Soybean Weekly Update
INSIGHTS FROM ISA SOY AMBASSADOR TRIP TO MEXICO
In January, several ISA Soy Ambassadors traveled to Mexico to learn more about the country as a trading partner for Illinois soy, particularly as it relates to U.S. pork, meat exports, and whole soybeans. The trade team visited retail stores with the U.S. Meat Export Federation (USMEF) to hear about consumer demands in Mexico and spoke with Proteinas Y Oleicos, a company that crushes 25 percent of Mexico’s soybeans. The trip successfully provided insights into Mexico as a trade partner and helped foster ISA’s relationship with USMEF.
WHAT WE’RE READING THIS WEEK
This week we’re reading about bin safety in this ag update from Tri-State Neighbor. The article, Be safe in the bin: Grain quality issues increase risk of entrapment, focuses on grain entrapment and being safe inside grain bins. This is important because wet grain increases the risk of entrapment if farmers enter their bins to check on quality issues. Read the full article here.
FIELD TO MARKET ANNOUNCES NEW OFFICERS
This month, Field to Market - The Alliance for Sustainable Agriculture, which works to create productive and profitable opportunities across the agriculture value chain, announced new officers for their Board of Directors. The board selected Brandon Hunnicutt of the National Corn Growers Association (NCGA) as chair, Jeremy Peters of the National Association of Conservation Districts (NACD) as vice chair, Diane Herndon of Nestlé Purina as secretary and Michelle French of Archer-Daniels-Midland Company (ADM) as treasurer. To read more about the new officers and Field to Market’s 2019 – 2021 strategic plan, click here.
SOY CHECKOFF CONTINUES TO PROVIDE RETURN ON FARMER INVESTMENTS
The United Soybean Board recently announced that, according to an independent economic study, the soy checkoff continues to translate farmer investments into significant benefits for U.S. soybean farmers. The results of the 2019 return-on-investment (ROI) study, found that U.S. soybean farmers received $12.34 in added value for every dollar they invested in the soy checkoff. For more information about this study and the checkoff findings, visit unitedsoybean.org.
GROWING U.S. SOY IN INTERNATIONAL MARKETS
In December 2019, The U.S. Soybean Export Council (USSEC) celebrated the 50th anniversary of the U.S. soy industry’s trade relationship with the European Union. In a new video, USSEC Chairman and United Soybean Board (USB) director Derek Haigwood, discusses how the European and Middle East/North Africa (MENA) markets have grown and what we can look forward to in the future. Watch the full video here.
ONE MEASURE OF LIQUIDITY
The ratio of working capital to value of farm production is one of the traditional measures of liquidity. In a new ILSoyAdvisor article, Dale Lattz examines how this ratio impacts farm stability, and shares how working capital to value of farm production has declined since 2013. Read Lattz’s article, and get the latest local, in-season actionable advice at www.ILSoyAdvisor.com.
WEBINAR NEXT THURSDAY ON REDUCING EARLY SEASON SOYBEAN RISK
Setting up the right environment for soybeans to flourish in the early stages of the lifecycle is crucial to improving yield potential. In the next ILSoyAdvisor Webinar on Thursday, Feb. 20, Victoria Kleczewski will look at different early-season diseases and insects that can affect soybean yields later in the season. She’ll also provide tips to mitigate early season risk. Learn more and register for the webinar online.
REMINDER: ILSOYADVISOR SOYBEAN SUMMIT MARCH 10
The full list of speakers and an updated agenda for ISA’s annual ILSoyAdvisor Soybean Summit has been announced. Come “Say Hello” at this free one-day Summit on Tuesday, March 10 at the Crowne Plaza Springfield in Springfield, Illinois. The event will run from 7 a.m. to 4 p.m. and will feature information on a variety of topics ranging from in-season agronomics to agribusiness management practices and ag technology advancements that could help find efficiencies and increase profitability on producers’ farms. And for Certified Crop Advisers – CEU credits will be offered for qualifying breakout sessions. Visit www.ILSoyAdvisor.com/SoybeanSummit to learn more and register today.
ILSOYADVISOR TWEET OF THE WEEK:
The 2020 fungicide tables for #soybeans are now available from @ACESIllinois and @ILplantdoc
Download here: https://bit.ly/39sIgWd
See more tweets from @ILSoyAdvisor and “follow” along on Twitter.