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MN Wheat Weekly Wheatsource

MN Wheat Weekly Wheatsource

June 9, 2020

MN Wheat Weekly Update
2020 Spring Wheat Survey is out!  Complete online for a chance to win a cooler.  ($350 value) 

Drought Monitor May 28th vs June 4th (US Drought Monitor)
Yellow = Abnormally Dry, Tan = Moderate Drought 

MN Crop Progress Report – June 8th (USDA)

  • HRS Emerged – 96% vs 71% last week vs 83% last year vs 95% 5 year Avg 
  • HRS Jointed – 37% vs 17% last week vs 16% last year vs 43% 5 year Avg
  • HRS Crop Condition – 0% Very Poor, 0% Poor, 17% Fair, 58% Good, & 25% Excellent
  • Top Soil Moisture – 2% Very Short, 16% Short, 74% Adequate, & 8% Surplus 
  • Sub Soil Moisture – 0% Very Short, 6% Short, 83% Adequate, & 11% Surplus 

Wheat Harvest 2020 (Erica Oakley, US Wheat Associates) 

  • The 2020 HRW harvest moved rapidly through Texas and Oklahoma this week with variable yields reported. SRW harvest is underway in Arkansas and Alabama with the first samples in the lab for analysis. Spring wheat planting is 85% complete, mostly emerged and in good condition so far. SW in the Pacific Northwest remains in good to excellent condition and is moving toward an early July start to harvest. Northern durum is 83% planted but emergence is lagging, and the region could use rain. 

NAWG Update (Caitlin Eannello) 

  • NAWG Sends USDA Secretary Perdue Letter re CFAP

On June 1, 2020, NAWG sent a letter to the U.S. Department of Agriculture (USDA) Secretary Sonny Perdue asking the Agency to enable all classes of wheat to be eligible for the Coronavirus Food Assistance Program (CFAP). NAWG looked at several options for justifying eligibility of all wheat classes and demonstrated them in its letter.

  • USDA Issues First Coronavirus Food Assistance Program Payments

U.S. Secretary of Agriculture Sonny Perdue announced on June 4, 2020 that the USDA Farm Service Agency (FSA) has approved more than $545 million in payments to producers who have applied for the Coronavirus Food Assistance Program (CFAP). The FSA has already made payments to more than 35,000 producers.  USDA releases updates on data of the application progress and program payments every Monday at 2:00pm ET. The latest information about CFAP can be found here.

NDSU Cover Crops & PP On-Line Café Talks – Join the Zoom Meeting

    • June 10th, 17th, & 24th
  • All dates: 7:30-9:00am 

US Wheat Price Report (Claire Hutchins)

  • After a volatile week, technical selling following yesterday’s rally pressured all wheat futures prices week-over-week. A significantly weaker U.S. dollar (see below) cushioned losses. CBOT soft red winter (SRW) futures fell 5 cents to end at $5.15/bu. KCBT hard red spring (HRS) futures lost 9 cents to close at $4.61/bu. MGE hard red spring (HRS) futures fell 6 cents to end at $5.19/bu. CBOT corn futures added 5 cents to close at $3.31/bu. CBOT soybean futures gained 27 cents to end at $8.68/bu. 
  • Commercial Sales: This week’s commercial sales of 179,000 metric tons (MT) for delivery in 2019/20, through May 28, were down 15% from last week’s 210,000 MT but within trade expectations of 50,000 MT to 250,000 MT. Year-to-date commercial sales for delivery in 2019/20 total 26.9 million metric tons (MMT), 4% ahead of last year’s pace. USDA’s latest forecast of total 2019/20 U.S. wheat exports is 26.4 MMT, up 3% from last year, pending final results. Adjustments in commercial sales are often made as the marketing year ends. 

Government Program Updates

  • Changes Made to PPP (Source: MN Farm Bureau)

Changes passed by the U.S. House and Senate to the Small Business Administration’s Paycheck Protection Program (PPP) offers farmers and ranchers more flexibility.

Under the previous version, any loan proceeds that you received had to be used within eight weeks of getting the funds. The new bill extends that period to 24 weeks. The other thing is previously, for the loan to be forgiven, at least 75% of the costs had to come from payroll. The new bill lowers that threshold down to 60%.

Nigh says the legislation also extends the deadline to apply for PPP funds from June 30 to December 31, 2020.

For more information click here. 

  • Webinars on CFAP (USDA Farm Service Agency)

The U.S. Department of Agriculture’s (USDA) Farm Service Agency (FSA) in Minnesota is hosting two webinars open to the public on June 11 and June 18.

Farmers and others involved in agriculture will have an opportunity to learn about the Coronavirus Food Assistance Program (CFAP) available to farmers and ranchers who’s farms have been directly impacted by the coronavirus pandemic. The CFAP will provide direct relief to farmers who faced price declines and additional marketing costs due to COVID-19. The webinars will highlight basic program information and educational outreach resources that are available. 

June 11, 2 p.m. (CDT) CFAP Webinar for Minnesota Agriculture Stakeholders

Click HERE to join the June 11 2 p.m. Minnesota Webinar

or CALL 1-636-352-2946, conference ID: 396 525 894#

June 18, 10 a.m. (CDT) CFAP Webinar for Minnesota Farmers

Click HERE to join the June 18th 10 a.m. Minnesota Webinar 

Or CALL 1-636-352-2946, conference ID: 634 273 319#

When you join the meeting, attendees will be taken to a page where you can choose to either join on the web or download the desktop app. If you already have the Teams app, the meeting will open there automatically. If you do not have a Teams account, you may join the meeting as a guest. The webinars will be recorded and will be publicly available following each session.

FSA is accepting applications for CFAP through Aug. 28, 2020. To find the latest information on CFAP, including forms and the contact information for your local Service Center, visit farmers.gov/CFAP. For more visit the FSA website.