’22 Financials Pencil Out With Good Yields

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The crop put in the ground in 2022 will likely be the most expensive to date in a farmer’s career. Northland Community and Technical College Farm Business Management Instructor Ron Dvergsten says the financials still work. “It kind of reminds me of 2011-2012 when input costs were high, too,” said Dvergsten. “I’ve run some budgets this fall and it doesn’t leave a lot of wiggle room, but it does work if we get normal yield.” Many farmers were able to capture strong cash prices for this year’s crop. Dvergsten is advising his clients to also consider making sales for the 2022 crop. “Look at locking in 25-to-40 percent of your projected bushels between now and sometime next spring to give you a little buffer. Most likely, you’ll be putting more cost per acre into your farm in 2022 than you ever have in your farming history.”

Crop Progress Report – September 7, 2021

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According to USDA’s Crop Progress Report, dry edible bean condition in North Dakota rated 16% very poor, 35% poor, 33% fair, 16% good, and 0% excellent. Dropping leaves was 87%, ahead of 74% last year and 76% average. Harvested was 14%, near 10% last year and 18% average.
 
Topsoil moisture supplies in North Dakota were rated 29% very short, 34% short, 35% adequate, and 2% surplus. Subsoil moisture supplies rated 42% very short, 33% short, 24% adequate, and 1% surplus.
 
In Minnesota, dry beans rated 12% very poor, 24% poor, 45% fair, 17% good, and 2% excellent. Dropping leaves was 79%, ahead of 59% last year and 62% average. Harvested was 10%, near 9% last year and equal to 10% average.
 
Topsoil moisture supplies in Minnesota were rated 15% very short, 26% short, 54% adequate and 5% surplus. Subsoil moisture supplies were rated 22% very short, 37%
short, 40% adequate and 1% surplus.
 
Get the latest Crop Progress numbers.

Weekly Dry Bean Market Review

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USDA Market News reports that grower prices remain firm as harvest progresses. Though trade activity is slowly increasing, trade remains mostly light with mixed demand. Cooler temperatures and increased rainfall has been reported across many of the growing region.
 
Grower prices for black beans in North Dakota and Minnesota are at $44-to-$45 per hundredweight (cwt). Pinto bean prices are at $43-to-$45 per cwt. Navy beans are at $37-to-$41 per cwt. Dark red and light red kidney bean prices are at $47-to-$48 per cwt.
 

Crop Progress Report – August 30, 2021

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According to USDA’s Crop Progress Report, dry edible bean condition in North Dakota rated rated 17% very poor, 33% poor, 35% fair, 14% good, and 1% excellent. Dropping leaves was 72%, well ahead of 45% last year, and ahead of 56% average. Harvested was 6%, near 2% last year and 7% average.
 
Topsoil moisture supplies in North Dakota were rated 27% very short, 36% short, 36% adequate, and 1% surplus. Subsoil moisture supplies rated 45% very short, 34% short, 20% adequate, and 1% surplus.
 
In Minnesota, dry beans rated 12% very poor, 24% poor, 45% fair, 17% good, and 2% excellent. Dropping leaves was 58%, ahead of 40% last year and 35% average. Harvested was 3%.
 
Topsoil moisture supplies in Minnesota were rated 20% very short, 28% short, 46% adequate and 6% surplus. Subsoil moisture supplies were rated 30% very short, 39% short, 30% adequate and 1% surplus.
 
Get the latest Crop Progressnumbers.

Crop Progress Report – August 23, 2021

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According to USDA’s Crop Progress Report, dry edible bean condition in North Dakota rated18% very poor, 33% poor, 35% fair, 13% good, and 1%
excellent. Setting pods was 95%, ahead of 87% last year, and near 94% average. Dropping leaves was 40%, well ahead of 19% last year, and ahead of 35% average. Harvested was 1%.
 
Topsoil moisture supplies in North Dakota were rated 31% very short, 44% short, 25% adequate, and 0% surplus. Subsoil moisture supplies rated 49% very short, 38% short, 13% adequate, and 0% surplus.
 
