Bullish trend continues for weekly export sales

IARN — We continue to see good export numbers on the weekly USDA report.

In the US Export Sales Report released Thursday morning, new crop corn sales were 2.03 million metric tons, primarily to unknown destinations (701,300 MT). New crop soybean exports came in at 2.6 million metric tons, primarily for China (1.33 MMT). Commodities broker Greg McBride with Allendale says a bullish trend continued this week for exports. Read more

Study: COVID-19 caused $8 billion loss for ethanol producers

IARN — A new study by university economists finds ethanol producers will experience roughly $8 billion in losses this year due to the pandemic’s impact on world fuel markets. The study, conducted by economists from the University of Florida and Arizona State University, was published recently in the Journal of Agricultural and Food Industrial Organization. The estimated economic loss grows to a range of $7.9 to $8.6 billion when unemployment effects are included. The study acknowledges that those estimates likely “understate the cost of COVID-19” to the ethanol industry because the impact of the pandemic on co-product output, demand and prices is not included. Read more

Consumer expectations change as pandemic enters a new season

IARN — The Consumer Brands Association’s latest COVID-19 poll asked more than 1,300 American adults about their opinions on the coronavirus and its effect on the country. The data shows a country normalized by a persistent threat and contending with growing anxiety over what’s ahead. When the pandemic began, 36 percent of Americans described themselves as “very concerned” in mid-March, which jumped up to a majority quickly after and has yet to dip below 50 percent since. While most Americans, 72 percent, are still optimistic about the next six months, that optimism has dipped slightly since June, from 76 percent. Read more

Pork & Beef Production Almost Back To Pre-Pandemic Levels

Statewide Iowa — Shoppers looking for their favorite cuts of meat should soon see plenty of them. Beef and pork production are nearly back to pre-pandemic levels after disruptions this spring when outbreaks of COVID-19 sent workers home and meat plants cut production. Read more