Weekly Update

Soybean Weekly Update- October 21, 2016

October 20, 2016

USDA Nudges Record Illinois Yield Estimates Higher

USDA last week raised its statewide average corn yield by two bushels to a record 202 bushels per acre, and hiked its soybean estimate to 62 bushels per acre.  Iowa’s average soybean yield was unchanged, while Indiana's average was increased from 58 to 59 bushels per acre.  The nationwide average yield is forecast at a record 51.4 bushels per acre, up 0.8 bushels from last month’s estimate and 3.4 bushels from last year.  U.S. soybean production is forecast at a record 4.27 billion bushels, up nine percent from 2015.  Average soybean yields also are projected to reach record highs in Kansas (45), Kentucky (50), Missouri (50), Nebraska (61), North Dakota (39), Ohio (53), South Dakota (46) and Wisconsin (52). 

ASA, NOPA Report Highlights TPP Benefits for Soybean Farmers

The American Soybean Association (ASA) and National Oilseed Processors Association (NOPA) this week released a report highlighting the benefits of the Trans Pacific Partnership (TPP) for U.S. soybean farmers.  The agreement would mean better market access for soybeans and products in 11 partner nations, and would increase soybean meal sales for animal feed.  Read about it here.

Spread Risk and Generate Demand with Diversification

Despite strong soybean yields throughout Illinois this season, crop margins have been tightening and likely will continue to tighten next year.  Diversifying a farm with livestock is one way to spread risk and allow a farm to support more family members.  The ISA checkoff program provides a variety of tools and support for farmers considering diversification, including a guide and checklist for beginning a livestock operation.  Because animal agriculture is the top consumer for Illinois soybeans, adding livestock also adds to soybean demand.  Pigs eat 74 percent of the soybean meal fed in Illinois, and cattle and poultry consume another 25 percent.  Learn more by clicking here.

New Industry Video Illustrates Biodiesel Benefits

A new video created by the United Soybean Board (USB) provides viewers with an overview of the biodiesel production process.  The video, which is funded by the soybean checkoff, also highlights the benefits of biodiesel: soybeans are grown in the U.S. which promotes energy independence; more than 47,000 biodiesel-related jobs add $1.9 billion in wages in the U.S.; biodiesel can be used in existing diesel engines and produces 86 percent less greenhouse gas emissions than petroleum.  Watch it here.

4R Advocate Program Looking for Participants

The Fertilizer Institute's 4R Advocate Program is looking for participants -- those agricultural retailers and producers who are leading the way implementing 4R nutrient stewardship.  Nominations are due Oct. 31, and winners will be announced in December.  Winners must be able to attend an all-expense paid trip to the 2017 Commodity Classic, March 2-4, 2017, in San Antonio, Texas.  Click here to apply.

Help Turn up the Volume with ISGPAC

As the 2016 general election grows closer, Illinois soybean farmers are invited to turn up the volume with the Illinois Soybean Growers Political Action Committee (ISGPAC).  ISGPAC provides farmers with strong involvement in political races, and a direct pipeline to tell senators and representatives about the issues that matter most to Illinois farmers:  transportation efficiency, expanding animal agriculture, worldwide market access support, plus biodiesel, trade, energy, taxes and agricultural research.  Farmers can directly support legislators who take a leadership role on soybean priorities and policies.  ISGPAC helps nurture those relationships and keeps key contacts in office where they work for the industry's best interests.  To contribute, visit ISGPAC online or contact Judy Smith at 309-808-3612 or smithj@ilsoy.org.

ISG Takes New Direction with Membership Program

Illinois Soybean Growers (ISG) is increasing its focus on policy issues affecting Illinois soybean producers to keep positive legislation in place and motivate leaders to add new policies that ensure American agriculture is not destroyed by anti-ag activists.  One of the core resources that makes our country great is the ability to produce our own food and fuel.  Yet every year, thousands of family farmers are pushed off their land due to new taxes, regulations and legislative pressures. 
How do you keep Capitol Hill from impacting the income you use to support your family?  How do you stop them from putting obstacles in your way?  To bring growers the most value possible, we now have two options: policy membership and regular membership.  Membership in ASA is included with both options.  Contact Judy Smith at smithj@ilsoy.org, 309-808-3612 or 888-826-4011 to join or renew.
  • ISG Policy Member: Activate your power to join us in educating people about the facts and importance of American agriculture.  Help us be the people that government officials stop and listen to in Springfield and Washington, D.C.  Be a driving force for change.  The more members we add, the louder our voice becomes.  Our policy membership keeps you informed, gets you involved and gives you added discounts and benefits.  A one-year membership is $150 and a three-year membership is $300.  Benefits from ISG and ASA include the following:
    • Automatic enrollment and Acton Alert emails from ISG’s Voice for Soy Action Network
    • Invitations to legislative networking events
    • Opportunity to participate in the ISG Political Action Committee
    • Expanded policy representation/advocates in Springfield and Washington, D.C.
    • Discounts on new Ford, Chrysler and GM vehicles
    • 10% discount on Cabela’s gift cards
    • 10% discount on any new DTN/The Progressive Farmer product or service agreement
    • Discounts on Commodity Classic registration
    • Discounts on DTN/The Progressive Farmer Ag Summit registration (December in Chicago)
    • Complimentary subscriptions to three top soybean magazines:  Illinois Field & Bean, American Soybean and The Progressive Farmer
    • Email updates from the Soybean Weekly Update and eBean News
  • ISG Regular Member: if you just want to stay informed about the agriculture industry, simply supply your name and email address and you receive the Soybean Weekly Update sent via email and the Illinois Field & Bean magazine (eight times per year).  

ASA Seeks Scholarship Candidates

The American Soybean Association (ASA) is looking for applicants for its Soy Scholarship.  The $5,000, one-time award is presented to a high school senior who plans to pursue agriculture at any accredited college or university in the 2017-18 academic year.  The scholarship is managed by ASA and made possible through a grant by BASF Corporation.  High school seniors may apply online now through Nov. 21, 2016.  The student must be a child or grandchild of a current state affiliate and ASA member, maintain successful academic progress and be in good standing with the college or university to receive the full amount of the scholarship.  Final selection will be made in December during the ASA Board meeting.  The student will be notified prior to an official announcement made during Commodity Classic in San Antonio, March 2-4, 2017.  More information is available from ASA.

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Tweet of the Week

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