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Crop Insurance Interest Accrual Deferred

USDA’s Risk Management Agency will defer accrual of interest for all farmer’s spring 2019 crop year premiums, due to the extreme weather conditions, for two months or until November 30. That’s for all policies with a premium billing date of August 15. According to the USDA, any premium not paid by one of these new deadlines will accrue interest consistent with terms of the policy. Without the deferral, policies with an August 15 premium billing date would have an interest attach starting October 1 if policies weren’t paid by September 30.

Read more.

USDA Purchases Packaged and Canned Beans

Dry edible beans and canned beans have been purchased by USDA for distribution to the child nutrition and other related domestic food assistance program for Fiscal Year 2019. The purchase includes packaged pinto, baby lima, Great Northern and light red kidney beans, pinto bean totes and canned garbanzo beans, totaling over $1.08 million.

View the purchase.

Weekly Dry Bean Market News

According to the Weekly Dry Bean Market News report, grower prices for North Dakota and Minnesota remain mostly unchanged this week. Dry bean trading activity remains limited with very light demand. Contract product is moving steady.

View the report.

Prevent Plant Acres Total Over 19 Million

USDA’s Farm Service Agency released more information on prevent plant acres for 2019. U.S. farmers reported 11.2 million prevent plant acres of corn, 4.3 million acres of soybeans and 2.2 million acres for wheat. That makes for a grand total of more than 19 million PP acres for 2019, the most acres reported since FSA started releasing the report. In Minnesota, there are currently 1.1 million acres enrolled in prevent plant. North Dakota has over 830,00 acres enrolled, and South Dakota has 3.8 million acres. Updated information will be available each month through January 2020.

Jon Ihry

Dry Bean Production Forecast Cut in August Report

According to the August USDA Crop Production Report, production of dry edible beans is forecast at 24.6 million hundredweight, down 34 percent from 2018. Area planted is estimated at 1.33 million acres. That’s up two percent from the previous forecast, but down 36 percent from 2018. Area harvested is forecast at 1.28 million acres, up two percent from the previous forecast, but 36 percent below 2018. The average U.S. dry bean yield is forecast at 1,919 pounds per acre, an increase of 59 pounds from last season.

View the August Crop Production Report.

 

*Beginning in 2019, estimates no longer include chickpeas.

Average Cropland Value Increases in 2019

The average value of agricultural cropland in the United States is $4,100 per acre, up 1.2 percent from the previous year. That’s according to the USDA 2019 Land Values report released this week. That value of cropland ties the 2015 record-high and represents a 55 percent increase in values over the last decade.
 
North Dakota cropland values average $1,740 per acre and $2,070 per acre in South Dakota. A higher value of $4,840 per acre is reported in Minnesota. The average cash rent rate is $70 per acre in North Dakota, $119 per acre in South Dakota and $164 per acre in Minnesota. The U.S. pasture value average is $1,400 per acre, up 2.2 percent from 2018.
 

Navy Beans Purchased by USDA

Navy beans have been purchased for use in the USDA Trade Mitigation Food Purchase and Distribution Program, valued at over $3.5 million. View the purchase.

FSA Administrator Visits ND to Discuss MFP Payments

USDA Farm Service Agency Administrator Richard Fordyce paid a visit to North Dakota, meeting with farmers, agriculture organizations and other state leaders. The trip was prompted by North Dakota Senator John Hoeven to discuss details of the new Market Facilitation Program payments. This was the first roundtable event for the Administrator with farmers regarding the payments.
 
Farmers are still curious as to how the county rates were determined. Fordyce said in order to get payments out sooner rather than later, USDA had to come up with a calculation that didn’t require taking a crop to harvest. “It’s based on acres of crops that were planted in that county, the average yields of those crops times a number by commodity,” said Fordyce. “For example, if there was a county that experienced a weather anomaly within the last three years, that would impact the county yield number.”
 
Hear more and read more about Fordyce’s visit.

Weekly Dry Bean Market News

Dry bean trading activity remains limited with very light demand. This week is a transition from old crop to new crop for peas, lentils and garbs. Weather is a big factor for the next month and a half for dry beans before harvest starts. According to USDA’s Weekly Dry Bean Market News, grower prices for North Dakota and Minnesota remain mostly unchanged this week.
 

Crop Progress – August 5

According to the USDA Weekly Crop Progress report, dry bean blooming in North Dakota is at 86 percent. Setting pods is at 66 percent, behind 76 percent last year , but near 64 percent average. The crop is rating dropped to 68 percent good to excellent.
 
In Minnesota, blooming is at 85 percent. Setting pods is at 60 percent, behind 71 percent last year and 69 percent average. The crop condition improved from the previous week with a 67 percent good to excellent rating.
 
The Idaho dry bean crop is rated 66 percent good to excellent. In Oregon, 65 percent of dry beans are in good to excellent condition. A good to excellent rating of 72 percent was given to dry beans in Washington. USDA is reporting 73 percent of Montana dry beans and chickpeas are blooming, compared to 52 percent one week ago.
 
The Wyoming dry bean crop is 85 percent blooming and 36 percent setting pods, with a 71 percent good to excellent rating. Blooming is at 62 percent in Colorado with a rating of 61 good to excellent. The Michigan dry bean crop is rated 57 percent good to excellent and 43 percent blooming, behind 74 percent last year.
 
Stay up to date on the latest Crop Progress reports here.