Tuesday November 14 Ag News

 "$aving by Using Manure on Crops" Workshop Scheduled for November 30
Leslie Johnson - Animal Manure Management Extension Educator

The UNL Manure Team is hosting a workshop for crop farmers that are interested in better using manure nutrients to reduce their commercial fertilizer costs. Whether you have livestock or not and farm 80 acres or 5000 acres, the “Saving by Using Manure on Crops” workshop is for all crop farmers.

Choosing to use manure instead of commercial fertilizer can be advantageous to your bottom line. During the highly-interactive workshop, you will learn the basics of how to sample manure and soil, including how to read the results from the lab and determine the available nutrients in the manure that could be utilized in place of commercial fertilizer. Then, using example fields and the available nutrients, you will be able to calculate how much manure is needed to meet the needs of the crop next year.

Knowing that not all crop farmers have manure readily available, we’ll use current fertilizer prices to determine how much you can afford to pay to have manure applied on your fields. Or, if you do have manure available, the activities will show you how much money you’ll save by properly crediting those nutrients, thus reducing commercial fertilizer expenses.

At the workshop, presenters will demonstrate ways to verify that you or the company you’ve hired have applied the right amount of manure nutrients and what, if any, commercial fertilizer supplementation may still be needed.

The workshop will take place on November 30 from 9 to about 12:45 at the Nielsen Center in West Point. It will conclude in time to attend the Confronting Cropping Challenges workshop in the afternoon at the same location. The cost of the “Saving by Using Manure on Crops” workshop is $20 per person and includes a catered lunch. Registration is required by November 22 so we have enough lunch for all. Visit go.unl.edu/2hf8 to register.

A good workshop never happens without some help and this one is no exception. The “Saving by Using Manure on Crops” workshop is sponsored in part by Nutrient Advisors.

This workshop utilizes an immersive curriculum that is highly tailored to those in attendance making it very effective and able to be applied to your operation later. We look forward to seeing you at the Nielsen Center in West Point on November 30!



CATTLE COMPACTION IN CROPLAND
– Ben Beckman, NE Extension Educator

Are you looking for additional income from your corn acres or feed for cattle? Grazing corn residue is a low-cost winter feed source for cattle and a source of additional income for farmers without negative effects on the cropland.

Many crop producers are concerned that trampling from cattle grazing corn residue negatively affects crop yields. When grazed at proper stocking rates however, small but positive effects on crop production after grazing have been observed.

Research conducted at the University of Nebraska has shown that grazing corn residue at the recommended stocking rate does not reduce corn or soybean yields in irrigated fields the following growing season.

In fact, a long-term study in eastern Nebraska at the Eastern Research and Extension Center showed 2 to 3 bushel per acre improvements for soybean production following grazed corn residue in a corn-soybean rotation. This result was the same whether cattle grazed in the fall from November through January or spring from February through April.

A five-year study in western Nebraska measured corn yields from continuous corn after cattle grazing in the fall and found no negative effects on corn yields the following year.

It must be noted that minor surface compaction can result from grazing during wet weather. However, this compaction often disappears through the natural wetting and drying and freezing and thawing processes. Additionally, this compaction does not restrict root growth and does not carry over into the following growing season.

Grazing corn residue benefits both cattle and crop producers. Corn residue should be viewed as an economical source of winter roughage for cattle that can provide an extra source of income for corn producers that does not affect next year's crop production.



Fischer Reintroduces Real MEAT Act to End Deceptive Labeling of Imitation Meat Products, Stop Smear Campaign Against Real Beef and Pork

U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Agriculture Committee, recently reintroduced the Real Marketing Edible Artificials Truthfully (MEAT) Act to end deceptive labeling practices for alternative protein products. The Real MEAT Act would clarify the definition of beef and pork for labeling purposes by requiring alternative proteins to clearly display the word “imitation” on their packaging. The legislation would eliminate the consumer confusion that results from misbranding and ensure that the federal government is able to enforce labeling standards.

“It’s time to end the deceptive propaganda of plant-based protein products that deliberately confuse consumers by mimicking beef and pork. My Real MEAT Act will clarify that these imitation products aren’t held to the same food safety and labeling standards as real, nutritious beef and pork. Americans deserve to know what’s on their dinner plate, and my bill will bring certainty to the supermarket and end the smear campaign against real meats,” said Senator Fischer.

