Wednesday, November 13
9:00 am to 3:30 pm
Hilton Garden Inn
1501 S. Neil Street
$99 after November 8th
Keynote Speaker: Joseph Glauber, Chief Economist, United States Department of Agriculture
Dr. Glauber will address the State of U.S. Agriculture, and provide linkages between commodity markets, global supply and demand markets, and forces affecting Farmland Markets in the future.
* Bruce Sherrick: Farmland Markets – farmland performance as a financial asset for both owners and operators
* Gary Schnitkey: Rental Arrangements – how income is split with different types of rental contracts
* Scott Irwin: Commodity Outlook – RFS impact on current and future prices
* Jonathan Coppess: Farm Bill – update on progress, deadlines and program expirations, and farm program alternatives
* Tim Hopper: Top 10 Global Dynamics that Make Your Farm What it is Worth
Special Lunch Guest: Mike Thomas, University of Illinois Athletic Director
Registration includes lunch and materials
The apparent pace of commodity exports from the United States has many wondering if USDA's September estimate is too low. Those numbers will be updated this Friday.
Last month, during the busy harvest season, a group of farmers near Monticello drove their tractors, trucks and combines out of their half-harvested fields, and parked them. Dozens of red, green and yellow machines, in a long row along the highway outside of town. It was a tribute to a friend and fellow farmer. Only 31 years old, he recently died of cancer. Photographer Matt Rubel was visiting family in the area at the time. He captured the tribute, in photos and in this essay, which ran in Modern Farmer magazine.
Donations to the Kaleb and Khloe Hendrix Scholarship Fund can be made to the First State Bank of Monticello, 201 West Main Street, Monticello, Illinois, 61856, (217) 762-9431.
Peter Leavitt; 1931-2013
This week agricultural meteorology lost one its most influential figures. Peter Leavitt served our nation’s farmers for nearly all his 82 years. He was the chairman and CEO of Weather Services Corporation and in 1978 founded WSI Corporation now part of The Weather Channel.
Leavitt graduated from M.I.T. in the 1950’s with a degree in meteorology. In mid-1970’s he taught himself to program a computer (see photo) and did the original database work to create weather forecasting models. He founded WSI in 1978. It eventually spawned The Weather Channel. Leavitt hired Paul Bayer right out of college to help write the computer program. Bayer is a principal software engineer at WSI. You may listen to Todd Gleason’s interview with Bayer about Peter Leavitt’s legacy using the links on this page.
Leavitt volunteered his agricultural forecasting expertise to WILL radio in Urbana, Illinois every Thursday afternoon over parts of the last four decades.
The Illinois State Water Survey weather recording site in Champaign near the South Farms provided the following rainfall totals (in inches) in 2013: May – 4.65; June – 5.33; July – 3.47; August – 0.49; September – 0.50. The dry weather along with high temperatures in late August into September – it reached 98 degrees on August 31 and again on September 10 – had many of us believing that yields would be lowered. I was also hoping that irrigation in a study we conducted here might bring us 300-bushel yields by preventing such a decline.
The irrigation study was conducted by grad student Josh Vonk, with help from others. It was planted following soybeans, with 180 lb of N applied as UAN before final tillage. On May 20, we planted about 40,000 seeds per acre of DeKalb hybrid DKC 62-08. Irrigation was done using dripline placed between row middles, with a row skipped between lines. We started to irrigate in mid-July, and from then to mid- September, irrigated plots received 9.66 inches of water, or about 1.2 inches per week. Rainfall totaled only about 2 inches over this period.
Prices set this month in Chicago will have a direct affect on the indemnity payouts for the crop insurance farmers purchased last March from the federal government. The early October price of December corn futures in Chicago suggest crop insurance policies will make payments. At least on some farms, particularly those farms covered by revenue policies at high coverage levels. There is not much chance for crop insurance payments on soybeans
Let’s do the numbers for corn. The 2013 projected price for corn is $5.65 per bushel. The projected price is used to set crop insurance guarantees. The harvest price is used to calculate revenue on which crop insurance payments are based. The harvest price for corn equals the average of settlement prices of the December Chicago Mercantile Exchange (CME) corn contract during the month of October. Settlement prices during the first two days of October suggest a harvest price of $4.40 per bushel. Obviously, the final harvest price can vary from $4.40. However, $4.40 provides a good starting point for evaluating corn payments.
The Harvest price option crop insurance at the 75% level does not make a payment at $4.40 if the guarantteed yield is 180 bushels to the acre; the 80 percent coverage level pays out $22 under that yield and price; and 85% pays $72 an acre. It is unlikely crop insurance for soybeans will make a payment.
On-the-other-hand GRIP, or the Group Risk Income Plan (GRIP) a different type of crop insurance, is likely to pay.
Most farmers who purchase GRIP do so at a 90% coverage level. To illustrate the size of payments, take a McLean County Illinois GRIP policy with an actual yield equal to the expected yield of 183.3 bushels per acre. A $4.40 harvest price results in a $209 payment given that the highest protection level was chosen. The lowest protection level results in a $126 per acre payment. The 90% coverage level for GRIP causes the larger payments for GRIP compared to the RP or Revenue Protection policy discussed at the beginning of this story.
Summary - Crop insurance payments for corn will occur on some farms, particularly on those who purchased RP policies at higher coverage levels. GRIP at the 90% coverage level likely will make payments. Soybean payments are less likely.
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