Monthly Archives: January 2011

Sign-up for 2009 SURE Payments

John R Whitaker, State Executive Director of USDA’s Iowa Farm Service Agency announced that disaster assistance under FSA’s Supplemental Revenue Assistance Program or SURE program began on January 10, 2011. “Sign up for this program is currently underway and continues until July 29, 2011,” said Whitaker. To be eligible for SURE a farm or ranch must have:

  • At least a 10 percent production loss on a crop of economic significance
  • Insured all economically significant crops
  • Been physically located in a county that was declared a primary disaster country or contiguous county by the Secretary of Agriculture under a Secretarial Designation.

Without a Secretarial disaster Designation, individual producers may be eligible in the actual production on the farm is less than 50 percent of the normal production on the farm due to a natural disaster.

Counties eligible for 2009 SURE payments are shown in the image below. For more on SURE visit the Ag Decision Maker Information File A1-44.

Ag Decision Maker (AgDM)

An agricultural economics and business web site.

Another Bullish Report from USDA (1/12/11)

Chad Hart , ISU Extension Grain Marketing Specialist, provides a summary of the latest crop report from USDA.

This morning’s USDA reports reduced the 2010 corn and soybean crops and lowered ending stocks to uncomfortably tight levels. The 2010 crops still rank as the 3rd largest corn crop and the 2nd largest soybean crop the country has ever produced.

For corn, the production drop was 93 million bushels. Demand was held steady as feed demand dropped 100 million bushels, but ethanol demand increased 100 million. Exports are at 1.95 billion bushels. The shifts lower 2010/11 ending stocks to 745 million bushels. Corn prices are projected in a range between $4.90 and $5.70 per bushel.

For soybeans, the production drop was 46 million bushels. Demand was lowered slightly as crush, seed, and residual demand dropped. Exports held steady at 1.59 billion bushels. But overall, stocks tightened to 140 million bushels. The 2010/11 season average price range shifted to $11.20-$12.20 per bushel.

Looking at South American crop projections, the reports lowered Argentina’s crop prospects as the dry conditions there are impacting crop development. These reports reinforce the fall story line, strong demands and limited ending stocks as we move through the marketing year. The futures markets weren’t quite limit up today, but the bulls were out in force.

Ag Decision Maker (AgDM)

An agricultural economics and business web site.