Month: February 2025

Conservation Tillage and Technology Conference March 11-12

Don’t miss this year’s Conservation Tillage and Technology Conference March 11-12, 2025, (Tuesday-Wednesday) at Ohio Northern University, Ada, Ohio. Connect with other great farmers and CCAs, experience new ideas, and increase your net income.

The theme is “Getting More from Less.” Cutting costs is key following a year where corn and soybean yields were reduced for many farmers. And crop prices are barely breakeven. We don’t know what the weather will be in 2025, but commodity prices are projected to stay low.

Fred Yoder, no-till farmer at Plain City and former president of the National Corn Growers Association, will be the opening keynote speaker and will appear two more times on the program. He’ll discuss economic benefits of continuous no-till. Also, he will share insights into the new USDA leadership and the Farm Bill.

Jeff Duling, Putnam County, will discuss how he works with Mother Nature to increase yields with no-till and cover crops. Part of his farmland is Paulding clay, considered the worst soil in Northwest Ohio. He has increased corn yields on it by 50 to 75 bushels per acre. He is sponsored by Pioneer.

Connor Sible, Assistant Professor, University of Illinois, will share his research on various methods of “Managing Residue (from high-yielding corn): Mechanical, Chemical, and Biological.” He is sponsored by Calmer Corn Heads.

Etienne Herrick-Sutton, University of Missouri, will speak on the Regenerative Agriculture Outlook. Rodrigo Werle, University of Wisconsin, will present information on Managing Waterhemp in Soybeans. The full conference program is available at ctc.osu.edu

With about 60 speakers total, the Conservation Tillage and Technology Conference gives plenty of opportunities to gain valuable information. The program features four faculty from Midwest universities and more than 20 OSU Extension Educators and campus faculty.

The opening General Session will start at 8:30 a.m. March 11. Master Farmer Awards and the Ohio CCA of the Year will be announced. Four concurrent sessions will begin at 10:00 a.m. The Tuesday sessions include: Soil Health, Cover Crops and No-till; Nutrient Management; Agronomic Crops Management; and Precision Ag & Technology.

The four sessions on Wednesday will begin at 8:30 a.m. and end about 4:30 p.m. Sessions include: Soil Health, Cover Crops and No-till; Agronomic Crops Management; Water Quality; and Regenerative Agriculture. Take advantage of the opportunity to discuss one-on-one with speakers, exhibitors, sponsors, and other participants. Bring a friend and/or family members.

Registration will be a flat rate $100. Register online at https://www.allenswcd.com/cttc/ or call Albert Suniga at 419-222-0846 x1005. (Registration after February 25, or on-site, will be $150.) If you are planning to stay overnight, take advantage of available but limited rooms at discounted rates at “The Inn “at the Ohio Northern University. To take advantage of this promotion, call 844-535-2805. (When reserving, mention CTTC)

2024 Ohio Crop Values Summary

The preliminary farm value of Ohio field crops produced in 2024 was $5.55 billion, down 22 percent from 2023. The fall in total value in Ohio was due to lower prices received for all major field crops, except for hay, according to Ben Torrance, State Statistician, USDA NASS, Ohio Field Office.

Some Ohio highlights from the report follow:

  • Corn for grain value was down 19 percent to $2.41 billion in 2024. The average price was $4.25 per bushel.
  • Soybean value of $2.57 billion decreased 25 percent from 2023. The average price was $10.20 per bushel.
  • All wheat value was down 33 percent to $217 million. The average price was $5.50 per bushel.

Nationally:

  • U.S. corn for grain value decreased 8 percent to $64.7 billion in 2024.
  • Soybean value in the U.S. was down 14 percent to $44.1 billion.
  • U.S. all wheat value was down 11 percent to $10.9 billion.

Weekly Commodity Market Update

Brownfield’s Weekly Commodity update featuring former OSU Extension Ag Economist Ben Brown. This week Will and Ben dive into the upcoming opening crop balance sheet for the 2025 season.

