Feb 16, 2024
Breaking Down 5 Projections in the USDA 2024 Corn OutlookKey Issues: Production
Author: Krista Swanson
USDA released the Grains and Oilseeds Outlook this week providing an initial look at the 2024/25 marketing year projections that include lower production, greater domestic use, increased exports, and higher ending stocks as compared to the current 2023/24 market years. The following is a summary and some additional context for five projections from the latest outlook. Yield Corn yield is projected at 181 bushels per acre. Yield projections depend on the modeling approach and time series used. While a 3.7 bushel per acre increase over the 2023 record 177.3 bushels per acre may seem like a stretch, a regression on annual yields from 2023 to several different historical points including 1934, 1980, and 1996 all predict 2024 yields within about one bushel of the USDA projection. Trendline yields are a reasonable expectation at this point. Adverse weather is generally thought to have a negative impact on yields but in 2023 a record yield was achieved in a year with widespread...
Read MoreFeb 9, 2024
Climate, Conflict, & Currency Impact Cost Competitiveness for U.S. Corn ExportsKey Issues: Trade
Author: Krista Swanson
A combination of climate, conflict, and currency values are factors in cost competitiveness that impacts transits and overall U.S. corn exports. Climate Climate conditions brought widespread drought to the United States Corn Belt in 2023. Dry conditions in the Mississippi River basin led to record low water levels. As a result, barge weight and traffic restrictions were imposed, and the 7.7 million tons of corn moved by barge on the Mississippi River in 2023 was 30% lower than 2022 and 54% lower than 2021. Ultimately, the cost of added time and weight restrictions were factors contributing to a higher corn price at port but also meant pace of getting grain to the port was slowed. Climate-induced waterway challenges for U.S. corn don’t end at the Gulf. Extreme drought has forced substantial scaleback of shipping through the Panama Canal, a key global maritime channel. The Panama Canal Authority (ACP) has reduced traffic to 24 ships a day, about two-thirds of the normal...
Read MoreDec 1, 2023
Drought & River Transport Impact on Corn CompetitivenessKey Issues: TradeTransportation and Infrastructure
Author: Krista Swanson
For the second year in a row, drought conditions are impacting transportation on the Mississippi River at the peak shipment point of the year. Shallower river levels mean barge weight restrictions, slower barge traffic, and higher costs to ship commodities on the river. Ultimately, this translates to a relatively lower price at the farmgate and higher cost for the world buyer. Drought Slows Grain Barge Traffic in 2022 and 2023 The Mississippi River is an important channel for commodity transportation. The USDA reports the final mode of transport was barge for 13% of U.S. grains in 2020, and 46% of exported U.S. grains[i]. There are normally two peaks in grain barge movements, one in late summer leading up to the end of the marketing year for corn and soybeans, and the other emerging in the fall harvest season and into the post-harvest months. The impact of low water levels on grain barge movements was notable in 2023, marking the second consecutive year of drought...
Read MoreMar 8, 2021
Commodity Classic Offers On-Demand Access To 2021 Special Edition SessionsAuthor: Dave Buchholz
Farmers and other agricultural advocates who were unable to participate in the 2021 Special Edition of Commodity Classic can still take advantage of the more than 50 educational sessions that were offered during last week’s online event. Every session is now available on-demand. Registration for on-demand access is available through Friday, March 12. Thanks to generous sponsor support, farmers can register at no charge. The cost is $20 for all other registrants. Once registered, you will be able to view any of the sessions on-demand through April 30, 2021. Registration is available at CommodityClassic.com. A complete list of sessions is also available on this website. Highlights include a keynote address from USDA Secretary Tom Vilsack, a conversation between the farmer-leaders of the four commodity associations that present Commodity Classic, as well as the ag chair of the Association of Equipment Manufacturers, and executive roundtables featuring top agribusiness...
Read MoreMar 4, 2021
Digital Edition of Commodity Classic Attracts Thousands From 49 States and 24 CountriesAuthor: Dave Buchholz
The 2021 Special Edition of Commodity Classic—delivered digitally—is attracting nationwide and worldwide participation this week. As of Wednesday morning, March 4, the total number of attendees was approaching 6,000—with more than 4,000 farms represented. Attendees from 49 states and 24 countries are taking part in the first-ever digital version of America’s largest farmer-led, farmer-focused agricultural and educational experience, which began at noon Central on Tuesday, March 2. The online event continues through 12:30 p.m. Central, Friday, March 5. Registrations are still being accepted at CommodityClassic.com. A complete schedule of events is also available on that website. The remaining schedule includes several Learning Center Sessions, What’s New Sessions, an Executive Roundtable, and a program on dealing with mental stress on the farm. The 2021 Special Edition of Commodity Classic ends Friday, March 5 with the Closing General Session featuring a live keynote...
