The Vermilion County Farm Bureau held their annual Market Outlook meeting Wednesday (Aug 14th) morning. With harvest around the corner, numbers are looking very strong. The USDA recently projected that nationwide, soybeans would be harvested at 53 bushels per acre. But in the number one soybean state of Illinois, the soil is expected to produce 66 bushels per care.
The corn outlook is even better. The USDA projects 183 bushels per acre nationwide; but on the soil of Illinois, the nation’s number two corn producer behind Iowa, a possible record 225 bushels per acre could be on the harvest horizon.
The Vermilion County Farm Bureau’s Tom Fricke says; Illinois expects to be among the best in the land.
AUDIO: When you look at corn production in the U.S; 75% of it probably happens in six or seven midwestern states. Illinois and Iowa being the top two every year. Nebraska’s always right in there. Minnesota, Indiana, Ohio; are also top producers as well.
But the problem heading into this fall is that the market is crowded, and prices are expected to be down. Fricke says a lot of creativity and planning is needed while farmers navigate the picture of worldwide markets, and look to build up demand.
AUDIO: That’s why corn growers and others are working on building up a market for sustainable aviation fuel, for example. When we have folks visit from other countries, and they see the quality product we’re growing here; it doesn’t look like that by the time it gets to them, going through all the shippers and everything. So we need to work with our shippers; making sure that other countries, our buyers, are getting the product they see here in Illinois.
Speaking of sustainable aviation fuel, more development on that emerging market is a hot topic right now, especially on the soybean side. One of the speakers at the Market Outlook meeting was Kurt Kimmel from AgMarket.Net. He says the trick right now is getting renewable crops at the top of the list for manufacturers of sustainable aviation fuel.
AUDIO: We’re having a little hiccup in here, because what’s happened is we’ve seen some of these companies import used vegetable oil from Asia; palm oil. We’ve seen some of these competitive oils take bean oil’s place for a minute. But right now bean oil is the cheapest in the world….
Tom Fricke agreed that with the need right now to create demand in the markets, it might be a good idea for farmers to invest in more storage this year; be it in purchasing their own bins, or paying for storage at the elevator.
