WASHINGTON/CHICAGO (Reuters) – U.S. farmers are about to reap a bumper harvest not just in corn and soybeans but also in new subsidies that could soar to $10 billion, blowing a hole in the government’s promise that its new five-year farm bill would save taxpayers money.
If payments for 2014, the first year the farm bill takes effect, do come in at that level – as some private economists have calculated – they would be more than 10 times the U.S. Department of Agriculture’s working estimate and more than double the forecast by the Congressional Budget Office.
CHICAGO, Nov 13 (Reuters) – Farmland prices in the U.S. Corn
Belt and central Plains were mostly steady in the third quarter,
but weakness was likely before year-end as farmers absorb the
impact of 5-year lows in grain prices, regional Federal Reserve
banks said on Thursday.
“The downturn in crop prices of the past two years finally
extinguished the trend of rising farmland values that had
prevailed in the District since the fourth quarter of 2009,” the
Federal Reserve Bank of Chicago said, reporting land prices fell
2 percent from the second quarter but were unchanged from a year
CHICAGO, Oct 24 (Reuters) – The red-hot U.S. farm land
market is cooling with prices for prime acreage steady to lower
so far this autumn but holding up better than expected with
grain prices near four-year lows, farm managers and auctioneers
said on Friday.
“It’s getting softer but there’s no panic in the streets.
The market is taking a breather,” said Jim Farrell, head of
Omaha, Nebraska-based Farmers National, the largest U.S. farm
CHICAGO (Reuters) – The largest U.S. grain harvest in history has pushed prices to four-year lows, which usually means a sales bonanza for the world’s largest food exporter. Not this year.
Traditional rivals and aggressive new competitors with their own huge harvests, such as Ukraine and Russia, are leveraging the dollar’s strength to snap up a bigger share of a market that is shrinking as importers themselves boost output.
CHICAGO, Sept 24 (Reuters) – CME Group Inc, owner of
the Chicago Board of Trade grain exchange, said on Wednesday it
had no immediate plans to introduce its controversial variable
storage rate (VSR) scheme in its CBOT corn futures, the world
pricing benchmark for the biggest and most valuable feed grain.
“We have no current plans to implement VSR in corn,” CME
spokesman Damon Leavell told Reuters.
Sept 17 (Reuters) – Farmland prices in Iowa, the top U.S.
corn and soybean state, were down an average 3.4 percent over
the past six months, and more than 8 percent from a year ago -
pressured by lower grain prices and firmer interest rates, a
twice-yearly survey of realtors said on Wednesday.
The average selling price for Iowa farmland as of Sept. 1
was $8,000 an acre, compared with $8,278 six months earlier,
according to the Iowa Realtors Land Institute survey based on
information from farm real estate brokers, lenders and others
with knowledge of land prices.
CHICAGO (Reuters) – The U.S. northern Plains and far western Midwest crop regions saw their first freeze of the season but the cold temperatures were only in pockets of the belt, limiting damage to immature corn and soybeans, agricultural meteorologists said on Friday.
The forecast called for more cold temperatures in the northern Corn Belt on Saturday morning after lows on Friday morning ranged from the mid-20s to low-30s degrees Fahrenheit (minus 3.9 to 1.7 Celsius) from western Nebraska northward into the western Dakotas, Colorado and Montana.
CHICAGO, Sept 7 (Reuters) – David Fullington paid a
“ridiculous” price of $13,600 an acre for a 200-acre (81
hectares) farm in Illinois within the last year and says he and
his partners would probably bid again for prime land that is in
tight supply, despite tumbling grain prices.
“No regrets at all,” Fullington said of the purchase of his
neighbor’s land, now farmed by a son of one of his partners.
“Very seldom do you get an opportunity to buy something right
next door to you. There’s always a little extra value there for
CHICAGO, Aug 14 (Reuters) – Farmland prices in the U.S.
Plains and Corn Belt states were steady to higher in the second
quarter despite lower grain profits as crop prices fell,
according to Federal Reserve Bank quarterly surveys issued on
Falling corn, soybean and wheat prices cut into crop
farmers’ profits while the livestock sector benefited from
cheaper feed costs.
CHICAGO (Reuters) – Unionized port workers and a group of Pacific Northwest grain companies reached a tentative contract agreement, according to an announcement on Tuesday, a deal that will soon ease a backlog of shipments from the biggest U.S. West Coast grain terminal.
A federal mediator announced the tentative agreement, and a spokesman for the Pacific Northwest Grain Handlers Association later confirmed it.