Read MoreMar 1, 2021
USDA Secretary Vilsack Confirmed as Keynote Speaker for Commodity Classic Closing General SessionAuthor: Dave Buchholz
U.S. Secretary of Agriculture Tom Vilsack will provide the keynote address during the Closing General Session of the 2021 Special Edition of Commodity Classic, which is being delivered digitally March 2-5, 2021. The Secretary’s remarks will take place on Friday, March 5 from 11:30 a.m. to 12:30 p.m. Central. “We’re thrilled to welcome Secretary Vilsack back to Commodity Classic,” said John Linder, an Ohio farmer and president of the National Corn Growers Association. “He always provides an experienced, deep-inside-Washington perspective. With so much going on in our nation’s capital that impact their lives, the audience will be eager to hear his thoughts on the top issues facing our growers such as trade, renewable fuels, and regulatory initiatives.” “Secretary Vilsack has been a strong voice and advocate for agriculture, and we’re looking forward to his joining us once again at Commodity Classic,” said Kevin Scott, a South Dakota farmer and president of the American...
Read MoreFeb 23, 2021
Commodity Classic Launches Powerful Podcast on Farm Stress and Mental HealthAuthor: Dave Buchholz
Commodity Classic, in partnership with the National Association of Farm Broadcasters, has produced a powerful podcast program dealing with farm stress and mental health. The program entitled “Mental Health on the Farm” features four panelists, each with a unique and personal perspective on the issue. The podcast is now available at CommodityClassic.com. The program is available as a full-length podcast for download (49 minutes) or in four individual episodes ranging in length from 11 to 13 minutes that can be played right on the Commodity Classic website. Several radio stations across the Midwest will also be airing the program and/or offering it on their streaming or podcast platforms this week. The program panelists include: Ted Matthews, a rural mental health professional from Minnesota with more than 30 years’ experience; Adrienne DeSutter, an Illinois farm wife who holds a master's degree in counseling; Lowell Neitzel, a Kansas farmer who shares his story of...
Read MoreFeb 22, 2021
Commodity Classic Farmer-Leaders Excited About Digital Edition of 2021 EventAuthor: Dave Buchholz
Commodity Classic’s pivot from a live show—originally scheduled to take place in San Antonio— to a digital online format has created some unique opportunities, according to the two farmers who are co-chairing the 2021 Special Edition of Commodity Classic. The 2021 Special Edition of Commodity Classic features more than 50 educational sessions that will be delivered digitally direct to farmers across the nation and around the world March 2-5, 2021. Registration is open at CommodityClassic.com and the first 5,000 farmers to register can do so at no charge. Anthony Bush, an Ohio corn farmer and co-chair of the 2021 Commodity Classic, said this year’s digital event provides a platform for the event to bring together top agribusiness executives for a series of live, first-ever Executive Roundtables. “We will hear from CEOs from various stakeholders in our industry. I'm not sure what other venue would exist that we would be able to do this. I think that's going to be pretty...
Read MoreFeb 19, 2021
Commodity Classic Extends Invitation to USDA Secretary-Nominee Vilsack To Provide Keynote During 2021 Digital EventAuthor: Dave Buchholz
With his pending return to the position of U.S. Secretary of Agriculture, Tom Vilsack may also be returning to Commodity Classic as the keynote speaker during one of its 2021 General Sessions. Commodity Classic has extended an official invitation to Secretary-nominee Vilsack to speak with attendees during the 2021 Special Edition of Commodity Classic during the Closing General Session from 11:30 a.m. to 12:30 p.m. Central on Friday, March 5. Vilsack has spoken at several Commodity Classic events over the years while he served with USDA under the Obama Administration. Due to COVID-19 restrictions, this year’s Commodity Classic is being delivered digitally online March 2-5, 2021. Registration for the 2021 Special Edition is available at CommodityClassic.com. Thanks to the generous support of sponsors, the first 5,000 farmers who register can do so at no charge. All other attendees can register for $20. Registration includes access to the entire week’s program as...
Read MoreFeb 17, 2021
Top Agribusiness Executives Featured in Live Roundtable Discussions During 2021 Special Edition of Commodity ClassicAuthor: Dave Buchholz
What do the next 20 years look like in American agriculture? Attendees at the 2021 Special Edition of Commodity Classic will have the opportunity to hear some of the top executives in agribusiness answer that question. Three Executive Roundtables will be held during the 2021 Special Edition of Commodity Classic that will be delivered digitally March 2-5, 2021. Each roundtable will be presented live and then archived for future viewing through the end of April. More information is available at CommodityClassic.com. The first Executive Roundtable takes place from 10:00 a.m. to 11:00 a.m. Central on Wednesday, March 3, and features top executives from the ag equipment industry, including John Deere, AGCO, Case IH and Kubota, discussing how changing farm demographics, consumer demands, and technology may impact the ag equipment industry and agriculture in general. The panel will be moderated by Charlene Finck of Farm Journal. The crop production industry will take the...
Read MoreFor media inquiries contact Bryan Goodman, goodman@ncga.com