This Week’s Topics:

  • Market recap
  • USDA balance sheet out on Friday
  • A record oilseed crush falls below expectations
  • The impact of dropping consumer sentiment
  • Cattle on feed’s impact to feed grains
  • Reports to watch

Market recap (changes on week as of Friday’s close):

  • March 2025 corn up $.09 at $5.05
  • December 2025 corn down $.03 at $4.70
  • March 2025 soybeans up $.21 at $10.57
  • November 2025 soybeans up $.07 at $10.59
  • March soybean oil up 0.74 cents at 46.81 cents/lb
  • March soybean meal down $1.10 at $294.80/short ton
  • March wheat up $.10 at $5.90
  • July 2025 wheat down $.08 at $6.17
  • March 2025 cotton down 1.03 cents at 66.08 cents/lb
  • December 2025 cotton down $0.24 at 69.15 cents/lb
  • October WTI Crude Oil down $0.49 at $70.22/barrel

Weekly highlights:

Consumer Sentiment declined significantly in February to 64.7 vs 71.7 in January and below expectations of 68.0.

US crude oil stocks increased 195 million gallons on the week- the four straight week. US gasoline stocks were mostly flat on slightly lower weekly demand. Distillate stocks were down 86 million gallons.

US ethanol production increased just slightly to 319 million gallons- up from 218 million last week but matching the volume this time last year. Ethanol ending stocks were up 22 million gallons and are 3% higher than last year.

The National Oilseed Processors Association reported their members crushed 200.4 million bushels in January- a new record for January, but below expectations. The implied soybean oil demand number was bullish despite a bearish crush report.

Grain and oilseed export sales were neutral on the week with corn sales of 57.2 million bushels, soybean sales of 17.6 million bushels, grain sorghum at 870,00 bushels, and all wheat sales at 19.6 million bushels. Soybean oil sales came in above all expectations after being negative the week prior.

Cattle on Feed in as of February 1 was reported at 11.716 million head- 99.3% of last year. The report was seen as neutral to slightly bullish with both placements and marketings coming in higher than last year.

Open interest in futures and options contracts of grains and oilseeds was up 1.5% week over week with producer and merchants increasing their net short position 3.4% and money managers increasing their net long position a combined 39,366 contracts- all of which were nearly exact opposites of the week prior.

US grain and oilseed export inspections were all as expected today although down week over week for corn and up week over week for soybeans and total wheats.

Analysis of the U.S. agricultural commodity market for the 2024/25 marketing year

By:  Daniel Cohen, undergraduate student, Seungki Lee, assistant professor, and Ani L. Katchova, professor and Farm Income Enhancement Chair in the Department of Agricultural, Environmental, and Development Economics at The Ohio State University.

Click here to see full report

 

One of the best indicators of the commodity markets in the U.S. comes from the World Agricultural Supply and Demand Estimates (WASDE) monthly reports. Highlights from the January 2025 WASDE report include:

  • An unusually large drop in the U.S. corn yield in the January WASDE surprised the market.
  • Market fundamentals have improved for both corn and soybeans in the past three months.
  • So far, U.S. grain has made promising export progress. The rest of the marketing year will heavily depend on South American crop production and global trade circumstances.
  • We see cautious optimism across the board—solid domestic grain use, relatively good export progress, and lower-than-expected January stock levels. As a result, most grain prices have rebounded over the past few weeks.

BOI is Back!

Yes, you read that right—the Beneficial Ownership Information (“BOI”) reporting requirements under the Corporate Transparency Act (“CTA”) are once again in effect. On February 17, 2025, a federal judge lifted the stay he had issued on January 7 in Smith v. U.S. Department of Treasury, which had temporarily halted the Government from enforcing BOI reporting requirements nationwide. This recent ruling eliminates all nationwide barriers that had been hindering the enforcement of the CTA. As a result, millions of businesses must now comply with BOI reporting requirements or face the risk of civil and/or criminal penalties.

Updated Deadlines
On February 18, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a notice outlining the following key updates:

  1. Most reporting companies, unless subject to a later deadline (such as disaster relief extensions), now have until March 21, 2025, to submit their initial, updated, or corrected BOI report to FinCEN.
  2. If FinCEN determines that additional time is needed for compliance, it will issue another notice before the March 21, 2025, deadline with any further changes.
  3. The named plaintiffs in National Small Business United v. Yellen are still not required to report their BOI to FinCEN at this time.

A Quick Recap: What is the Corporate Transparency Act? 
Enacted in 2021, the CTA is a federal law designed to combat financial crimes like money laundering, tax evasion, and fraud by enhancing business ownership transparency. It mandates that certain domestic and foreign entities disclose their beneficial owners—individuals who ultimately own or control the company—to FinCEN.

