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January 31, 2013
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December 11, 2012
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January 3, 2023
Ag Law Issues
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January 31, 2022
Ag Law Issues
quite troubling. In any event, it points to
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April 19, 2017
Grain Market Outlook
Durum Wheat down 3.0%
2017 All U.S. Wheat down 8.2%
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U.S. Durum Wheat Planted Acres: The USDA forecast 2017 durum wheat planted area to be 2.004 ma,
down 408,000 acres (‐16.9%) from 2.412 ma in 2016, but up 2.7% from 1.951 ma in 2015, up 42.4% from 1.407
ma in 2014, and up 43.1% from 1.400 ma in 2013 (Table 1 and Figures 4 and 5).
U.S. Wheat Harvested Acreage
In the 2017 USDA Agricultural Outlook Forum on February 23‐24, the USDA projected that the percent (%)
harvested‐to‐planted acreage for U.S. wheat in 2017 would be 84.78%. Assuming this same USDA proportion
of also projected that 2017 U.S. total wheat harvested acres would 39.050 million acres (ma), down 4.840 ma
(‐11.0%) from 43.890 million acres (ma) in 2016, down 8.268 ma (‐17.5%) from 47.318 ma in 2015, down
15.8% from 46.385 ma in 2014, and down 13.9% from 45.332 ma in 2013 (Table 1 and Figure 5). This USDA
projection is given a 50% probability of occurring by KSU (KSU Extension Ag Economist Daniel O’Brien).
An early 2017 KSU projection is for All U.S. Wheat Harvested Acres in 2017 to decline 10.4% to 39.334 ma
from 43.890 ma in 2016. This estimate is calculated by multiplying the earlier USDA projection of 2017 U.S.
wheat planted acres (i.e., 46.059 ma) by the 2007‐2016 average in U.S. harvested‐to‐planted wheat acres of
85.4%. This acreage scenario is given a combined 40% probability of occurring by KSU.
An alternative “low yield‐low harvested acreage” scenario is assumed with % harvested acres matching
the recent low of 80.6% U.S. harvested‐to‐planted acres in 2013. Given U.S. planted acres of 46.059 ma, 80.6%
harvested‐to‐planted acres would equal 2017 U.S. harvested acres of 37.124 ma. This “short crop” scenario is
given a 10% probability of occurring in MY 2017/18 by KSU.
Figure 5. U.S. All Wheat Planted & Harvested Acreage (1973‐2016) with 2017 USDA Estimate as of the
March 31, 2017 USDA Prospective Plantings report
U.S. Wheat Yields
In the 2017 USDA Agricultural Outlook Forum on February 23‐24, the USDA projected 2017 U.S. wheat
yields to be 47.1 bu/ac, which would be tied for the 2nd highest on record. This projection of 47.1 bu/ac U.S.
wheat yields in 2017 would be down from the record high 52.6 bu/ac in 2016, up from 43.6 bu/ac in 2015, and
43.7 bu/ac in 2014, equal to 2nd highest yield on record of 47.1 bu/ac in 2013, and up from the 3rd highest yield
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January 31, 2022
Ag Law Issues
for other significant life events. By waiting until estate … 8th
Cir. 2010). In any event, the transaction must have … Memo. 200437030 (Apr. 30, 2004). As cash equivalents, the …
October 16, 2018
Grain Market Outlook
Positive Corn Market Factors
However, a number of factors are providing positive support for U.S. corn supply‐demand and price
prospects – including strong exports, developing harvest delays from wet fall weather, ongoing strong ethanol
usage, and uncertain South American corn production prospects in in 2019.
Strong U.S. Corn Exports: In recent weeks, U.S. corn export shipments have been strong – above the pace
needed to meet the USDA’s October 11th updated forecast of 2.475 bb in exports for “new crop” MY
2018/19. For the weeks ending September 27th and October 4th, the U.S. had corn export shipments of
55.4 and 53.2 million bushels (mb), respectively. These were above the pace of 47.8 mb needed to meet
the USDA forecast of 2.475 bb – which had already been raised by 75 mb in the October 11th USDA WASDE
report. Accumulated exports of 228.6 mb as of October 4th were 9.2% of the 2.475 bb USDA projection for
“new crop” MY 2018/19. Total shipments and forward sales as of 10/4/2018 were 775.5 mb – equaling
31.3% of the USDA’s 2.475 bb projection with 7.7% (4 or 52 weeks) of “new crop” MY 2018/19 completed
(Table 1 & Figures 10‐11).