“USCA appreciates Senator Fischer’s leadership on truthful, accurate labeling of meat products and protein alternatives through the introduction of the REAL Meat Act. As new alternatives and substitutes are brought to market, it’s important that consumers remain confident in national food safety and labeling programs. What is on the label is what should be inside the package, every time,” said U.S. Cattlemen’s Association President Justin Tupper.

“The National Cattlemen’s Beef Association has long been a supporter of the Real Meat Act. Cattle producers work hard every day to raise a high-quality, wholesome protein and we appreciate Congress' continued effort to bring further transparency to plant based products,” said National Cattlemen’s Beef Association Vice President Buck Wehrbein, a Nebraska cattle producer.

“Nebraska’s hardworking beef cattle producers are globally recognized for providing prime product to consumers. While imitation meat will never come close to the quality and taste of real beef, Cattlemen do not deserve to have their reputation damaged by deceptive labeling practices. We commend Senator Fischer for introducing this important legislation which aims to protect both producers and consumers by strengthening food safety and labeling standards,” said Nebraska Cattlemen President Steve Hanson.

“Nebraska’s pork producers work hard to raise safe, sustainable, and affordable pork for American families. Fake meat misleads consumers about the nutritional benefits and ingredients used in products. The Nebraska Pork Producers Association thanks Senator Fischer for introducing legislation to ensure that fake meat cannot benefit off of the good reputation of Nebraska pork,” said Nebraska Pork Producers Association Executive Director Al Juhnke.

“Nebraska Farm Bureau thanks Senator Deb Fischer for introducing this common-sense legislation. For decades, U.S. livestock producers have developed and fostered a sterling reputation for the high-quality meat products they produce. It is high time the federal government recognizes that work and investment by ensuring artificial meat products are labeled as such,” said Nebraska Farm Bureau President Mark McHargue.

Background:
The Real MEAT Act would clarify the definition of beef and pork for labeling purposes, reinforce existing misbranding provisions to eliminate consumer confusion, and enhance the federal government’s ability to enforce labeling standards. The term “beef” is defined as the flesh of cattle and “beef product” as edible products produced in whole or in part from beef, exclusive of milk and milk products. The term “pork” is defined as the flesh of pigs and “pork product” as any food produced or processed in whole or in part from pork. The legislation defines the terms “meat,” “meat food product,” “meat byproducts,” and “meat broker” based on the definitions established in the code of federal regulations.

The bill would reinforce the Food, Drug, and Cosmetic Act’s (FDCA) misbranding provisions, stating that any imitation meat food product, beef or beef product, or pork or pork product is misbranded unless its label has the word “imitation” in the same size and prominence immediately before or after the name of the food. The imitation product must also include a statement clearly indicating that it is not derived from and does not contain meat.

Finally, the bill would require the Secretary of U.S. Health and Human Services to submit a notice within 60 days to the Secretary of the U.S. Department of Agriculture (USDA) if a product is misbranded. If the HHS Secretary failed to initiate an enforcement mechanism within 30 days of sending the notice, the USDA Secretary would be able to treat the product as being misbranded.



Corteva Agriscience Partners with NRDs on Producer Connect

Nebraska’s Natural Resources Districts (NRDs) are pleased to announce a new collaboration with Corteva Agriscience on the development of a groundbreaking web and mobile application suite, Producer Connect. Producer Connect is designed to empower agricultural producers with the tools they need to optimize inputs, enhance agricultural profitability, improve water quality, and increase irrigation efficiency.

“In collaboration with Corteva, Producer Connect is poised to become a comprehensive platform for growers, offering valuable insights and resources to enhance nitrogen management and sustainable farming practices,” said Dr. Orval Gigstad, NARD President. “Through this program, we aim to equip growers with the necessary tools and information to make informed decisions and contribute to the overall health of Nebraska’s agriculture and water resources.”

Additional participants on the project include the Nebraska Corn Board, Natural Resources Conservation Service (NRCS), Central Valley Ag, 17 of Nebraska's 23 NRDs, the Nebraska Association of Resources Districts (NARD) and the NARD Foundation.

