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.
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.
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.
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.
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.
*Beginning in 2019, estimates no longer include chickpeas.
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.
Northarvest Bean Grower – Our Mission:
NHBGA, growers representing growers through the check-off system, is North America’s largest supplier of quality dry beans. Working together to better the industry through promotion, research, market development, education of consumers and monitoring of governmental policy. Our future goals must be continued market exposure and careful monitoring of new ideas, consumer choices, and producer needs.
50072 E. Lake Seven Road, Frazee, MN 56544