The USDA has announced its intent to withdraw the proposed organic rule for livestock and poultry. The Organic Livestock and Poultry Practices rule was finalized in final days of the Obama Administration and was one of several regulations put on hold when the new administration took office.
Friday’s move formally terminates the rule.
The rule would have added new provisions for livestock handling and transport for slaughter and avian living conditions.
Soybeans were fractionally lower on speculative and technical selling, with the most active contracts dropping more than $.20 on the week. Forecasts have more light to moderate rain in dry parts of South America, pushing contracts towards near two month lows. Longer term outlooks remain a little less certain and a mostly drier pattern would be consistent with La Nina conditions. China and unknown destinations bought 2017/18 U.S. beans, 257,000 tons and 126,000 tons, respectively, but this marketing year’s export pace continues to trail last year.
Mar. corn closed at $3.47 and 1/4, down 1 cent
Jan. soybeans closed at $9.67 and 1/4, down 1/2 cent
Jan. soybean meal closed at $320.60, down $1.00
Jan. soybean oil closed at 33.16, down 2 points
Mar. wheat closed at $4.18 and 1/4, unchanged
Dec. live cattle closed at $118.90, up $2.62
Feb. lean hogs closed at $68.52, up 90 cents
Jan. crude oil closed at $57.30, up 26 cents
A mild surprise in this week’s WASDE report from USDA was the 50 million bushel increase in the estimate of corn that will go into ethanol production this marketing year.
University of Illinois ag economist Todd Hubbs says that’s a positive sign for domestic corn use demand.
“Since we’re sort of struggling under the 2.4 billion bushel ending stocks number, any increase is some kind of benefit to maybe driving down those stocks,” Hubbs says.
University of Arkansas weed scientist Jason Norsworthy was a presenter at this week’s Nebraska Soybean Expo in Wahoo. In an interview with Brownfield, Norsworthy discussed the dicamba issues that arose in 2017 and ways to minimize the likelihood for damage from off-target dicamba movement in 2018.
AUDIO: Jason Norsworthy
Direct cash cattle trade remains quiet with just a few scattered bids on the table. Packer inquiry is expected to improve throughout the afternoon. Asking prices are around $119 in the South and $190 plus in the North. Bids have been reported at $114 live and $184 to $188 dressed.
Boxed beef is mixed at the midday on light to moderate box movement. Choice is up $.75 at $201.79 and Select is $.08 lower at $183.61.
Even though it may feel like harvest just finished, now is the perfect time to start planning for spring. With yield results fresh in farmers’ minds, the big question remains: how can you use farm data to make management decisions that maximize profitability? On this episode, Andrew Knaack, Climate Business Manager for The Climate Corporation, explains how the easy to use variable rate scripting tools in Climate FieldView™ help farmers reduce risk by making the most of their seed investment.
The Missouri Department of Agriculture has issued and collected what it calls its “first wave” of civil penalties against applicators for off-target dicamba application LAST year.
All of the applicators are in Dunklin County, in the southeast Missouri “Bootheel.” The penalties range from 15-hundred dollars to more than $62-thousand-dollars.”
Director Chris Chinn says the ag department is in its “final stages” of reviewing 2016 investigations and continuing to investigate complaints of dicamba damage filed THIS year.