In The News

Apr 8, 2024

Author: Krista Swanson

Motor gasoline use is expected to decline in the future even under a baseline case, but new tailpipe emissions rules really put the pedal to the metal – rapidly accelerating that process. This would be a major shock on demand for corn used to produce ethanol spurring potentially devastating impacts on farmers and the rural economy.       The New Tailpipe Emissions Rule The Environmental Protection Agency recently released its final rule for multi-pollutant emissions standards for model years 2027 and later light-duty and medium-duty vehicles with heavy reliance on the use of electric vehicles. The ruling dictates that sales of non-electric vehicles will drop from over 92% of new vehicle sales in 2023[i] to under 30% of new vehicle sales in 2032. In the EPA central scenario, that translates to a 6.9-billion-gallon reduction in motor gasoline use in 2032, a 5.7% decline from the baseline projection for that year. Motor gasoline use is expected to decline in the baseline, but...

Feb 16, 2024

Key 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...

Feb 16, 2024

Author: Kris Martinez

USDA Secretary Tom Vilsack & EPA Administrator Michael Regan Confirmed for General Session   In an unprecedented opportunity for Commodity Classic attendees, both United States Department of Agriculture Secretary Thomas Vilsack and Environmental Protection Agency Administrator Michael Regan will keynote the General Session of this year’s event, fast approaching Feb. 28-March 2 in Houston. The General Session is Friday, March 1, 8:30-10:30 a.m. (CST) at the George R. Brown Convention Center.   The 2024 show, entitled “New Frontiers in Agriculture,” will also feature Mike Massimino in the esteemed General Session speaker lineup. Massimino is a former NASA astronaut, New York Times bestselling author, and Columbia University professor, in addition to media and television personality. Retaining a longstanding crowd-pleaser, the session will again include a panel discussion with leaders of the five associations that present Commodity Classic each year: American Soybean Association,...

Feb 9, 2024

Key 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...

Dec 1, 2023

Key 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...

Mar 21, 2023

Author: Kris Martinez

Over 10,400 attendees – farmers as well as exhibitors, industry stakeholders and members of the media – gathered for the 2023 Commodity Classic March 9-11 in Orlando.   The 2023 event broke the previous Commodity Classic record of 9,770 attendees, which was held in New Orleans in 2016.   “The excitement in Orlando was energizing,” said George Goblish, a Minnesota farmer, ASA member, and co-chair of the 2023 Commodity Classic. “We knew going into the event that registration was up 30% over last year, but to have a record-breaking show just blew us away.”   Kenny Hartman, an Illinois farmer, NCGA member, and fellow 2023 co-chair, said, “There’s nothing like connecting in person, and it just felt like everyone was so excited to come together again to see the best agriculture has to offer. I can’t wait to see everyone again at the 2024 Commodity Classic in Houston.”   This year’s event featured more than 30 educational sessions, a sold-out trade show with over 400 exhibitors, a...

Jan 31, 2023

Author: Kris Martinez

Networking with Top Farmers Key Benefit of Attending 2023 Commodity Classic   Farmers across the country are getting excited for the 2023 Commodity Classic, which has just announced registration is up 28% over last year’s event in New Orleans.   The 2023 Commodity Classic will be held March 9-11 in Orlando. Attendees can register for all three days of the event; single-day passes are also available.   Attendee surveys indicate that networking with other farmers is one of the top reasons producers enjoy Commodity Classic. Hallway conversations and in-person connections are an important part of the educational experience at Commodity Classic as farmers share their knowledge, passion, and insight with colleagues from across the nation.   “We saw near-record attendance the last time the event was held in Orlando in 2019, and our registrations this year are already up 28% over last year,” said George Goblish, a Minnesota farmer, ASA member, and co-chair of the 2023 Commodity...

Jan 25, 2023

Author: Kris Martinez

The nation’s leading agriculture experts and well-known personalities will be featured on the Main Stage during the 2023 Commodity Classic held March 9-11 in Orlando.   The Main Stage, presented by Successful Farming® and Commodity Classic, is located right on the trade show floor. Presentations are scheduled during trade show hours, and highlights of the Main Stage line-up for 2023 include:   Strategies for Success: Where’s the Market Going? with Farm Credit and Kluis Commodity Advisors Cashing In On Carbon with Garth Boyd of Context Network, sponsored by Truterra How to Make the Most Success with XtremeAg, sponsored by FMC Corporation Bring Soil Health to Life, sponsored by Ducks Unlimited Generation Next: A Retiring Couple’s Journey to Find a Successor to the Family Farm, presented by Syngenta   “The Main Stage is where growers can find valuable information they need to improve their farming operation,” said 2023 co-chair Kenny Hartman, an Illinois farmer and NCGA...

Jan 17, 2023

Author: Kris Martinez

Limited Spaces Remain for Orlando Event   Exhibit space at the 2023 Commodity Classic in Orlando is rapidly reaching sell-out status with nearly 400 companies and over 2,600 booth spaces already committed. A limited number of prime visibility booths are expected to sell quickly.   The 2023 Commodity Classic will be held March 9-11 at the Orange County Convention Center West Concourse in Orlando, Florida.   Exhibitors at Commodity Classic will have direct interaction with thousands of top producers, first-time attendees, and key ag media representatives. Commodity Classic attracts top farmers from across the nation who are the early adopters, thought leaders, and innovators in agriculture. Attendee data from the most recent Commodity Classic in New Orleans indicated that the average farmer at Commodity Classic farmed 3,483 acres and represented $3.5 million in total gross farm income.   Commodity Classic provides farmers with a unique combination of outstanding education,...

Jan 11, 2023

Author: Kris Martinez

Only a few days remain to take advantage of early registration discounts for the 2023 Commodity Classic to be held March 9-11 in Orlando.   Friday, January 20, 2023, is the last day the early registration discount will be in effect.    “Going to Commodity Classic is an investment in any grower’s operation,” said George Goblish, a Minnesota farmer, ASA member, and co-chair of the 2023 Commodity Classic. “The registration fees are a very small cost for everything you get: top-notch educational sessions, the latest farming technology, and the opportunity to network with thousands of farmers from all over the country. And signing up by January 20 allows growers to take advantage of the best prices.”   Registration fees vary depending on the number of days attended. Full registration covers all three days of the event, and one-day registrations are also available. Members of the National Corn Growers Association, American Soybean Association, National Sorghum Producers, National...