In Minnesota, dry beans rated 12% very poor, 23% poor, 46% fair, 17% good, and 2% excellent. Dropping leaves was 41%, ahead of 27% last year and 15% average.
 
Topsoil moisture supplies in Minnesota were rated 44% very short, 38% short, 18% adequate and 0% surplus. Subsoil moisture supplies were rated 44% very short, 39% short, 17% adequate and 0% surplus.
 
Get the latest Crop Progress numbers

Retaliatory Tariff Removal Discussions Press Forward

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Since June 2018, the European Union (EU) has applied 25% retaliatory tariffs on the import of select U.S. agricultural products, including dry beans. The tariffs were applied in response to a Section 232 case that resulted in the application of tariffs on imports of European steel and aluminum. 
 
Almost since the day the tariffs went into effect, the U.S. Dry Bean Council (USDBC) has been advocating for their removal. Earlier this month, the United Kingdom government announced its determination at the conclusion of the commentary period to remove dry beans from the retaliation list. This is expected to take three to four months.
 
At the same time, during several conferences held between U.S. and EU trade authorities on the sidelines of the recent G-7 meeting in the UK, EU trade authorities also announced their optimism that the tariff dispute will be resolved by years’ end.
 
While there are still details to confirm and some more work to be done, indications are the by the end of 2021 the 25% retaliatory tariffs on imports of U.S. dry beans to the UK and the EU will be removed. The USDBC will continue to monitor and report on this situation as soon as final determinations are issued.

Weekly Dry Bean Market Review

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The dry beans under contract are moving at a steady pace. According to report contacts, rail cars and containers are getting harder to source. USDA Market News puts the grower price for black beans this past week was $27 to $32 per hundredweight (cwt). Pinto beans range from $30 to $32 per cwt. Navies are at $32 per cwt. Kidney bean prices also remain steady at $34 to $43 per cwt for lights and darks. View the USDA Weekly Market Review for March 2.

Weekly Dry Bean Market Review

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The dry beans under contract are moving at a steady pace. USDA Market News says the grower price for black beans this past week was $25 to $29 per hundredweight (cwt). Pinto beans range from $28 to $30 per cwt. Navies are at $28 per cwt. Kidney bean prices also remain steady at $34 to $43 per cwt for lights and darks. View the USDA Weekly Market Review for January 19.

Weekly Dry Bean Market Review

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The dry beans under contract are moving at a steady pace. USDA Market News says the grower price for black beans this past week was $25 to $29 per hundredweight (cwt). Pinto beans range from $27 to $30 per cwt. Navies are at $28 per cwt. Kidney bean prices also remain steady at $34 to $43 per cwt for lights and darks. View the USDA Weekly Market Review for January 12.

Ag Innovation Campus Breaks Ground at Crookston, MN

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The Ag Innovation Campus project began in 2018 when the Minnesota Soybean Research and Promotion Council invested in a feasibility study. Last year, the Minnesota Legislature approved $5 million in state funds for this project and those funds were made available last month. This site will host a specialty crush facility for universities, commodity groups and private seed companies to develop value-added products.
 
Minnesota Governor Tim Walz was part of the celebration. “This is bold; there’s no place in the world that has something like this,” said Walz. The goal is to have this campus operational by the end of next year. “That ambitious timeline is exactly what we need. It’s been a little lean on the good news and when we have a good news story, we need to tell it.”
 
Adjacent to the Ag Innovation Campus in Crookston, Epitome Energy plans to build a 30-million gallon biodiesel plant and a 42-million bushel crushing facility. CEO Dennis Egan was at the sidelines of the campus groundbreaking Wednesday. “In the next couple weeks, we’re going to have exciting news about Epitome Energy. Some of the key features are falling into place.” To finance this new facility, Egan is working with a couple unnamed national players. Local farmers will also have the opportunity to have an equity role with Epitome Energy.