Who Must File Beneficial Ownership Information?
Entities designated as “reporting companies” must submit their BOI to FinCEN by March 21. This includes corporations, limited liability companies (“LLCs”), and similar entities registered with their state’s Secretary of State or an equivalent authority to conduct business. However, certain entities are exempt from BOI reporting requirements, including:  Continue reading BOI is Back! →

Can we grow 300 bu. corn in Knox County?

Does plant population matter?

Maximizing corn yield requires a combination of sound management, good agricultural practices, and help from Mother Nature (environmental factors). Soil health and fertility; Hybrid selection; Proper planting; Weather; and Weed, Insect and Disease control all play a critical role.  Some of these are controllable others are not.

A recent article I read compared the characteristics and management practices of the top performers in the NCGA yield contest.   According to the article, these farmers not only have produced yields much higher than the current U.S. average, but they have also achieved a higher rate of yield gain over time.

Over the past 20 years, U.S. corn yields have increased at a rate of 1.9 bushels/acre/year while winning yields in the non-irrigated yield contest classes have increased by 4.6 bushels/acre/per year.  During the same period Knox County corn yields have increased by about 1.8 bushels/acre/year.

Why are we lagging behind?  Yes, I know that only the best ground is entered into these contests, and this ground may sometimes receive different levels of inputs.  But … with our resources in Knox County, shouldn’t we be able to do better, at least surpass the U.S. rate of 1.9 bushels/per acre/year?

Fields entered into this contest are planted with the same corn hybrids available to everyone and at least regionally,  subject to the same growing conditions.  This  suggests that management practices could be playing a key role in  yield potential.

The management practice I want to focus on today is plant population.

Does plant population matter??

A key factor in achieving maximum corn yield is establishing an adequate population density to allow a hybrid to maximize its yield potential. Due to improved genetics, many of today’s hybrids can be planted at higher populations.

Harvest populations in national corn yield contest entries over 300 bushels/acre from 2020 through 2024 are shown in the chart below.

The average contest harvest population over this period was 35,400 plants/acre.  The U.S. average during the same time period was 29,200 plants/acre and the Ohio average during this period was 30,080 plants/per acre.

Yes, seed costs are increasing.  While I’m not trying to sell seed, does this data suggest that we  should we be adjusting our corn population rates … or at least considering it?

The bottom line is – You know your fields’ yield potential!  As a manager are you giving each field the inputs and management it needs to achieve its maximum potential?

Ohio Farm Numbers

The number of farms in Ohio in 2024 was 74,000, according to Ben Torrance, State Statistician, USDA NASS, Ohio Field Office. Land in farms was 13.5 million acres, down 200,000 acres from last year. The average size farm in Ohio was 182 acres per farm, up 1 acre from 2023.
The number of farms in the United States for 2024 is estimated at 1,880,000, down 14,950 farms from 2023. Total land in farms, at 876,460,000 acres, decreased 2,100,000 acres from 2023. The average farm size for 2024 is 466 acres, up from 464 acres the previous year.

A farm is defined as any establishment from which $1,000 or more of agricultural products were produced and sold, or normally would have been sold during the year. The $1,000 threshold can be met by any combination of sales and government payments. Land in farms includes: crop and livestock acreage, wasteland, woodland, pasture, land in summer fallow, idle cropland, land enrolled in the Conservation Reserve Program, and other set-aside or commodity acreage programs.

Developing your 2025 corn budget

An enterprise budget is a listing of all income and expenses associated with a specific enterprise. What you produce determines the profitability of your business. Enterprises are the basic building blocks for a farm plan. By analyzing revenues and expenses associated with individual enterprises you can determine which enterprises might be expanded and those that should be cut back or eliminated.

This post will focus on developing your 2025 Corn Budget.  The following are key components for this budget.

1. Revenue Assumptions

  • Corn yield (bushels per acre): Estimated based on your field’s productivity or average local yields.
  • Price per bushel: You can base this on current market trends or contract pricing.
  • Revenue calculation: Yield per acre x Price per bushel.

2. Variable Costs

These are costs that vary depending on the acreage and input levels.

  • Seed costs: The cost of corn seed per acre, including any seed treatment.
  • Fertilizer: Nitrogen, phosphorus, potassium (NPK) and other micronutrient fertilizers required for soil health.
  • Herbicides and pesticides: Costs for controlling weeds, insects, and diseases.
  • Fuel: Fuel for planting, cultivating, irrigating, spraying, and harvesting.
  • Labor: Wages for employees working in the field, including seasonal workers.
  • Crop insurance: Premiums for insurance covering potential yield losses or damage from weather events.
  • Other inputs: Other specific inputs required to produce your crop.

