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Soybean crush smashes all-time record in October... U.S. processors crushed 215.8 million bu. of soybeans in October, smashing the previous record for any month of 204.3 million bu. in December 2023 and topping expectations by 5.2 million bushels. Soybean crush jumped 29.3 million bu. (15.7%) from September and topped year-ago by 14.4 million bu. (7.1%).
During the first two months of 2024-25, soybean crush totaled 402.3 million bu., 26.1 million bu. (6.9%) ahead of the same period last year. Our 2024-25 crush forecast matches USDA’s at 2.410 billion bushels.
Soyoil stocks totaled 1.486 billion lbs., down 15 million lbs. from September and 16 million lbs. less than last year.
Corn ethanol use a little lighter than expected... Corn-for-ethanol use totaled 460.5 million bu. in October, 1.8 million bu. less than expected. Corn ethanol use increased 13.2 million bu. (3.0%) from the upwardly revised figure for September but declined 1.9 million bu. (0.4%) from year-ago.
Through the first two months of 2024-25, corn-for-ethanol use totaled 907.8 million bu., 17.0 million bu. (1.9%) more than the same period last year. Based on Energy Information Administration weekly data, ethanol production topped year-ago by 8.5% through the first three weeks of November, including an all-time record the week ended Nov. 22. Our 2024-25 corn-for-ethanol usage forecast is 5.475 billion bu., 25 million bu. above USDA’s projection.
Australia raises wheat production forecast... The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) raised the 2024-25 Australian wheat production forecast 100,000 MT to 31.9 MMT. ABARES estimates the wheat crop will be 23% larger than last year and 20% above the 10-year average.
ABARES said, “Higher production in New South Wales, Queensland and Western Australia is expected to mostly offset reduced production and crop losses in large parts of south-eastern Australia caused by persistent dryness and widespread severe frosts.”
Australia should produce 11.7 MMT of barley, 8% more than in 2023-24 and 3% above the 10-year average, and 5.6 MMT of canola, 8% less than last season but 23% above the 10-year average, ABARES forecasts.
India expecting warmer-than-average winter... India is expected to experience above-normal minimum and maximum temperatures from December to February, with fewer “cold wave days expected,” the India Meteorological Department said. That could raise some concerns for wheat yields, a crop that thrives when winter temperatures are cooler during their growth and maturity stage.
Argentina’s ag export revenue surges in November... Argentina’s farm sector brought in a total $1.999 billion from exports in November, a 99% increase compared to the same month a year earlier, the CIARA-CEC chamber of oilseed and grains crushers and exporters said. Ag export revenues have increased 25% to $23.125 billion through the first 11 months this year, up 25% from the same period last year. Agriculture accounts for nearly half of Argentina’s export revenue.
Leadership shifts in Congress: Senate and House Democrats navigate changes... Senate Democrats will finalize their leadership team on Tuesday morning, with significant changes expected due to the retirement of Sen. Debbie Stabenow (D-Mich.), the current No. 3 leader and chair of the Democratic Policy and Communications Committee (DPCC). Sen. Cory Booker (D-N.J.) is eyeing the DPCC role, while Sen. Amy Klobuchar (D-Minn.), currently No. 4, may see a promotion. Majority Leader Chuck Schumer (D-N.Y.) is working to avoid a contested election.
In the House, leadership changes are also brewing, with potential challenges to committee leaders Jerry Nadler (D-N.Y./Judiciary), David Scott (D-Ga./Agriculture) and Raúl Grijalva (D-Ariz./Natural Resources).
BOI filing deadline upcoming... Southern Ag Today notes a critical deadline is fast approaching for many businesses and organizations, including many types of farm entities. Under the Corporate Transparency Act (CTA), the deadline to file Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN) is Jan. 1, 2025.
Key requirements for filing BOI include:
· Unique ID details (e.g., passport or driver’s license).
· Trade names or DBAs.
· Jurisdiction of formation or registration (for foreign entities).
· Details about company applicants.
· Certification of the report’s accuracy.
· Who needs to file?
· Domestic reporting companies (e.g., corporations, LLCs).
· Foreign reporting companies registered to do business in the U.S.
Failure to comply can lead to fines or felony charges. Ensure timely filing to avoid penalties. For more details and updates, visit the FinCEN website.
USDA publishes final decision on FMMO update... The final decision on reforms to the 11 Federal Milk Marketing Orders (FMMOs) was published in the Federal Register. USDA’s Agricultural Marketing Service (AMS) will send out ballots to eligible parties and the agency previously said those ballots must be postmarked Dec. 31, 2024, and returned by Jan. 15, 2025, to be counted.
Texas farmers blame sewage-based fertilizer for poisoning land, livestock... According to The Texas Tribune, Texas farmers are grappling with devastating losses they attribute to fertilizers made from sewage biosolids contaminated with “forever chemicals” (PFAS). These substances, linked to severe health risks, were found in fertilizers promoted as environmentally friendly. In Johnson County, ranchers Tony Coleman and James Farmer report losing dozens of livestock and fish after PFAS-tainted runoff from a neighbor’s fertilized fields entered their properties. Investigations revealed alarmingly high PFAS levels in local water, soil and animal tissues. The Colemans and other affected farmers have filed lawsuits against the fertilizer companies, accusing them of failing to disclose the contamination risks. Despite mounting evidence, federal regulations on PFAS in biosolids remain absent, leaving farmers like Coleman facing financial ruin while refusing to sell potentially contaminated livestock.
U.S. finds solar imports from Southeast Asia violate trade rules... The U.S. Department of Commerce (DOC) issued preliminary findings that solar imports from Cambodia, Malaysia, Thailand and Vietnam are being sold below production costs, constituting dumping. The case, initiated by the American Alliance for Solar Manufacturing Trade Committee, could lead to antidumping duties of up to 271% and countervailing duties of up to 292%. Final DOC rulings on the antidumping and countervailing duty cases are expected on April 18 and Feb. 10, respectively, with the U.S. International Trade Commission set to deliver final decisions by June 2 and March 27.