As a result, strong positive signals exist for U.S. corn exports to remain strong in coming months –
providing support for U.S. corn prices.
Developing 2018 U.S. Fall Harvest Delays: As of October 7, 2018 the U.S. corn harvest was estimated to be
34% complete in the 18 major states – compared to the recent 5 year average of 26% completed.
However, since October 8th the National Oceanic and Atmospheric Administration (NOAA) reports that
rainfall as much as 200% to 400% or more above normal has been received in parts of the U.S. Corn Belt
from Texas north, through Oklahoma, Kansas, Nebraska, parts of Iowa, South Dakota, North Dakota,
Page | 2
Minnesota and Wisconsin. In addition, the eastern states of Georgia, North and South Carolina, and
elsewhere have been affected. Precipitation from Kansas to the north fell in the form of snow.
The result of these accumulated precipitation events will be to delay the 2018 U.S. corn harvest to some
degree – providing at least moderate support for corn prices through the remainder of the U.S. Fall harvest.
Ongoing Strong Ethanol Use: According to Environmental Information Administration (EIA) data, for the
period of September 1st through October 5th, 2018, U.S. ethanol production has averaged 1.032 million
barrels per day (range of 1.02 to 1.051 mb/d). Assuming 42 gallons of ethanol per barrel, and 2.8 gallons
of ethanol per bushel of either corn or grain sorghum used in the production process, this rate of U.S.
ethanol production would result in 5.592 bb of U.S. feedgrain use for ethanol. Assuming approximately
75‐100 mb of U.S. grain sorghum to be used for ethanol production in “new crop” MY 2018/19, at the
current pace of usage there would be 5.000‐5.250 bb of U.S. corn used for ethanol production over the
same period. This amount of ethanol use would be down 450‐650 mb from the USDA’s projection of
record high 5.650 bb use for ethanol (Table 1, Figures 9abc‐10).
However, the Environmental Protection Agency’s (EPA’s) recent action to approve the use of E15 on a season‐
round basis in U.S. motor fuels may lead to increased feedgrain use for ethanol during the remainder of
“new crop” MY 2018/19 through August 31, 2019.
Taken together, these results indicated continued strong use of U.S. feedgrains in general and U.S. corn
in particular in domestic ethanol production.
Uncertain Prospects for South American Corn Production in 2019: As a result of what can be formally termed
to be a “trade war” between China and the United States, China’s soybean export purchases have shifted
completely away from the U.S. to Argentina, Brazil and other non‐U.S. World soybean producing countries.
The export price difference between locations in Brazil and the U.S. are estimated to be more than $2.00
per bushel when converted to U.S. dollars. Given this price differential favoring South American soybeans,
it makes sense that South American farmers will have an incentive to increase their soybean acreage and
production in 2019 (Figures 14 & 15abc).
Early planting progress for soybeans in Brazil is ahead of historical pace, with indications that soybean acreage
will be increased – likely drawing acres away from first crop Brazilian corn (which typically accounts for 1/3
of the Brazil corn crop). The second Brazilian corn crop – much of which typically enters World export
markets – will be planted on harvested soybean acres in early 2019.
Consequently, IF there is a sizable acreage shift toward soybean acres in South America in 2019, and if
those acres come from corn, THEN lower World corn production will help support prices in late Winter –
Spring 2019.
…
November 27, 2018
Grain Market Outlook
Lingering 2018 U.S. Fall Harvest Delays: As of November 25, 2018 the U.S. corn harvest was estimated
to be 94% complete in the 18 major states – compared to the recent 5 year average of 95% completed.
Moderate end of season harvest delays still lingered in states such as Kansas (94% harvested vs 99% 5‐
yr avg.); Nebraska (94% harvested vs 97% average); North Dakota (80% harvested vs 93% avg.); Ohio
(86% harvested vs 93% avg.); Pennsylvania (82% harvested vs 89% avg.); and South Dakota (90%
harvested vs 97% avg.); To complicate matters in these areas, precipitation in the form of snow had
fallen in parts of Nebraska, Kansas, Iowa, Illinois, and North and South Dakota over the November 19‐
26 period – further slowing harvest in these areas.
The accumulated result of these slow harvest and recent precipitation events will be to delay the final
part of the 2018 U.S. corn harvest to some degree – providing at least moderate uncertainty about final
2018 U.S. corn production and some support for corn prices through the conclusion of the U.S. Fall harvest.
…