“We’re committed to leveraging innovation to help farmers achieve success,” said Jon Stofer, Corteva Agriscience Nutrient Maximizer Strategic Account Manager, Nebraska. “We’re proud to work with Nebraska’s Natural Resources Districts on this new tool to support Nebraska producers in growing the food and fuel the world needs, profitably and sustainably.”

Producer Connect will be free to producers and offer a wide range of features designed to simplify nitrogen and water management, including:
    Producer-specific data
    Protected data
    Customizable nitrogen recommendations
    Irrigation efficiency
    Historical data analysis
    Economic analysis of nitrogen applications
    Information exchange

Producer Connect is currently in its initial stages of development and is expected to launch in June 2024. The initial rollout will focus on Phase 2 and Phase 3 Groundwater Quality Management Areas and areas with irrigation allocations.



Next Round of Prestigious NCGA Research Ambassadors Named for 23-24

The National Corn Growers Association (NCGA) is pleased to announce that eight Research Ambassadors have been selected for the 2023-2024 academic year:
Jensina Davis, University of Nebraska-Lincoln
Jensina is an experienced researcher with a focus on innovation and sustainability in the agriculture industry. Skilled in data collection, leadership, project management, data analysis, R, Java, and SAS, she is a strong research professional pursuing a Ph.D. in Complex Biosystems with a specialization in Integrated Plant Biology at the University of Nebraska-Lincoln. She graduated with a bachelor's degree in Agronomy and Seed Science with a minor in Statistics from Iowa State University, there she became interested in applying data science, statistics and computational methods to agronomic data to improve the sustainability of crop production. Under Dr. James Schnable, her current research focuses on understanding the interaction between genetics, the environment, and management practices of hybrid maize, with a specific focus on nitrogen use efficiency.

Others include:
Travis Banet, University of Kentucky
Ella Hampson, University of Hawaiʻi at Mānoa
Max Harman, Michigan State University
Leannah Hicks, University of Massachusetts
Sendi Mejia Jimenez, Purdue University
Ty Thomas, North Carolina State University
Alexandria Tran, University of Illinois at Urbana-Champaign

Developed and funded by NCGA’s Sustainable Ag Research Action Team, the objective of the Research Ambassador program is to build a network of future leaders in the agricultural sector. To qualify, students must demonstrate academic excellence, leadership potential, and be involved in research relevant to corn production.

"As we embark on the third year of the Research Ambassador Program, we continue to advance the connection between the field and the lab,” said Nebraska grower and NCGA Sustainable Ag Research Action Team Chair Jason Lewis from Henderson, Nebraska. “Creating vital connections between our farmers and these students not only brings opportunities for collaboration and problem-solving, but it strengthens the necessary bridge between academia and agriculture with each passing season."

Through the program, each NCGA Research Ambassador will receive the following:
    Financial award of $2,500 directly to the student.
    Up to $750 for registration and travel reimbursement for participation in scientific research conferences.
    Fully-funded travel to participate in NCGA events throughout the year, which could include grower research committee meetings, congressional visits at the state or federal level, Commodity Classic, Corn Congress, farm field days, etc.




The Andersons, Inc. Reports Third Quarter Results

The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the third quarter ended September 30, 2023.  Third Quarter Highlights:
    Company reported net income attributable to The Andersons of $10 million, or $0.28 per diluted share and adjusted net income of $5 million, or $0.13 per diluted share
    Adjusted EBITDA was $70 million for the quarter
    Expect full year adjusted EBITDA to achieve previous expectations of $350-$375 million
    Renewables reported record Q3 pretax income of $47 million and record pretax income attributable to The Andersons of $26 million on strong operations and industry fundamentals

"Our third quarter includes record results from our Renewables team with great operating performance in our ethanol plants, a strong margin environment and good results from our renewable diesel feedstock merchandising team. We had solid core operating performance in our Trade segment which was offset by a currency loss in our international business. Lastly, our Nutrient & Industrial segment's third quarter, which is typically a loss in this seasonally slow period, had year over year improvements in both its ag and manufacturing businesses," said President and CEO Pat Bowe. "We remain confident about the balance of the year and expect to achieve our previously communicated full year adjusted EBITDA outlook of $350-$375 million."

