Friday January 03 Ag News

Nebraska Beef Council January Board Meeting

The Nebraska Beef Council Board of Directors will meet at the NBC office in Kearney, NE located at 1319 Central Ave. on Tuesday, January 14, 2025, beginning at 11:30 a.m. CST. The NBC Board of Directors will have an election of officers and USMEF market update. For more information, please contact Nebraska Beef Council at info@nebeef.org.



USDA Fats and Oils: Oilseed Crushings, Production, Consumption and Stocks

Soybeans crushed for crude oil was 6.30 million tons (210 million bushels) in November 2024, compared with 6.47 million tons (216 million bushels) in October 2024 and 6.00 million tons (200 million bushels) in November 2023. Crude oil produced was 2.49 billion pounds, down 3 percent from October 2024 but up 7 percent from November 2023. Soybean once refined oil production at 1.78 billion pounds during November 2024 decreased 10 percent from October 2024 but increased 5 percent from November 2023.

USDA Grain Crushings and Co-Products Production
Total corn consumed for alcohol and other uses was 514 million bushels in November 2024. Total corn consumption was down less than 1 percent from October 2024 but up 1 percent from November 2023. November 2024 usage included 92.6 percent for alcohol and 7.4 percent for other purposes. Corn consumed for beverage alcohol totaled 3.88 million bushels, up 11 percent from October 2024 but down 28 percent from November 2023. Corn for fuel alcohol, at 465 million bushels, was down less than 1 percent from October 2024 but up 2 percent from November 2023. Corn consumed in November 2024 for dry milling fuel production and wet milling fuel production was 91.6 percent and 8.4 percent, respectively.

Dry mill co-product production of distillers dried grains with solubles (DDGS) was 1.84 million tons during November 2024, down 2 percent from October 2024 but up 2 percent from November 2023. Distillers wet grains (DWG) 65 percent or more moisture was 1.25 million tons in November 2024, down 5 percent from October 2024 and down 8 percent from November 2023.

Wet mill corn gluten feed production was 258,388 tons during November 2024, up 3 percent from October 2024 and up 7 percent from November 2023. Wet corn gluten feed 40 to 60 percent moisture was 219,853 tons in November 2024, up 7 percent from October 2024 and up 9 percent from November 2023.



Weekly Ethanol Production for 12/27/2024

According to EIA data analyzed by the Renewable Fuels Association for the week ending December 27, ethanol production crept 0.4% higher to 1.11 million b/d, equivalent to 46.66 million gallons daily and a 5-week high. Output was 5.9% higher than the same week last year and 12.5% above the five-year average for the week. The four-week average ethanol production rate increased 0.9% to 1.10 million b/d, which is equivalent to an annualized rate of 16.91 billion gallons (bg).

Ethanol stocks sprang 2.4% to 23.6 million barrels, the largest level since mid-September 2024. Stocks were 0.3% more than the same week last year and 2.7% above the five-year average. Inventories built across the East Coast (PADD 1) and Midwest (PADD 2) but thinned across the other regions.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, plummeted 9.3% to a 46-week low of 8.17 million b/d (125.56 bg annualized). Still, demand was 2.7% more than a year ago and 4.1% above the five-year average.

Refiner/blender net inputs of ethanol slid 6.6% to 859,000 b/d, equivalent to 13.20 bg annualized and the lowest volume since mid-February 2024. Yet, net inputs were 6.2% more than year-ago levels and 10.1% above the five-year average.

Ethanol exports decreased 40.4% to an estimated 99,000 b/d (4.2 million gallons/day). It has been 67 weeks since imports of ethanol were recorded.



Retail Fertilizer Prices Mixed to End 2024

Average retail fertilizer prices continued mixed during the fourth week of December 2024, according to sellers surveyed by DTN. Prices for five of the eight major fertilizers were higher, while prices for the remaining three were lower. As has been the case in recent months, no fertilizer had a sizeable price increase or decline, which DTN designates as anything 5% or more.

The five fertilizers that were slightly higher in prices were potash, which had an average price of $444 per ton, 10-34-0 $614/ton, anhydrous $729/ton, UAN28 $326/ton and UAN32 $365/ton.

The three fertilizers that were slightly less expensive than a month ago were DAP with an average price of $739/ton, MAP $810/ton and urea at $489/ton.

On a price per pound of nitrogen basis, the average urea price was $0.53/lb.N, anhydrous $0.44/lb.N, UAN28 $0.58/lb.N and UAN32 $0.57/lb.N.

Two fertilizers are now higher in price compared to one year ago. Both DAP and 10-34-0 are 2% more expensive looking back to last year. The remaining six fertilizers are lower in price from a year ago. MAP is 2% lower, UAN28 is 4% less expensive, UAN32 is 7% lower, anhydrous is 8% less expensive, urea is 9% lower and potash 14% less expensive compared to last year.



USDA Announces January 2025 Lending Rates for Agricultural Producers

The U.S. Department of Agriculture (USDA) announced loan interest rates for January 2025, which are effective Jan. 1, 2025. USDA Farm Service Agency (FSA) loans provide important access to capital to help agricultural producers start or expand their farming operation, purchase equipment and storage structures or meet cash flow needs.           

“I encourage our lenders and borrowers alike to work with our local offices and our cooperators to capitalize fully on the existing flexibilities offered through these important programs,” said FSA Administrator Zach Ducheneaux.          

Operating, Ownership and Emergency Loans        
FSA offers farm ownership, operating and emergency loans with favorable interest rates and terms to help eligible agricultural producers obtain financing needed to start, expand or maintain a family agricultural operation.      

Interest rates for Operating and Ownership loans for January 2025 are as follows:       
    Farm Operating Loans (Direct): 5.125%  
    Farm Ownership Loans (Direct): 5.625%  
    Farm Ownership Loans (Direct, Joint Financing): 3.625%  
    Farm Ownership Loans (Down Payment): 1.625%
    Emergency Loan (Amount of Actual Loss): 3.750%    

FSA also offers guaranteed loans through commercial lenders at rates set by those lenders.  To access an interactive online, step-by-step guide through the farm loan process, visit the Loan Assistance Tool on farmers.gov.       

Commodity and Storage Facility Loans       Additionally, FSA provides low-interest financing to producers to build or upgrade on-farm storage facilities and purchase handling equipment and loans that provide interim financing to help producers meet cash flow needs without having to sell their commodities when market prices are low.  Funds for these loans are provided through the Commodity Credit Corporation (CCC) and are administered by FSA.   
    Commodity Loans(less than one year disbursed):5.250%  
    Farm Storage Facility Loans:  
    Three-year loan terms: 4.125%
    Five-year loan terms: 4.125%
    Seven-year loan terms: 4.250%
    Ten-year loan terms: 4.250%
    Twelve-year loan terms: 4.375%
    Sugar Storage Facility Loans(15 years): 4.500%