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MN Wheat Weekly Wheatsource

MN Wheat Weekly Wheatsource

Wheat Harvest 2020 (Erica Oakley, US Wheat Associates)

  • This the final weekly report for HRS, which ends with an overall average grade of U.S. No. 1 Northern Spring (1 NS). More than 90% of the northern durum crop is harvested and currently grades at U.S. No. 1 Hard Amber Durum (HAD).

US Wheat Price Report (Claire Hutchins)

  • All wheat futures prices jumped up substantially on the week after USDA’s Sept. 30 U.S. wheat stocks and production estimates came in below trade expectations (see below). CBOT soft red winter (SRW) futures gained 29 cents to close at $5.73/bu. KCBT hard red winter (HRW) futures jumped up 34 cents to end at $5.09/bu. MGE hard red spring (HRS) futures added 2 cents to close at $5.32/bu. CBOT corn futures added 14 cents to close at $3.80/bu. CBOT January soybean futures gained 18 cents to end at $10.25/bu\

Commercial Sales

  • This week’s commercial sales of 506,000 metric tons (MT) for delivery in 2020/21, as of Sept. 17, were up 44% from last week’s 351,000 MT and above trade expectations of 200,000 MT to 500,000 MT. Year-to-date commercial sales now total 14.0 million MMT, 8% ahead of last year’s pace. USDA expects the United States will export 26.5 MMT in 2020/21, up 1% from last year, if realized.

National Association of Wheat Growers (NAWG) Update (Caitlin Eannello)

  • NAWG Vice President Appointed to FCIC Board of Directors

On September 28, 2020, The U.S. Department of Agriculture’s (USDA) Risk Management Agency (RMA) announced that four new members were selected for the Federal Crop Insurance Corporation (FCIC) Board of Directors. NAWG is excited to announce that FCIC has accepted its nomination of the Association’s Vice President Nicole Berg to the Board. Berg will serve four-year terms starting in November 2020. Read NAWG’s release here.

  • NAWG Blog: “NAWG Shapes Policy with Quality Loss Option”

In a recent blog, NAWG President Dave Milligan discusses the Association’s work to get the new Quality Loss Option implemented into the federal crop insurance program. This is a big win for wheat farmers and for NAWG which has been working with our state associations for several years on making changes to how crop insurance works when problems like low Falling Numbers are experienced.

  • USDA Releases 20 Small Grains Summary Report

The United States Department of Agriculture (USDA)’s National Agricultural Statistics Service (NASS) recently released its 2020 Small Grains Summary. Total wheat production was 1.83 billion bushels in 2020, down 5 percent from the 2019 total of 1.93 billion bushels. The United States yield was estimated at 49.7 bushels per acre, down 2.0 bushels from the previous year. You can view the full report here.

Industry News (MN Farm Bureau Federation Weekly Impact Update)

  • Congress Reimburses Commodity Credit Corporation

After Senate passage earlier that day, President Trump on Sept. 30 signed the continuing resolution to keep the government funded through Dec. 11. The CR also provides a much-needed reimbursement to the Commodity Credit Corporation. Funds from the CCC support farm programs ranging from conservation to risk management.

  • Landowner Easement Rights Act

Chairman Collin Peterson introduced the bipartisan H.R. 8521, the Landowner Easement Rights Act with Congressman Kelly Armstrong (R-ND). This legislation would limit the term of conservation easements from the Department of Interior to 50 years and give current owners of conservation easements an option to renegotiate or buy out once the easement has been in effect for 50 years. It would also give owners of Fish and Wildlife easements that were created without corresponding maps in the 60s and 70s an immediate opportunity to renegotiate or buy out.

“The Chairman continues to fight for common sense solutions for Minnesota’s farmers and that work continues through his legislation to address ongoing issues with Conservation Easements. Minnesota Farm Bureau appreciates his leadership in finding solutions to help landowners address current issues with previous easements and providing clear guidelines for the future. Minnesota Farm Bureau strongly supports this bill.” -Kevin Paap, Minnesota Farm Bureau President

Click here for more.

  • New Economic Contribution Study of Ag Shows Industry Adds More Than $37B to MN Economy

AgriGrowth and more than two dozen leading Minnesota agricultural stakeholder groups released the 2020 Economic Contribution Study of Minnesota Agriculture and Forestry. This comprehensive new report demonstrates the significant contribution agriculture has in Minnesota, from adding $37.1 billion in value to the state’s economy to creating more than 388,000 jobs.

The study was conducted by Decision Innovation Solutions to show the overall economic contribution of agriculture to Minnesota’s economy with further breakdowns by county and industry. Key highlights from the study found that agriculture and related industries in Minnesota are estimated to contribute:

  • $37.1 billion in total value added
  • 388,134 jobs
  • $105.6 billion in output (sales)
  • $21.4 billion in household income

The study includes data and breakdowns by county, industry and more. You can read the full 2020 Economic Contribution Study of Minnesota Agriculture and Forestry here.