Soybean Weekly Update
ISA TO COHOST WEBINAR ON UPDATED COVID-19 PERSPECTIVES NEXT TUESDAY, MAY 26
Next Tuesday, May 26, ISA is joining the Illinois Farm Bureau and the Illinois Corn Growers Association to host a webinar featuring University of Illinois farmdoc team members Gary Schnitkey, Nick Paulson and Jonathan Coppess. The discussion will focus on the potential impacts of COVID-19 on commodities markets from the fallout around biofuels production, livestock feed demand and exports, as well as a review of current legislative and USDA policies. Register here.
USDA ANNOUNCES NEW FARMER AID PROGRAMS: CFAP & CCC
In response to the global pandemic that is devastating commodity and biofuel markets, and as part of the CARES Act passed by Congress and signed into law by the President, the U.S. Department of Agriculture (USDA) has announced details for new farmer aid programs. The first program is the Coronavirus Food Assistance Program (CFAP), which provides $9.5 billion in aid for the U.S. food supply chain. The second program is the Commodity Credit Corporation (CCC) that compensates farmers for market losses with $6.5 billion in aid.
Illinois soybean farmers are eligible for payments from both programs with rates of 45 cents per bushel and 50 cents per bushel, applied to a percentage of their January 2020 stored crop inventories and 2019 total production. The application period for these assistance packages opens Tuesday, May 26 and closes August 28, 2020. Applications can be filed with your local USDA Farm Service Agency office. For a preview of what the payment calculator will look like and how it will function view this video from USDA. For more information on other commodities and both COVID-19 assistance programs visit https://www.farmers.gov/cfap. To determine eligibility and possible payment limitations contact USDA-FSA.
ISA TRADE EXPERT SHARES INSIGHTS ON U.S SOY EXPORTS TO CHINA
In a recent article from Brownfield Ag News, the United States Department of Agriculture (USDA) states that China was the leading buyer of U.S. soybeans, corn, and cotton, among other commodities, during the week ending May 7. In response to this piece, ISA Trade Analyst Eric Woodie shared that soybean sales have resumed similar buying patterns as previous years, but at lower volumetric levels. He added that net soybean sales in 2019/2020 are significantly less volatile than last year, while also keeping in-line with the 5-year net sales average. Read more about exports to China here or reach out to ISA with questions.
ISA HIGHLIGHTED IN IPPA’S CHOP TALK NEWSLETTER AS A “BIG” SUPPORTER OF PORK EXPORTS
Last week, the Illinois Pork Producers Association (IPPA) shared the May edition of their monthly newsletter Chop Talk in which ISA was recognized as a commodity group that supports pork exports in “big and unexpected ways.” The feature highlights how ISA helps support Illinois livestock producers, such as with the U.S. Meat Export Federation (USMEF) through their checkoff program. To read more about ISA’s partnerships with IPPA and USMEF, check out the May issue of ISA’s Soy Perspectives magazine.
TAKE ACTION NOW TO PROTECT ILLINOIS LIVESTOCK FARMS
As the COVID-19 pandemic continues, hog farmers are facing an increasingly dire situation. Not only are they impacted financially, but due to market disruptions at packing plants, many Illinois hog farmers are facing tough decisions to euthanize pigs that are becoming too large to be sent to market. The Illinois pork industry is requesting that you please contact Governor Pritzker’s office and encourage his team to support a request for funds to cover costs associated with depopulation which is anticipated to be reimbursed back to the state through federal FEMA dollars. Click here to quickly and easily take action on this important issue.
SOYBEAN SEED TRANSPORTATION LOGISTICS ADAPT DURING THE PANDEMIC
According to a recent U.S. Soy article, each year between 10% and 25% of soybeans planted in the U.S. come from the southern hemisphere. Seeds are transported through various shippers – American Airlines is one example of a company using passenger planes for cargo. Read more about how the industry is tackling the logistics of transportation during COVID-19 at www.ussoy.org.
#SOYHELP FARMER STORY WEEKLY HIGHLIGHT
As the American Soybean Association (ASA) expands its #SoyHelp program, ISA will be featuring a story from a local farmer each week, from ASA. This week, the story comes from Minnesota farmer Theresia Gillie, former president of the Minnesota Soybean Growers Association (MSGA), and agriculture and mental health advocate, who courageously shared her personal experience with mental health challenges, as she dealt with the death of her husband, farmer Keith Gillie. Read Theresia’s story here.
ILLINOIS CONSERVATION EASEMENT OPTIONS
The Natural Resources Conservation Service (NRCS) State Conservationist, Ivan Dozier recently announced funding for the Agricultural Land Easement (ALE) program. The ALE program is focused on addressing development and population pressures on Illinois farmland. Interested partners need to sign up for ALE now at their local NRCS office. The ALE sign-up is continuous but the funding cut-off for this fiscal year is June 19. To learn more about the program visit www.nrcs.usda.gov.
UPCOMING WEBINAR – INSECT & PEST MANAGEMENT IN SOYBEANS
Join ILSoyAdvisor for our next webinar on June 4 with Nick Seiter, field crop entomologist from University of Illinois Urbana-Champaign (UIUC). Seiter will present on the biology, damage potential and management tactics for season-long soybean pests like dectes stem borer, stink bugs and other defoliating insects. Learn more and register for the webinar online.
MAY MADNESS FOR SOYBEANS
Should you replant or spot-in low spots in your soybean field? What seeding rate should you use on fields yet to be planted? Todd Steinacher reviews these and other considerations for your soybean fields this May. Read Steinacher’s article and get the latest in-season, actionable advice at ILSoyAdvisor.com.
REGISTER TODAY – AGRIBUSINESS MANAGEMENT WEBINAR SERIES
ISA’s new Agribusiness Management Program (AMP) provides farmers with go-to advice and guidance on many agribusiness management topics including succession planning and marketing. AMP will continue its mission by hosting a five-week webinar series during July and August that will take a deep dive into agribusiness management advice. Featuring presentations from lawyers, bankers, accountants, university staff and more, this multi-part webinar series will discuss important issues like succession planning, grain marketing and tax implications. Learn more about the free AMP Summer Webinar Series and register online at www.ilsoyadvisor.com.
ISA DISTRICT ELECTIONS
ISA is seeking qualified candidates to fill board seats representing Districts 1, 5, 7, 9, 12 and 13 that are up for election this year. Board members serve a term of three years and are eligible for up to two terms. Petitions are available through the Illinois Department of Agriculture in Springfield, or by contacting ISA representative Dustin Scott at email@example.com. Elections will be held July 7, 2020. Contact Dustin with questions.
ILSOYADVISOR TWEET OF THE WEEK
Nineteen points better than the 5-year average, Illinois reaches 59% of #soybean acres planted as of May 17. Read the full crop progress report here: https://bit.ly/3dT8Ytk #Plant20
See more tweets from @ILSoyAdvisor and “follow” along on Twitter.