"We continue to make good progress against our growth strategy. Our third quarter acquisition of ACJ International, a pet food ingredient supplier, contributed positively to these results. We are pleased with this complementary addition to our core grain and fertilizer verticals," continued Bowe. "We are actively pursuing opportunities for growth in our Renewables business. These opportunities include expansion of our renewable diesel feedstock merchandising business and investments to lower the carbon intensity of our ethanol plants. With our well-positioned balance sheet, we have good capacity for growth."

Cash, Liquidity, and Long-Term Debt Management
"Our businesses continue to generate strong cash flows," said Executive Vice President and CFO Brian Valentine. "Although we typically finance working capital with short-term borrowings, we ended the quarter with more than $400 million in cash and very little short-term debt due to strong cash flows and reduced commodity prices. We remain well below our long-term debt to EBITDA target of less than 2.5 times and are pleased with the strength of our balance sheet. We have meaningful capacity for growth and continue our disciplined approach to evaluating projects that fall within our stated strategy and meet our required financial hurdles."

The company generated $489 million and $568 million in cash from operating activities for the third quarters of 2023 and 2022, respectively, and cash from operations before working capital changes was comparable to the same period of the prior year. Included in our investing activities are several strategic growth projects along with normal spending to maintain our facilities.

Third Quarter Segment Overview

Trade Underlying Fundamentals Remain Solid
The Trade segment recorded pretax income of $8 million and adjusted pretax income of $5 million for the quarter compared to pretax income of $41 million in the third quarter of 2022.

Aggregate results for most of our product lines were comparable to the strong third quarter of 2022. Our asset business benefited from another solid Louisiana harvest and strong space income after a very large soft wheat harvest. Underlying merchandising fundamentals were solid; however, earnings were negatively impacted by a $19 million pretax loss ($0.43 per share) in Egypt. While we sell in U.S. dollars, given the unusual currency liquidity issues being experienced by our customers in Egypt, we accepted a lower exchange rate for previously delivered product.

The Trade business remains focused on domestic grain flows and is less impacted by slowdowns in U.S. exports. With the large and ongoing U.S. harvest, our assets are well-positioned to accumulate, condition and store large quantities of grain. In this harvest, we expect drying income due to receipts of higher moisture corn. Trade is also receiving increased storage rates including Variable Storage Rates (VSR) in wheat. With increased domestic supply, the merchandising focus will continue to be on serving customers and opportunistic arbitrage.

Renewables had a Record Third Quarter; Strong Operational Results and Industry Fundamentals
The Renewables segment reported record pretax income of $47 million and pretax income attributable to the company of $26 million in the third quarter. For the same period in 2022, the segment reported pretax income of $16 million and pretax income attributable to the company of $8 million.

Ethanol crush margins were outstanding throughout the quarter, and the current margin outlook remains strong. Production facilities operated efficiently in the quarter with improved ethanol yield and lower operating costs than the comparable quarter in 2022. Results from the merchandising businesses, including renewable diesel feedstocks, exceeded our third quarter 2022 results by nearly $5 million. The three large eastern plants completed their semi-annual maintenance shutdowns in the third quarter and the western plant completed shortly thereafter. Board crush values remain historically high into the fourth quarter.

Nutrient & Industrial Ag Businesses Recover on Improved Margin
The Nutrient & Industrial segment posted a pretax loss of $8 million, compared to a 2022 third quarter pretax loss of $12 million. During this seasonally slow period, volumes were down 6% with an overall increase in margins. Gross profit improved by $4 million and reflects these higher margins partially offset by the volume decline. The Sioux City specialty liquid plant was impacted by a rail service interruption which had an impact on volumes for approximately one month. Outlook for the fourth quarter remains solid.



Assess Mortality Costs, Opportunity for Improvement in Swine Operations

Profitable pig production depends on producing pigs to market, with costs below market price. Lowering mortality rates can improve potential profitability. However, experienced pig producers know that mortality is a cost by its very nature and by efforts to reduce it. Iowa State University Extension Livestock Specialist Russ Euken and Extension Livestock Economist Lee Schulz have developed two decision tool spreadsheets producers can use to help analyze the cost of mortality, one for wean to finish operations and the other for breed to wean operations, which are available for free through the ISU Ag Decision Maker website.

