farm income

From selecting the right trait technology for your fields to managing pest pressures, there has been a lot of planning that’s gone into the 2024 growing season.

In this Managing for Profit, Channel Technical Agronomist Tyler Vreugdenhil shares some thoughts as planting season nears.

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Brownfield Anchor/Reporter Meghan Grebner and University of Missouri Market Analyst Scott Brown give a weekly recap of the markets and discuss how it can impact farmers’ bottom lines.

This week in the markets – Live fed cattle prices are $2.40 lower on the week, while feeder cattle prices were largely untested due to the Thanksgiving holiday. February live cattle were down $2.20 on the week, and January feeder cattle were down $5.30 on the week. Choice box beef was up $1.15 this week. Cash hogs are down $1.70 this week. February lean hog futures were up $0.90 on the week. Pork cutout values were virtually unchanged this week.

Weekly Slaughter Numbers – At the end of the week, cattle slaughter was 635,000 head, up 97,000 on the week but down 25,000 for the year. Hog slaughter was 2.704 million head, up 479,000 from the previous week and up 121,000 on the year. Year-to-date cattle slaughter is down 4.7%, while hog slaughter is up 1.6%.

Farm Income – USDA raised their 2023 farm income estimate by about $10 billion relative to their August estimate. This estimate remains more than $20 billion below the 2022 level. Livestock cash receipts are expected to decline by $13 billion in 2023 relative to 2022, despite an increase of more than $14 billion in cattle and calf receipts.

Restaurant Performance Index - Decline for the third month in October -- due to a lower situation index. Customer traffic fell three points in October relative to September.  

Quarterly Ag Trade Outlook – U.S. agricultural exports in FY24 have been lowered by $2.5 billion relative to the August forecast. FY24 livestock export value is estimated at $36.3 billion, a decline of $5.5 billion from the record FY22 level.

Next week's reports – Monthly Trade Data, Jobs Report and WASDE

Learn more about what's happening in the markets: https://brownfieldagnews.com/ag-markets/

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Trivolt performed tremendously well for growers in 2023.

In this Managing for Profit, John Buol, North America Technical Manager for Bayer, shares grower feedback and highlights a pilot program Bayer will be offering in 2024.

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Having a strong pre-emergence residual program for weed control in place will help farmers limit yield loss and reduce weed challenges in the 2024 growing season. In this Managing for Profit, Sam Park, Channel Technical Agronomist shares why farmers should consider spraying early.

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As the 2023 growing season winds down, Cole Tebbe with Brevant Seeds says this is a good time to evaluate crops. He tells Brownfield assessing planting date and depth can help inform decisions for next year, and it’s important for growers to consider what aspects of the farm need the most improvement.  

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Go-to-market manager for hay and forage Chase Milem says John Deere’s 1 Series Round Balers feature a new option for high-capacity pickup allowing farmers to get more done in a day. He tells Brownfield the 1 Series also comes with baler automation, simplifying operation and enhancing efficiency.

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With so much happening during harvest, John Deere go-to-market manager for digital Ryan Stein says Operations Center allows farmers to not only know where their equipment is but to see how it’s performing in real time. He tells Brownfield it also provides diagnostic information ensuring minimal downtime at harvest.

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Farmers are seeing disease pressure in corn and soybean fields, and Brevant Seeds agronomist John Long says one of the most concerning is tar spot. He tells Brownfield there are solutions available for growers facing these late-season challenges.

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Digital specialist Ben Longlet says Harvest Profit is a farm financial management software program that helps farmers understand the profitability of their farm. He tells Brownfield one of the tools it provides is profit mapping, which layers data together on a map level to visualize strengths and weaknesses.  

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The ag industry is constantly evolving and tools to help farmers better manage their business are crucial to the bottom line.

In this Managing for Profit, Kirk Merritt, executive director of the Ohio Soybean Council talks about how the Ohio State University’s Farm Financial Management and Policy Institute can benefit producers.

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Parts marketing specialist Phil Lauer says John Deere has added a service that allows customers to bring in-cab monitors and GPS receivers to their local dealership to be repaired and returned by Deere’s REMAN Service. In other words, he tells Brownfield it’s a repair service utilizing factory technicians.

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Parts availability and cost can be a challenge for farmers, and John Deere parts marketing specialist Phil Lauer says REMAN is a solution that takes components like starters and alternators all the way to engines and transmissions and runs them through a strenuous remanufacturing process. He tells Brownfield the results are quality products at a more affordable price.

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Soybean checkoff-funded research provides farmers with information that can help them improve yields and maximize their return on investment.

In this Voice of Soy, Cate Newberg with the Soybean Research and Information Network shares how the network streamlines the data to provide farmers with an easy-to-use tool.

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Corteva Agriscience market development specialist Ron Geis says an effective soybean weed control program should include pre and post-emergence passes.

He tells Brownfield factors like timing, weather, weed emergence, and soybean growth stage can all make a difference. And Geis says Corteva has some exciting news in the battle against resistant weeds.  

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In this Managing for Profit, Jordan Lang, Performance Upgrade Marketing Manager for John Deere, says Deere is in year two of offering application performance upgrades for sprayers.

He tells Brownfield that gives farmers the ability to reduce costs and cover more acres without having to trade in their current machine.  

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A little competition never hurt anyone. Corn and Soybean researchers in Ohio are gearing up for a competition to see which crop should be planted first.

In this Voice of Soy, Tom Fontana, Director of Research and Education for the Ohio Soybean Council talks about the competition and how it benefits Ohio’s soybean farmers.

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Farmers are in the field working ground, planting, and making herbicide applications.

Enlist field specialist Greg Young says before getting in the sprayer, he has a few recommendations for post-emergence application to help maximize weed control results.

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Julia Romagnoli with John Deere says HarvestLab 3000 has been on the market since 2007 and can help farmers maximize forage, feed, and manure quality.

She tells Brownfield HarvestLab 3000 can bring to light the full nutrient lifecycle from harvesting the forage to manure application.

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Growing specialty crops, like food-grade soybeans, can create additional value for Ohio soybean growers. 

In this Managing for Profit Voice of Soy, Madison Layman with the Ohio Soybean Council talks about why Ohio is positioned to be a leader in food-grade soybeans and the opportunities available to Ohio soybean farmers who specialize in soybeans.

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Utilizing fungicide can help farmers control soybean diseases like white mold. 

In this Managing for Profit, Lynn Justesen UPL Technical Services Lead for row crops talks about how applications of a fungicide, like Zolera FX provides more robust disease control, more plant health benefits, and higher yields.

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