Federal Reserve Chairman Ben Bernanke and the minutes from May's Federal Open Markets Committee caused the stock market to see-saw, eventually closing 80 points lower.
This graphic shows the average change in the PSDI from 1961-2012 plus one standard deviation and the maximum PDSI change along with the Dec 2012-Apr 2013 change.
Big $17 billion in indemnities on the 2012 drought don't equate to true cost for taxpayers. Some years taxpayers make a profit on crop insurance, so the 12-year average is closer to $5 billion.
Urbanites who resent subsidizing farmers are joined in their opposition to the farm bill by anti-government types who would slash spending on all programs.
5/22 1:47PM July corn closed higher on Wednesday with support from increased U.S. ethanol production and the continuation of strong basis levels after Monday's Crop Progress report. July soybeans posted their highest close in over seven months in spite of much lower basis levels reported on Tuesday. July Kansas City wheat closed higher with ongoing drought conditions hurting the U.S. hard red winter wheat crop.
Weather
More Light Showers Thursday5/22 12:40PM Thursday will feature mostly light showers for the northeast and east-central areas of the Midwest and through the middle Atlantic region. Mainly dry elsewhere in the U.S. and Canadian Prairies crop and livestock areas.
Crops
Bee health is the focus of a new report from USDA. Beekeepers and bees are challenged by a host of environmental factors that have increased bee deaths and decline. (DTN photo by Pamela Smith)
Honey Bee CauseNo Easy Answer on Bee Health5/2 2:12PM A new report blames multiple factors for the challenges in honeybee deaths and declines.
Mon May 13, 2013 06:59 AM CDT Delayed soybean planting requires some management changes.
Livestock
Heat synchronization allows this operation to breed 350 cows and heifers in one day, using artificial insemination. (DTN/Progressive Farmer photo by Becky Mills)
Synchronization ProsBreed the Herd in One Day5/20 10:45AM For brothers Phil and Jim Ham, heat synchronization is not negotiable. They breed 350 cows and heifers using AI for at least one service, and say it's a job they wouldn't want to attempt without synchronization.
Mon May 20, 2013 11:12 AM CDT Texas ranchers Emry Birdwell and Deborah Clark are pushing the limits when it comes to stocking capacity for their native rangeland. But the payoff is hard to question. Not only are they producing more pounds of beef per acre, but when weather cooperates, they are also covering bare spots in rangeland with grass.
Mon May 20, 2013 11:30 AM CDT Despite complaints from Canada and Mexico, USDA has moved ahead with attempts to rewrite its rule following a trade case in the WTO against the U.S. that concluded USDA's original label discriminated against livestock from other countries. Canada has threatened to offer a list of U.S. products for retaliatory tariffs if the new rule goes into effect.
Mon May 20, 2013 11:08 AM CDT What did I do wrong when I started to use AI?
Land Management
The guy who writes about fertilizer for us choose fertilizer placement equipment as one of the Top 5 Farm Machinery Trends. (DTN/The Progressive Farmer photo by Bob Elbert)
Dirt DiscipleReducing Global Erosion and Soil Perservation5/20 12:45PM Author preaches agriculture needs to reform farming practices to reduce global erosion and preserve the soil for generations.
Mon May 6, 2013 11:39 AM CDT The buzz in ag last week was the obvious late start to planting across the heart of the corn/bean belt and what effect it will have on planted acres.
Farm Business
Four generations of the Gorden family of Decatur, Ill., have a vested interest in their farm, even though none of 91-year-old Ken Gorden's descendants operate it. (DTN photo by Elizabeth Williams)
Senior Partners - 4From Here to Eternity5/10 6:33AM For sentimental or practical reasons, some owners want their farmland to stay in family hands for generations to come. Sharing family stories builds commitment, but buy-sell agreements can impose disincentives to liquidate.
The guy who writes about fertilizer for us choose fertilizer placement equipment as one of the Top 5 Farm Machinery Trends. (DTN/The Progressive Farmer photo by Bob Elbert)
Top 5 Farm Machinery Trends TodayMy List: Top 5 Farm Machinery Trends Today5/20 12:48PM Nowadays, everyone has a list and not to be outdone, DTN reporter Russ Quinn, has come up with his own list -- The Top 5 Farm Machinery Trends -- for this year.
Wed May 22, 2013 11:29 AM CDT For Russ Quinn, author of the Vintage Iron column, having an interest in vintage equipment and farming practices, living on a farm and raising his own young family, has led Russ to try his hand at vintage farming.
Mon May 6, 2013 11:32 AM CDT Kubota builds compact and small tractors in Georgia. But it is looking to acquire an existing manufacturer to build large-scale production farm equipment.
Ag Policy
Backers of country-of-origin labeling touted a new survey from the Consumer Federation of America citing that 90% of Americans favor labeling the origin of meat. (Photo courtesy of USDA)
USDA Faces COOL DeadlineNew Label Requirements Go Into Effect Thursday 5/20 11:34AM Despite complaints from Canada and Mexico, USDA has moved ahead with attempts to rewrite its rule following a trade case in the WTO against the U.S. that concluded USDA's original label discriminated against livestock from other countries. Canada has threatened to offer a list of U.S. products for retaliatory tariffs if the new rule goes into effect.
Mon May 20, 2013 05:24 PM CDT The White House largely praised the Senate farm legislation Monday, pointing to the bill's savings while saying the legislation also "makes meaningful progress toward support of the administration's goals" in several areas. On the floor Monday, Sen. John McCain kicked off debate by challenging premium subsidies for crop insurance.
Wed May 22, 2013 05:17 PM CDT Senators seeking to overhaul sugar policies argued in vain that food-processing and confectionary jobs are lost to Canada because of import restrictions and tariffs that protect a small number of domestic sugar growers.
Mon May 20, 2013 10:27 AM CDT The recent tragedy in West, Texas, has sparked increased debate about regulations surrounding on-farm fertilizer storage. DTN research shows a mix of regulations exist, depending on where a farm is located in the nation.
Farm Life
Iowa State University economist Bruce Babcock has spent much of the last decade arguing agent commissions and subsidies for crop insurance remain too high, but House and Senate Ag Committees are poised to add to program costs, not delete. (DTN photo by Marcia Taylor
Taxpayer Bloat or Farmer Safety Net?Raising Cain Over Crop Insurance5/20 11:00AM One of the creators of modern crop insurance now takes the thankless job as its chief critic. He admits "maybe only five people in Congress" share his views to raise premiums and eliminate the popular harvest-price coverage.
Mon May 20, 2013 11:05 AM CDT The chairman and ranking member of the Senate Agriculture Appropriations Subcommittee on Thursday both expressed displeasure with an Obama administration proposal to shift at least some U.S. foreign food aid from buying domestic commodities to direct cash purchases overseas and said they were flat-out unwilling to go along with it.
Mon May 13, 2013 12:08 PM CDT For sentimental or practical reasons, some owners want their farmland to stay in family hands for generations to come. Sharing family stories builds commitment, but buy-sell agreements can impose disincentives to liquidate.
Featured Column
Could record-high beef prices kill beef consumption? (DTN file photo illustration by Nick Scalise; photo by frgetmenot, CC BY 2.0)
The Market's Fine PrintA Memorial Day to Avoid5/22 7:35PM While there will be plenty of charcoal burned during Memorial Day next Monday, it should surprise no one if Aunt Betty passes or skimps in the face of record-high beef prices, going extra heavy on the fried chicken and potato salad.
= Subcriber Content:
Raising Cain Over Crop Insurance
