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October' 2012

Higher Land Rental Rates For 2013

The continued strength in corn and soybean commodity prices in the past few months, and the resulting increase in crop income per acre for 2012, has caused many landlords to consider significant increases in cash rental rates on farm land for 2013. This comes after substantial increases in most rental rates from 2008-2012. Many crop producers are concerned that the favorable crop prices may not last long term, and that the gross income per acre in future years may not be high enough to justify the higher cash rental rates that are being proposed for the 2013, or potential future rental rate increases. In addition, crop input costs for seed, fertilizer, chemicals, fuel, and crop drying are likely to be higher in 2013, after a rise of about 10-20 percent for the 2011 and 2012 crop years. [ read more ... ]

 

October 11 USDA Crop Report

The October 11 USDA Crop Report showed significant increases for both corn and soybean yields in Minnesota, as compared to September Crop Report. This corresponds closely to actual corn and soybean yields being reported from many areas of the State, which have been better than expected, given the extremely dry weather conditions that existed in several areas. Crop yields in the Southwest and South Central parts of the State have been highly variable due to the drought conditions that existed during the last half of the 2012 growing season. However, it appears that adequate stored soil moisture resulting from the above normal rainfall in May, along with some timely rainfalls during the critical portion of the growing season, helped achieve the better than expected 2012 corn and soybean yields in many areas of the State. Minnesota is certainly the “bright spot” in the U.S. in 2012 for corn and soybean yields, as nationwide yield results come in during this drought year. [ read more ... ]

 

2012 Crop Insurance Considerations

With Federal Crop Insurance, every year is different, and with the multiple options available to producers, there are many variable results from crop insurance coverage at harvest time. 2012 will be no different, with some producers choosing Yield Protection (YP) policies (yield only) versus Revenue Protection (RP) policies (yield and price). Producers also have differences in the level of coverage, and some producers chose “optional units”, while other producers chose “enterprise units” for 2012. [ read more ... ]