"The models are intended to help producers get a better handle on the economic opportunity of reducing swine mortalities,” Euken said.

The spreadsheets are based on budgets comparing current levels of mortality to a projected improvement. A user can analyze how mortality rate, current prices and other factors impact the cost of mortality. Fixed costs are included in the budget but do not change with mortality rate. While it’s true that when a pig dies an operation’s fixed costs are spread over fewer pigs, total fixed costs for the operation have not changed.

In addition, the cost of mortality depends on when mortality occurs. The timing of death loss on average is built into the model as an input. In wean to finish production, when a pig dies it stops consuming feed and other non-feed variable costs that accrue on a per-pig basis, which saves costs. The amount of cost savings depends on relative feed costs. When feed prices are high, any cost savings is higher, especially if the pig dies early, compared to when feed prices are low. When a pig dies late in the finishing phase, the cost savings is comparatively minor relative to the lost opportunity cost of marketing a finished pig. Also evident is the decreasing marginal returns to cost savings as mortality rate decreases.

In breed to wean production, if a sow is bred but mortality occurs before farrowing, a litter of pigs is not produced. If the mortality occurs after farrowing but before being bred, that sow and potential litter can be replaced assuming replacements are available for breeding. In that circumstance, mortality does not affect pigs produced in the operation, but it would affect cull sow income and replacement costs, as would death loss before farrowing. Piglet pre-wean mortality changes can also be modeled in the decision tool.

Producers are encouraged to use the information files, where examples are provided, and the accompanying decision tool spreadsheets, which allow users to plug in their own numbers, so they can analyze what might happen if they improve mortality rates within their own operation.

“Costs to reduce mortality may vary depending on cause of mortality, and so will the economic opportunity of prevention, but these resources provide a starting point allowing producers to weigh the projected benefits of mortality-reducing strategies against their anticipated costs,” Schulz said.

The information files and spreadsheet decision tools are available at no cost on the Ag Decision Maker website: wean to finish, B1-78 and breed to wean, B1-79

These resources were developed as part of the Improving Pig Survivability project funded by the National Pork Board and the Foundation for Food and Agriculture Research.

For more information, contact Euken at 641-231-1711 or reuken@iastate.edu or Schulz at 515-294-3356 or lschulz@iastate.edu.



CHS Foundation Awards $4.3 Million in Grants to the National FFA Foundation

The CHS Foundation recently announced grants of nearly $4.3 million to the National FFA Organization, continuing its partnership in supporting the next generation of leaders, the talent pipeline and agricultural education.

"We are thrilled to continue our partnership with CHS," said Molly Ball, president of the National FFA Foundation and chief marketing officer of the National FFA Organization. "Throughout our partnership, CHS has been unwavering in its support and continues to see the potential leaders in each of our members and advisors."

The grants will help fund FFA programs in 17 states, provide scholarships for attending conferences and contests, introduce students from all backgrounds to ag careers through the workforce development program, and support the National Association of Ag Educators in attracting ag teachers and building strong teaching programs.

"CHS and its foundation are proud to make the largest gift in the foundation’s 75-year history to National FFA. By supporting FFA, we are creating connections with the next generation of leaders who will empower agriculture and help transform the science, business and technology of agriculture for the future," says Megan Wolle, president of the CHS Foundation. "FFA inspires students from all backgrounds to choose ag careers and shapes leadership skills that last a lifetime. Our increased commitment will help FFA elevate and expand its amazing work with ag educators and students."



NMPF’s Mooney Highlights Dairy’s Persistent Strength at Annual Meeting

National Milk Producers Federation (NMPF) Chairman Randy Mooney commended U.S. dairy farmers for their persistence in supporting positive change for their industry at the organization’s annual meeting in Orlando, noting that challenges are nothing new to producers and that their unity has brought progress in encouraging better federal farm policy.

“We're nourishing families around the world through milk's unbeatable nutritional value,” said Mooney in remarks at the meeting, which is held jointly by NMPF, the National Dairy Promotion and Research Board and the United Dairy Industry Association. “I've dairied for a long time, through good times and bad times, but there's never been a time that I haven't laid my head down on my pillow at night and been proud of what I accomplished on my farm,” said Mooney, a Dairy Farmers of America member-owner who farms near Rogersville, MO.

