At harvest time, farmers are reminded of the challenging season coming to a close. Some might consider trying new enterprises on their farms. The 2018 Farm Bill made industrial hemp legal at the federal level. Before seriously considering whether to grow it, however, farmers have questions. “Is there coverage if I am going to grow industrial hemp,” says Kristin Kramer, farm product and training manager at COUNTRY Financial, about farmers’ questions regarding hemp production and the insurance coverage needed for such a venture.

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Farms are constantly evolving and changing. And those can impact how a farm is insured and protected.

In this Managing for Profit, Jeanna Lemaster with Indiana Farmers Insurance outlines how those changes on the farm can impact the farmer’s policy.

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• This week in the markets – Fed cattle are trading nearly $2 higher this week, that’s actually about $1 higher than they were a year ago at this time a year ago. Feeder cattle auction are anywhere from steady to $4 higher this week. On the futures side, December live cattle futures contract closed $1.25 higher, while November feeder cattle futures closed nearly $1.50 lower. The Choice Box Beef price was nearly $4 higher this week on strength in all components. Cash hogs are $4 higher this week, while December lean hog futures were down $2. Pork cutout value was virtually unchanged this week. 
• USDA’s Livestock World Market and Trade Report:
• Beef – USDA projects Australian beef production will decline nearly 10 percent in 2020 as the country continues to deal with severe drought. Beef exports out of Australia are expected to decline 13 percent in 2020. As the Chinese look for alternative meat products, beef imports into China are expected grow by nearly 21 percent. And beef imports into China from 2009 to 2019 have grown by nearly 2.4 billion metric tons. 
• Pork – USDA projects Chinese pork production to decline by 25 percent in 2020. While their imports are projected to increase by nearly 35 percent next year. The EU, the US, and Brazil are positioned to take a larger chunk of the demand for global pork. Expansion in US pork production in 2020 is projected 4 percent above year-earlier levels. In absolute terms, that means it grows faster than all other countries in the world combined – excluding the US and China. 
• Scott and Meghan: talk all things trade, demand and supply.
• Next week’s reports: Cold Storage, Livestock Slaughter, and Cattle on Feed.    

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Farmers are facing another year where their bottom line is under pressure. As they navigate the busy harvest season, it’s also a good time to take a close look at their marketing and financial situation. 

In this podcast, Michael LaPlant discusses the importance of creating a fall harvest cash flow and reviewing current marketing plans and contracts.  

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2019 has been one of the most challenging years for farmers ever – and that didn’t make tackling tough to control weeds any easier.

In this Managing for Profit, Shawna Hubbard, trait herbicide product manager shares some takeaways about controlling weeds this year.

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2019 has been one of the most challenging planting and growing seasons for farmers, yet. 

In this Managing for Profit, Bayer crop protection lead Ty Witten talks about ways growers can best manage weeds this fall after harvest to best prepare for the 2020 growing season.

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How much life insurance is needed, what is covered and what will it cost? While the insured pays the life insurance premium, life insurance is there to protect the insured’s loved ones. “The biggest thing that people need to understand is that life insurance can be very simple,” said Sarah Bloom, an insurance agent for COUNTRY Financial, in an interview with Brownfield Ag News. She helps cut through some of the common myths and misconceptions regarding life insurance.

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Winter is right around the corner and it’s time to start thinking about ways to keep your family and property safe.

In this Managing for Profit, Jeanna Lemaster with Indiana Farmers Insurance has some reminders to avoid property loss and keep your family safe.

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This week in the markets – Cash cattle traded $3.25 higher this week and feeder cattle markets were anywhere from steady to $4 higher. December live cattle futures contract closed $1 higher and November feeder cattle closed $3 higher. Choice box beef price was $1.50 higher this week. Cash barrow and gilt prices were $.50 higher this week. The December lean hog futures contract closed a little more than $2.50 higher. The pork cutout value was $2.75 higher this week, supported by the strength in the bellies.

Retail prices for September – Both Choice beef and pork prices were higher in September relative to a year ago. Beef was up $.07 and pork was up $.09. However, both choice beef and pork retail prices were lower than a month ago. Boneless sirloin steak prices were 5.7 percent lower than a year ago in September, while boneless pork chops were 1.6 percent above year-ago levels. 

Consumer Sentiment – The Index of Consumer Sentiment show a rebound in October, up 3 percent. The Current Economic Conditions portion of the index rose 4.5 percent in October. 

Supply and Demand – The USDA report showed growing supplies of pork and chicken for 2020 an increase of 650 million pounds from last month’s report. Exports were also increased in the October WASDE for 2020, with pork leading the way, up 240 million pounds. USDA made modest revisions for their livestock price out look for 2020. The most interesting price outlook increase is for barrow and gilt prices, which are projected $9 higher for 2020. USDA lowered soybean estimates by 1 bushel per acre. From a feeding standpoint the increased the expected soybean meal price by $20/ton.

Monthly Trade Data – In August production of beef, pork, and chicken was actually down 166-million-pounds from year-ago levels, while exports were up 2 5 million pounds year over year. August pork exports increased by 22 percent relative to a year ago as China led the way with stronger trade. Year to date, exports to China are 142 million pounds above year-ago levels. August beef exports were 4 percent below year-ago levels. Both exports to Japan and South Korea fell below year-ago levels in August. 

Trade, trade, and more trade – Big news this week with Japan and potentially China.

Next week’s reports: No reports. But there will be a lot of trade to talk about then.

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Weed pressure contributes to yield loss and in an economy where yield matters, controlling weeds plays a crucial role in the farmer’s bottom line.

In this Managing for Profit, Scott Jungman, Enlist field specialist talks about some of the options growers have for the 2020 growing season.

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