AgFax Grain Review: Soybean Prices on Slippery Slope; Propane Worries Plague Iowa


    • In his daily farm policy report, Keith Good notes that the recent rally in U.S. soybean prices is “a slippery slope” driven primarily by short-term supply shortages. Strong demand, particularly for soy meal, has lead prices higher but hefty supply is expected to weigh them down again as rains help planting in Brazil and dry weather in the U.S. speeds up harvest. Good also reports that USDA’s Ag Prices report from last week pegged corn prices down $1.35 from last year while soybeans are $2.86 lower.
    • Veronica Pulumbarit reports for GMA News Online that a new brand of rice, Rico Corn Rice, is actually corn. Philippine Leading Infinite Logistics, Inc. recently launched the product, fortified corn made to look and taste like rice, as an alternative to rice for people who have to watch their blood sugar or simply want more nutrients packed into their meal. The brand has no strange taste and is easy to cook albeit different from regular rice.


    • Donnelle Eller reports for The Des Moines Register that the record corn and soybean crops expected this year pose problems for Iowa farmers, the ag industry, and even urban residents. While grain storage in the state has climbed 30% over the last decade, the size of this year’s harvest is still expected to exceed available storage. Additionally, harvest is running 3 weeks behind schedule, meaning higher moisture levels and a need to dry a large portion of the crop. So at least some grain will need to be stored on the ground while propane needs for dryers will be higher than usual for a 2nd year. While most of the state is better prepared to handle transportation bottlenecks and propane shortages than last year and most the state’s grain is consumed by local demand, there are still concerns over grain handling and transportation as well as ensuring the state has enough fuel for both farm and heating needs.


    • Jillian Duschnowski reports for the Daily Chronicle that a fire destroyed an old corn crib in DeKalb County, Illinois, near Malta. According to the report, strong winds knocked over power lines which fell on the barn and sparked the fire. The fire was quickly contained by local firefighters, but there is no initial estimate on the value of the damage.
    • Sam Cusick reports for that Metcalf Farms in Janesville, Wisconsin suffered $65,000 in damages after a fire Friday morning. The fire damaged one of the farms corn dryers and destroyed $45,000 worth of corn before firefighters were able to douse the flames. No injuries were reported, nor was the cause of the fire given.

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