Dairy producers in the past year have faced operating margins at their lowest since the federal dairy safety net was adopted in its current structure in 2014 as prices plummeted from record highs. Meanwhile, the U.S. farm bill has expired, and dairy farmers are seeking a fairer milk pricing system through a USDA-led Federal Milk Marketing Order (FMMO) hearing, which began in August and will resume Nov. 27 after a temporary pause.

Following Mooney onstage was NMPF President and CEO Jim Mulhern, who is retiring at the end of this year after leading the organization for a decade. In his remarks, Mulhern reflected on the challenges dairy farmers have met and how they will meet the challenges to come.

“I've tried to remain true to what I see as the hallmark of the dairy community: people who work hard, approach things with common sense, care passionately about the product they produce,” Mulhern said. “You all strive to do the right thing. And I can tell you, looking over the course of my career, those are qualities that can take you a very long way.”  

Also at the meeting, NMPF’s Board of Directors approved the organization’s policy positions and elected new members. New directors elected to the Board of Directors and approved by NMPF delegates include Brad Bateman of Dairy Farmers of America and Rick Burkhamer of Foremost Farms. Burkhamer, who farms near Richland Center, WI, was also named to NMPF’s Executive Committee.

Along with adopting official federal policy positions, NMPF’s membership also raised funds for the organization’s college research scholarships and held its annual cheese and dairy product contest in conjunction with the meeting.

The Chairman’s Award for the NMPF Cheese and Yogurt Contest went to Prairie Farms Dairy for its Cave Aged Rinded Swiss, produced in Faribault, MN. Ellsworth Cooperative Creamery won the Chairman’s Reserve Award for its Pepperoni with Marinara Rub produced in Menomonie, WI. This year’s contest included 252 entries from 14 participating NMPF co-ops, a total of 3,350 pounds (1.52 metric tons) of cheese and yogurt.

NMPF’s official portion of the meeting concludes tomorrow. Highlights include a dairy economics forecast by NMPF staff; awards in the organization’s annual dairy contest; and an address by incoming President and CEO Gregg Doud, who takes over from Mulhern Jan. 1.



Grain Storage Outlook Improves for U.S. Elevators, but Bushels Remain Elusive

The profit outlook for U.S. grain elevators storing corn and soybeans has improved significantly for the 2023-24 marketing year with buy basis falling and carries returning to futures markets. The world market is currently awash in grains, and global supplies of corn and soybeans are abundant. The improved market conditions follow two consecutive years of inverted futures markets, which limited the ability of many elevators to earn a profit from storing grain.

The current challenge for grain elevators is simply gaining ownership of bushels. Farmers have been reluctant to sell, as corn and soybean prices have fallen sharply from their peaks earlier this year. That has left elevators with lower levels of grain ownership to take advantage of wider carries and basis levels. Basis has fallen to multi-year lows in some regions of the country.

However, the delay of grain moving to elevators is expected to be short-lived. According to a new report from CoBank’s Knowledge Exchange, the challenge of acquiring bushels should begin to ease for elevators early in 2024. The rising cost environment will likely compel farmers to sell in January, February and March to generate cash for spring planting and operational expenses. Farmers are also expected to be more willing to sell on price rallies over $5 per bushel for corn and $14 per bushel for soybeans, which will cap any run-up in basis.

“Many grain farmers have the benefit of being in a very strong cash position following last year’s record farm income levels,” said Tanner Ehmke, grains and oilseeds economist for CoBank. “They have been quite content to hold on to their grain since prices have fallen. But higher land rents and borrowing costs, combined with rising prices for inputs like fertilizer, will probably motivate farmers to sell as the calendar turns to 2024.”

Some elevators have been able to make up for the lack of ownership through higher storage fees and by offering delayed pricing programs. Delayed pricing allows farmers to deliver grain when it is convenient and price it later, with many elevators charging much higher service fees to cover the elevator’s higher risk of owning unpriced bushels in a carry market. Storage programs have become popular as farmers wait for a rally in futures prices or local basis.

For elevators that have been able to gain ownership of bushels, the transition to a carry market will be awkward for some merchandisers who have been actively trading freight and selling commodities in an inverted market for the past two years. In a carry market, elevators are instead incentivized to store grain rather than sell it.