3. Fixed Costs

These are costs that do not fluctuate with the level of production.

  • Equipment depreciation: The annual depreciation of tractors, planters, sprayers, harvesters, etc.
  • Land rent/lease: If you do not own the land, this would be a fixed cost.
  • Interest on land and equipment loans: If applicable, include the interest you pay on any loans.
  • Building and storage maintenance: Costs for maintaining barns, grain bins, or other structures.
  • Property taxes: Taxes associated with your land and equipment.

4. Overhead Costs

These include administrative and management costs that can be allocated to each acre.

  • Management and administration: Salaries or wages for management or administrative roles not included in variable costs.
  • Insurance (property, liability): Farm insurance policies.
  • Utilities: Electricity, water, gas, propane, and other utilities for farm operation.

5. Other Costs

  • Transporting: Cost of hauling harvested corn to your bins or elevators.
  • Storage costs: If you’re storing the corn for later sale, include costs for drying and storage.

6. Profit Margin

After calculating your revenue and all associated costs, determine the profit margin per acre. This is the difference between your total revenue and total costs.

The following link will take you to the 2025 OSU Corn Enterprise Budget developed by OSU Extension’s Barry Ward.  This can serve as a guide to help you consider all costs in your operation.

Weekly Commodity Market Update

This Week’s Topics:

  • Market recap
  • Inflation numbers higher than expected
  • Commodity markets could benefit from inflation
  • Bill introduced to instate year-round E15
  • Reports to watch

Market recap (changes on week as of Monday’s close):

  • March 2025 corn up $.09 at $4.96
  • December 2025 corn up $.07 at $4.73
  • March 2025 soybeans down $.13 at $10.36+
  • November 2025 soybeans down $.05 at $10.52
  • March soybean oil flat at 46.07 cents/lb
  • March soybean meal down $5.50 at $295.90/short ton
  • March wheat up $.18 at $6.00
  • July 2025 wheat up $.19 at $6.25
  • March 2025 cotton up 1.48 cents at 67.11 cents/lb
  • December 2025 cotton up $0.78 at 69.39 cents/lb
  • October WTI Crude Oil down $0.26 at $70.74/barrel 

Weekly highlights:

The Consumer Price Index came in up 0.5% month over month- higher than the 0.3% expected and the 0.4% experienced last month. The Producer Price Index was also higher than expected, but lower than the December index.

US retail sales were worse than expected- posting the largest monthly drop in nearly two years.

US crude oil stocks increased again this week- up 171 million gallons along with distillate stocks up just 5.7 million gallons. Gasoline stocks were down 127.5 million gallons with US implied gasoline demand up 3% from the week prior and 5% from the same time last year.

US ethanol production declined to 318 million gallons on the week- after a strong weekly production of 327 million gallons the week prior. The volume matches the same set during the week in 2024. Ethanol stocks declined 30 million gallons on the week.

Grain and oilseed export sales were mixed this week with corn and wheat sales of 64.9 and 20.9 million bushels, respectively being up week over week and at the top end of pre-report expectations, while soybean sales of 6.8 were below all expectations. Sorghum sales of 2.1 million bushels were the largest weekly volume since Mid-November.

Open interest in futures and options contracts of grains and oilseeds was down 1.6% week over week with producer and merchants decreasing their net short position 3.5% and money managers reducing their net long position a combined 55,387 contracts. It was the first net reduction of the complex in nearly 2 months.

Farm Office Live

It’s time to catch up with OSU’s Farm Office team for our monthly Farm Office Live webinar. Join us this Friday, February 21 at 10:00 a.m. to hear legal and farm management updates for Ohio agriculture.

Our line up this month includes these topics:

2025 Farm Bill Sign-up​

Dairy Margin Coverage Sign-up​

Charitable Remainder Trusts and Charitable Giving Strategies​, featuring guest John Wood of OSU’s Office of Advancement

Legislative Update​

Electronic Signatures in Today’s Digital Age​

Spring Crop Insurance Update​

Updated Outlook for Crop Margins​

Ohio Cropland Values and Cash Rents Survey​

Register for the free monthly webinar series or view our recorded webinars at farmoffice.osu.edu/farmofficelive.