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November' 2011

Check Grain Bins

Corn and soybean producers across the Midwest had very good Fall harvest season, with many farm operators completing harvest by early November. Producers need to pay close attention to monitoring grain that is stored in on-farm grain bins for potential storage problems. Much of the corn and soybeans in 2011 were harvested and placed into grain bins at very warm temperatures; however, we have had a wide range of temperatures in the past several weeks, from fairly cold to quite warm. [read more ... ]

DCP And Acre Program Sign-Up For 2012

USDA announced in earlier this Fall that sign-up for the 2012 DCP and ACRE programs at County Farm Service Agency (FSA) Offices will not start until January 23, 2012, and will continue through June 1, 2012. There is no scheduled advance direct payment for 2012, so the entire 2012 direct payment will be paid to producers after October 1, 2012. Producers that enrolled in the ACRE program in 2009, 2010 or 2011, or that opt for the ACRE program for 2012, will have their total direct payments reduced by 20 percent for 2012. Producers that have changes in owned and rented land for 2012 will need to have those adjustments made at the County FSA office prior to enrolling in the 2012 DCP program. Any changes in government farm programs resulting from a potential new Farm Bill most likely would not be implemented until the 2013 crop year. [ read more ... ]

Use Caution on Cash Rental Rates

Cash corn and soybean prices have been strong for the past 12-18 months, which is spurring some very rapid and dramatic increases in annual cash rental rates. Cash corn prices in Southern Minnesota are near $5.75 per bushel as of 11-21-11, and cash soybean prices are near $11.00 per bushel; however, local corn prices were as high as $7.00 per bushel in early September, and were above $6.00 per bushel, until mid-November. Local cash soybean prices were above $13.50 per bushel in early September, before dropping back to the current price levels. Producers can still forward price their 2012 corn at a new crop local price near $5.00 per bushel, and 2011 soybeans near $11.00 per bushel, which are slightly below the current cash grain prices. These higher commodity price levels for 2011 corn and soybeans, as well as very good price prospects for the 2012 crop year, are definitely being reflected in higher land rental rates across the Midwest. [ read more ... ]

Farm Bill Cuts Likely

Balancing the Federal budget and making budget reductions has been receiving major attention in recent months. Major developments have included the debt ceiling /deficit reduction bill passed by Congress this past Summer, and the current 12-member Congressional super committee that was named to develop an adjustment plan for the federal budget deficit. If the Super Committee can not reach an agreement, the Administration will be authorized to make across-the board cuts in nearly all Federal programs. [ read more ... ]