Supported by strong domestic demand for corn and soybeans, basis is expected to appreciate over time. Cheaper transportation rates plus strong end-user demand among livestock feeders, ethanol plants and soybean crushers are expected to help prevent basis from dropping significantly. However, the rise in basis will be limited given the ample global supply of corn and soybeans.

The smaller U.S. soybean harvest this year combined with record processor demand has put a strong floor under soybean basis relative to corn. Processor margins have been supported by growing demand for soybean oil for renewable diesel and a record export pace for soybean meal in the absence of Argentine exports.

Ehmke said the biggest wildcard that could affect carry and basis is the U.S. corn and soybean export program.

“The risks largely come from abroad,” said Ehmke. “Chinese demand could suddenly appear for corn or soybeans or disappear for grain sorghum. And a short South American crop would result in futures spreads narrowing considerably, which would incentivize elevators to sell soybeans.”



Building the next-generation, independent seed company, Dan Funk acquires Outward Ag LLC

Dan Funk, son of legendary seedsman Don Funk, announces he's acquired the interests of Outward Ag, LLC from family members. The acquisition is a step further in his goal to reestablish Midwest Seed Genetics, NC+ and Crow's as premium regional seed brands.

“Through focused, regional seed brands, our mission is to provide a choice for agriculture’s next generation – from the seed they buy to the way they do business. I was fortunate to learn three crucial lessons from my father: provide the best quality seed, deliver what customers ask for, and make things as simple as possible,” says Dan Funk.

With the re-introduction of NC+ in the West, Midwest Seed Genetics in the Central and Upper Corn Belt, and Crow's in the East, entrepreneurial growers and seed professionals will have the opportunity to be a part of the next generation independent seed company. NC+, Midwest and Crow's represent a new choice – with models that are custom-designed, responsive, and flexible for the specific geographies in which they serve.

Funk goes further, “We have an incredible, experienced team that knows seed represents much more than just another transaction. Fundamentally, it’s based on consistently earned trust between a farmer and his or her advisor. While seed brands can never forget that truth, they also have to be prepared to operate in a much more efficient and effective manner going into the future.

“I would like to thank my family for being supportive of my passion to continue the Funk family legacy in the seed business. I have two young sons who love going on plot tours and riding on combines with their dad. My intention is to provide opportunity for the next generation, my sons included, to thrive in the future of agriculture.”



Creekstone Farms Awarded North America's Best Steak at 2023 World Steak Challenge

A beef producer in Arkansas has taken home one of the top awards for its steaks at the 2023 World Steak Challenge. The World Steak Challenge gives steak producers from across the globe a unique opportunity to benchmark product quality, breed credentials, and processing standards on an international stage.

Creekstone Farms, the beef supplier that has been raising cattle the right way since 1995, took home the coveted title of North America's Best Steak for its Ribeye Wet-Aged Steak at the awards ceremony. Backed by USDA-recognized G-schedule programs for third-party quality verification, Creekstone Farms is renowned for its unwavering commitment to delivering top-quality 100% Black Angus Beef with its refined feeding techniques and sustainable crate-free practices.

Australia has claimed the overall title of the producer of the World's Best Steak. Australian producer Jack's Creek took home the accolade for its grain-fed wagyu black angus cross sirloin, which was also named the World's Best Sirloin and World's Best Grain-Fed Steak, as well as Oceanian's Best Steak.

Jack's Creek cattle are bred and raised on the natural pastures that surround Willow Tree in central New South Wales. They are then finished on a blend of grains, hay, and silage.Its steaks are served in some of the US's top steakhouses and restaurants, including Bascom's Chop House in Clearwater, Florida, Komodo in Miami, and iWAGYU in California.

