  Soybean basis during the recent rally in central Illinois sits in a stronger position than during the October price jump.  Soybean basis strengthened almost twenty cents in the region from October levels with cash prices at soybean processors showing particularly strong bids. Continue reading

How Reliable will this Year’s Test Plot Data Be?

By: Laura Lindsey and Peter Thomison, OSU Extension

Ohio’s corn and soybean crops experienced exceptional growing conditions in 2019, including record rainfall in May and June followed by drier than normal August and September conditions in many areas. As a result of the early season saturated soils, corn and soybean planting was delayed across most of the state. For soybean, planting date is the most important cultural practice that influences grain yield. Planting date is also a major factor affecting crop performance and profitability in corn. The persistent rains and saturated soils caused localized ponding and flooding. These conditions resulted in root damage and N loss that led to uneven crop growth and development between and within fields. Agronomists often question the value of test plot data when adverse growing conditions severely limit yield potential. Continue reading

Sorting Out the Soybean Herbicide Resistance Traits

By: Mark Loux, OSU Extension

The world of soybean herbicide resistance traits has gotten more complex over the past several years.  The good news is that we have new options for control of herbicide-resistant weeds, although it can be a little difficult to sort out which one is best for a given situation and whether the possible downsides of certain traits are tolerable.  The following is a quick rundown of what’s available and some things to consider when selecting seed.  Continue reading

Stink Bug Management In Non-Uniform Crop Stages

By: Kelley Tilmon and Andy Michel, Ohio State University Extension

With all the planting difficulties in 2019 there are soybeans in a much greater variety of growth stages than usual this summer. What does this mean for stink bug management? First, it means that different fields will be in the danger zone at different times. Stink bugs feed on developing pods and seeds, with the potential for damage beginning in R3 and R4-R5 being prime damage time, with damage potential still lingering in early R6. Continue reading

Considerations for Using Soybeans as a Cover Crop

By: Laura Lindsey, OSU Extension Soybean Specialist

From the USDA RMA website (https://www.rma.usda.gov/News-Room/Frequently-Asked-Questions/Prevented-Planting-Flooding):

“Q. Can I plant a cover crop of the same crop I was prevented from planting? Or in other words, can I use the seed I have on hand (corn, soybeans, wheat) to plant a cover crop as long as it’s at a lower seeded rate that qualifies for cover crop?

  1. Yes. An acceptable cover crop must be generally recognized by agricultural experts as agronomically sound for the area for erosion control or other purposes related to conservation or soil improvement is planted at the recommended seeding rate, etc. The cover crop may be the same crop prevented from planting and may still retain eligibility for a prevented planting payment. The cover crop planted cannot be used for harvest as seed or grain.”

Soybean is an acceptable cover crop as it is agronomically sound for the area for erosion control or other purposes related to conservation or soil improvement. Continue reading

Ohio Corn, Soybean and Wheat Enterprise Budgets: Projected Returns For 2019

By Barry Ward, Ohio State University Assistant Extension Professor, Leader Production Business Management

Production costs for Ohio field crops are forecast to be largely unchanged from last year with slightly higher fertilizer and interest expenses that may increase total costs for some growers. Variable costs for corn in Ohio for 2019 are projected to range from $356 to $451 per acre depending on land productivity. Variable costs for 2019 Ohio soybeans are projected to range from $210 to $230 per acre. Wheat variable expenses for 2019 are projected to range from $178 to $219 per acre. Continue reading