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Archive for the ‘Economics’ Category

Cotton Marketing Update – Shurley

Posted by romeethredge on September 4, 2015

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Peanut Market Loan Gain Meeting – Colquitt, Ga

Posted by romeethredge on September 4, 2015

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Cotton Market Update 8-12-15

Posted by romeethredge on August 12, 2015

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Cotton Market Update

Posted by romeethredge on July 31, 2015

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Farm Program Update

Posted by romeethredge on July 22, 2015

Farm Program Update from Dr Nathan Smith, UGA Extension Ag Economist

HIP Provision Rescinded

On Monday, July 6, FSA released notice CM-770 providing notification that the policy requiring covered commodities to have similar HIP’s for farms to be combined is now rescinded.   HIP stands for Historical Irrigation Percentage and applies to the ARC-CO program in HIP counties where at least 25% of a commodity’s acreage is irrigated and 25% non-irrigated.  Commodity groups worked with FSA to take another look at the policy due to concerns that it would effectively eliminate combinations of farms and create problems with crop rotations if producers couldn’t combine farms because of different HIP’s.

No PLC Payment on 2014 Barley, Oats or Wheat

The June 30 Agricultural Prices report showed final 2014 season average price for small grains.   The final prices for barley, oats and wheat are above the Reference Price, thus not triggering a PLC payment for the 2014 crop.  Peanuts project a payment rate of $95.73 per ton before the 85% payment factor and any sequestration subtracted.   Corn could have a zero or small PLC payment while grain sorghum and soybeans will not trigger a PLC payment for 2014 crop year.   However, ARC-CO payments should trigger for most counties based on price.

2014 Marketing Year Average Price

Commodity Marketing Year Reference Price 2014 MYA Price PLC Rate*
Barley Jun. 1-May 31 $4.95 $5.30 $0.00
Oats Jun. 1-May 31 $2.40 $3.21 $0.00
Wheat Jun. 1-May 31 $5.50 $5.99 $0.00
Peanuts Aug. 1-Jul. 31 $535 $439.27 $95.73
Corn Sep. 1-Aug. 31 $3.70 $3.69 $0.01
Grain Sorghum Sep. 1-Aug. 31 $3.95 $7.27 $0.00
Soybeans Sep. 1-Aug. 31 $8.40 $10.08 $0.00

Source:  NASS Agricultural Prices and Peanut Prices Reports

*Peanuts, Corn, Sorghum and Soybeans estimated PLC rate through June 30, 2015.

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Cotton Market Update

Posted by romeethredge on July 17, 2015

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Cotton Marketing Report 6-10-15

Posted by romeethredge on June 12, 2015

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Farm Bill Update and Prevented Planting Question

Posted by romeethredge on June 8, 2015

Farm Bill Update and Prevented Planting Question by Dr. Nathan Smith, UGA Extension Ag Economist.

FSA recently held training for State Staff on ARCPLC enrollment.   Producers are required to enroll annually in the ARCPLC program to be eligible to receive payments.   The enrollment period is expected to begin mid-June.  Enrollment for 2014 and 2015 ARCPLC will take place during this signup period.  Producers will need to complete and sign form CCC-861 (ARC-CO and PLC) or CCC-862 (ARC-IC).   Also, acreage certification (FSA-578), called cropland certification, is due to the FSA office on July 15.

New Reconstitution Rules

A new twist on ARC-County elections will affect payments depending on the county and farm’s irrigation history.  For ARC-CO only, counties that meet the HIP (historical irrigation percentage) criteria have irrigated and non-irrigated ARC-CO benchmarks, guarantees, and payments.  The HIP criteria for a specific covered commodity in a county are at least 25% of the acres of the crop were irrigated and 25% of the acres were non-irrigated for the time period 2009-2012.  HIP eligible counties can trigger an ARC-CO payment for one practice or both depending on the county yield each year.  The farm level HIP factor is calculated same as the county, the irrigated and non-irrigated history of the covered commodity on the farm from 2009 to 2012.  The farm level HIP factor will be used to determine the ARC-CO payment for a farm when a payment triggers for the irrigated or non-irrigated practice or both.

