IARN — Fewer new loans to farmers continued to drive a pullback in agricultural lending activity. The Kansas City Federal Reserve Bank reported this week that stronger prices for agricultural commodities, alongside continued support from government payments, may have reduced financing needs for some farmers and contributed to the slower pace of lending. A historically low number of new loans contributed to an increase in average loan size and drove a slight decrease in the overall volume of non-real estate loans at commercial banks in the fourth quarter. Read more
Economist suggests aggressive marketing approach
IARN — Farmers Business Network (FBN) chief economist Kevin McNew is encouraging producers to “strike while the iron is hot.” McNew cites positive headwinds, which may benefit producers in 2021. Read more
USDA reports bullish corn and soybean exports
IARN — The latest US Export Sales Report for the week ending January 7th showed strong numbers for corn and soybeans. Read more
Lawmakers ask Trump Administration to deny biofuel waivers
IARN — A group of lawmakers is asking the outgoing Trump administration to deny biofuel wavers. A letter signed by the House Biofuels Caucus follows a report the Environmental Protection Agency (EPA) was readying to approve three small refinery exemptions. The letter calls the exemptions illegal, adding they are “contrary to legislative intent and hurt rural economies.” Read more
January WASDE: “More bullish than expected due to corn adjustments”
IARN — U.S. Department of Agriculture (USDA) officials today released the highly anticipated Crop Production and World Agricultural Supply and Demand Estimates reports. Grain futures reacted bullishly, sending corn futures past the five-dollar limit and soybean futures 50 plus cents higher. Read more
US Ag exports top $15 billion in November
IARN — Data from the US Department of Agriculture shows US agriculture exports had another solid month in November. Read more