Agriculture news roundup: Corn, soybean prices projected to slide

URBANA — Average prices for corn and soybeans during the 2013-14 marketing year are projected to be lower than current bids for harvest delivery, a University of Illinois agricultural economist said.

Citing a recent U.S. Department of Agriculture report, Darrel Good said the average price of corn is projected to be between $4.30 and $5.10 a bushel, while the average for soybeans is projected between $9.50 to $11.50 a bushel.

The agriculture department is projecting that U.S. farmers will produce 14.14 billion bushels of corn this year, with 12.92 billion bushels of that being used.

About 41 percent would go for feed and residual use, while about 38 percent would be used for production of ethanol and byproducts. Another 10 percent is expected to be exported.

The number of bushels projected for feed and residual use, if realized, would be the highest level in six years, Good said in a UI release.

U.S. farmers are expected to produce about 3.39 billion bushels of soybeans, with 3.26 billion projected to be used.

About 52 percent would be used for domestic crush, while about 44 percent would be exported, according to the projections.

Corn planting progresses, despite late start

SPRINGFIELD — Heading into this week, 17 percent of the Illinois corn crop had been planted — up from 7 percent a week earlier, but far behind this time last year, when 94 percent of the crop had been planted.

Farmers in the northern and eastern parts of Illinois were the most fortunate last week, having at least three days suitable for fieldwork.

But many farmers in the southern and western parts of the state were hampered by rain, with more than an inch falling in some regions. In those regions, only a few hours — not even a full day — were suitable for fieldwork.

In the eastern region that includes Champaign-Urbana, Danville and Kankakee, only 17 percent of the topsoil and 10 percent of the subsoils had too much moisture, according to the Illinois office of the National Agricultural Statistics Service.

Other parts of the state were much more saturated. In the region just to the south that includes Mattoon, Effingham and Olney — 87 percent of the topsoil and 66 percent of the subsoils had too much moisture.

Weed Science Field Day set for June 26

URBANA — Farmers interested in weeds and the effectiveness of herbicides can learn more at a field day sponsored by the University of Illinois.

The UI's annual Weed Science Field Day is scheduled June 26 at the UI Crop Sciences Research and Education Center on Wright Street Extended south of St. Mary's Road.

Participants will gather about 8 a.m. and later take guided tours of fields. They'll see research plots and get a chance to talk with weed science faculty, staff and graduate students.

"Participants can compare their favorite corn and soybean herbicide programs to other commercial programs and get an early look at some new herbicide active ingredients," said Aaron Hager, a UI associate professor of weed science.

Cost is $10, which includes a field tour book, refreshments and a catered barbecue lunch. Individuals need not make advance reservations, but groups should contact the Department of Crop Sciences. 333-4424.

Tax school for farmers planned

NORMAL — The University of Illinois tax school will offer a daylong seminar on estate and succession planning June 24 at the Marriott Hotel and Conference Center in Normal.

A team of farm estate and succession planning experts will make presentations and offer advice on making gifts, establishing trusts and financing retirement.

Presenters will include farm consultants, certified public accountants, tax attorneys and a certified financial planner.

Cost is $40 per person, which includes materials, continental breakfast and lunch. Advance registration is required. Seminar and registration information is available at http://www.taxschool.illinois.edu.

Sections (2):News, Business
Topics (1):Agriculture

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