USDA’s June Acreage report was conducted too early to adequately capture the impact of prevented plantings on 2019 corn and soybean acreage. The Ag Economy Barometer asked growers if they are taking a prevented planting payment on any acreage in 2019.
Following a notoriously wet planting season, data from the Risk Management Agency (RMA) indicated that prevented planting claims for the year could exceed $1 billion. As of July 1, the RSA reportedly had paid out $151 million in prevented planting claims, up $39 million from the week before.
Hoping to head off a “rapidly emerging forage crisis for livestock farmers across the Midwest,” a multi-state coalition of agricultural organizations submitted a written request to USDA Secretary Sonny Perdue seeking approval for emergency provisions allowing the planting and harvesting of forages on prevented plant acres without date restrictions.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.