World Steak Challenge Winners List:
World's Best Ribeye Steak - 55-Day Aged Ribeye from New Zealand - Alliance Group
North America's Best Steak - Creekstone Farms Ribeye Wet-Aged Steak from the USA
South America Best Steak - Argentina Signature Ribeye Steak - Azul Natural Beef
World's Best Steak, Oceania's Best Steak & Best Sirloin - Jack's Creek Australian Cross Breed Wagyu Sirloin
Asia's Best Steak & World's Best Wagyu Steak - Ito Wagyu A5+ Japanese Sirloin - Itoham Yonekyu Holdings
Europe's Best Steak & World's Best Filet Steak - Norland Heifer German Filet - Danish Crown

The winners were crowned at a special dinner held the evening of Monday, November 13, 2023 at Steakhouse Smith & Wollensky following a two-day judging process held in September at Vlees & Co. Steakhouse in Amsterdam.

A total of 346 medals were awarded to steaks at this year's World Steak Challenge, including a record 134 gold medals, with 120 steaks given silver medals and 92 steaks bronze medals. Australia took home the most gold medals, with 18 steaks from the country awarded the accolade. Ireland had the greatest medal haul with 67 steaks awarded a gold, silver, or bronze award.

Australia's Jack's Creek is no stranger to awards. Last year, it was the winner in the Ribeye category and the winner of the 2021 Best Filet, Best Ribeye, and Best Grain-Fed categories.

"This year's competition saw the highest standard of entries yet, with a record number of gold entries, but one particular steak stood out from the pack," says Restaurant Editor and World Steak Challenge Judge Stefan Chomka. "Congratulations to Jack's Creek for its outstanding steak and to all the winners in the other categories. The global nature of this competition and the high quality of entrants demonstrates a true desire across the world to produce some top quality cuts of steak that are testament to the hard work that goes into beef production."

"What a wonderful recognition and so deserved from all the people who are working so hard at Creekstone Farms," said Patrick Pouw, Manager of Nice to Meat International. "The farm has the genetics, the feeding options, and the facilities to process the cattle in a humane way. We are thrilled that Creekstone won the gold medal."

Judges at this year's challenge included Richie Wilson, Culinary Director of FIRE Steakhouse & Bar in Dublin; Ioannis Grammenos, Executive Chef and Meatologist of Heliot Steak House in London; Paul Foster, Chef-Patron of Michelin-starred Salt in Stratford and GrassFed in Camden; Abdulrahman Alswailem, Chef-Owner of Marble in Riyadh, currently ranked number 23 in MENA's Best Restaurants; and Katie Doherty, CEO at the International Meat Trade Association.



Agronomists’ Takeaways After a Challenging Season

To say the 2023 growing season was challenging would be an understatement. But despite stressors from planting through harvest, LG Seeds agronomists in Nebraska, Minnesota, and the Mid-South report crops fared better than expected, with some hybrids shining for their ability to handle stress.

As they reflect on the growing season, it’s easy to see there are a lot of parallels – both in the challenges faced and their major takeaways.   

Nebraska: July rains saved crops
“Cool, dry weather made planting tough,” says Mark Grundmayer, an LG Seeds agronomist in Nebraska. Some timely rain fell during a warm May, and then June turned hot and dry, with low humidity and wind drying out crops – especially those without irrigation.  

“Irrigators were watering fast and furious – more so than they’ve ever done by the time mid-June hit,” Grundmayer reports. “Those who aggressively irrigated saw it pay dividends. Those who watered like always were hurt.”  

Conditions shifted in July, with temperatures cooling and beneficial rains falling. “The July rain grew the crop we harvested.”  

Mid-August featured a four- to five-day stretch of extreme heat and humidity. “Temperatures rose after Labor Day, with no humidity and a lot of wind baking the crop to done,” Grundmayer reports.  

Disease pressure was minimal, but stalk quality suffered amid the stressors, he says.  

Yields on irrigated acres weren’t as good as in years past, Grundmayer reports. “Dryland yields ranged from 50 bushels to 200 bushels an acre, depending on where rains fell. But those yields were generally better than expected.”  

Some of Grundmayer’s main takeaways included:  
    Stress tolerance will remain a top priority when it comes to seed selection in Nebraska.
    The 2023 season showed why it’s important not to put all your eggs in one basket. Having several hybrids on your farm spreads your genetic risk in terms of plant integrity, stalk quality and yield.
    Hybrids that tolerated stress and heat included LG62C07 and LG59C72 on dryland acres and LG62C52 and LG66C44 under irrigation.
    Many areas were one big windstorm away from having to pick corn off the ground. Walking fields and setting your harvest schedule beforehand is vital.