The real concern with the establishment of a HIP for a farm is related to reconstitutions.  The rule recently written requires the HIP for each common crop to be the same on all parent farms looking to be combined.  In other words, farms with HIP-eligible common crops must have the same HIP factor in order to be combined in a reconstitution.  This will effectively prevent combining farms through reconstitution unless they are all irrigated or all non-irrigated.   Remember, to be able to combine farms, the same ARCPLC elections had to be made on the covered crops.  The HIP rule will likely prevent most farm combinations that were planned.

Prevented and Failed Planting and Generic Acres

A question that has come up a couple times on prevented planting is “will prevented planting acreage be attributed to generic base?”  In short, the answer is no according to Farm Service Agency.  A covered commodity, such as peanuts, has to be planted in order to be attributed to generic base.  The final planting date for peanuts was June 5 for most counties in Georgia.  The late planting period runs either 10 or 15 days after the final planting date where coverage is reduced 1% per day until June 15.

Failed planting acres of a covered commodity, however, does count and will be attributed to generic base on a farm with generic base.   Below is an update of prevented and failed planting info from 2014 Peanut Pointers article.

Final Planting Date (FPD)

The Final Planting Date is the last date a producer may plant and the acreage be eligible for full crop insurance coverage (receive the 100% of Production Guarantee or Revenue Guarantee). The producer is not required to plant after the FPD but may do so at reduced coverage of 1% per day through the late planting period.

Georgia Final Planting Date

Crop Date Counties
Cotton May 20 Bartow, Chattooga, Elbert, Floyd, Franklin, Gordon, Hart, Henry, McDuffie, Monroe, Morgan, Oconee, Polk, Spalding, Walton, and Warren
Cotton May 31 All other counties
Peanut May 31 Jefferson, Johnson, Laurens, Montgomery, Richmond, Treutlen, Washington, Wilkinson
Peanut June 5 All other counties
Grain Sorghum June 20 All counties
Soybeans June 15 All counties

Late Planting Period (LPP). If the producer so elects, planting may continue during the late planting period at reduced coverage of 1% per day. Planting may continue even after the late planting period and coverage will be at the Prevented Planting guarantee (50% of the full season guarantee for cotton and peanuts and 60% of the full season guarantee for grain sorghum and soybeans).

Georgia Late Planting Period

Crop Period Counties
Cotton May 21 – June 4(15 days) Bartow, Chattooga, Elbert, Floyd, Franklin, Gordon, Hart, Henry, McDuffie, Monroe, Morgan, Oconee, Polk, Spalding, Walton, and Warren
Cotton June 1 – June 15(15 days) All other counties
Peanut June 1 – June 15(15 days) Jefferson, Johnson, Laurens, Montgomery, Richmond, Treutlen, Washington, Wilkinson
Peanut June 6 – June 15(10 days) All other counties
Grain Sorghum June 20 – July 04(15 days) All counties
Soybeans June 16 – July 10(25 days) All counties

Farmers can still plant peanuts and cotton after June 15, but the guarantee drops to 50 percent for peanuts and cotton. If the producer is unable to plant by the final planting date, the producer may file for prevented planting” and must do so within 72 hours after the Final Planting Date. If the producer is unable to plant during the Late Planting Period, again the producer must file for “prevented planting” within 72 hours of the late planting deadline. Filing for prevented planting requires documentation on the part of the producer.

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Cotton Market Update 5-27-15

Posted by romeethredge on May 28, 2015

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Crop Enterprise Cost Estimate April 2015

Posted by romeethredge on April 30, 2015

The revised Crop enterprise cost estimates from UGA Ag Econ are now posted at this link.

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