Interest Rate Bumped Another .75 Basis Points – As expected, the Federal Reserve Bank bumped interest rates by .75 basis points. Fed Chairman Jerome Powell offered comments after the central bank meeting. Powell said it will be appropriate to slow the pace of interest rate increases at some point. “Even so, we have some ways to go,” said Powell. “Incoming data since our last meeting suggest that the ultimate level of interest rates will be higher than previously expected.” Powell said he would rather increase interest rates too much, rather than not enough.

Rural Versus Urban Vote – Rural voters may be a deciding factor in the midterm election. “People like to put it to different categories of race, gender, and economic status, but the big break point this time is going to be between rural and urban America,” said Jay Truitt, president, Policy Solutions. Truitt believes this issues, like high fuel and crop input costs, will be determined by the results of this election.

Diesel Inventory at 40-Year Low – The U.S. supply of distillates, which includes diesel and heating oil, totaled 106.8 million barrels for the week ending October 28. That’s nearly 20 percent below the five-year average and the lowest on record for this time of the year. “These really high summer prices limited the ability to accumulate inventories, and now we’re coming into the winter months hoping it’s not going to be a cold winter,” said Altin Kalo, chief economist, Steiner Consulting.

Fewer Product Shortages Expected – Supply chain headaches and product shortages were a reality this past year, but CHS President and CEO Jay Debertin does not anticipate similar problems for the 2023 growing season. “It is unpredictable, but we feel good today and given our size and scale we can source the products we need and have it available.” CHS Country Operations are prepared for a busy fall fertilizer season, but the weather is a consideration. “A lot has been sold and some is going down, but we’ve just gotta see what the next couple of weeks bring for moisture.”

Assessing the Herbicide Supply – Syngenta Crop Protection President Vern Hawkins expects to see improvements within the supply chain for the new sales year. “However, we know that there are a number of areas where constraints will still continue with some of that driven by raw material issues in certain classes of chemistry.” A year ago, farmers were concerned about product shortages and wanted to take possession of their crop inputs as soon as possible. That is not happening to the same degree this fall, but there are situations where crop protection products were purchased a year ago and held over for the 2023 growing season. “There’s more inventory being held by retailers and more inventory being held by growers than normal,” said Hawkins. “We think most of that inventory is probably at retail, but it’s hard to know because we don’t have great visibility of inventory once it leaves the distribution warehouses.” Hawkins is encouraging retailers to take an active role in planning to gain insight into the inventory perspective.

Supply Chain Issues Persist – In a call with investors, AGCO officials said the supply chain problems are continuing. The farm machinery company is keeping higher-than-normal levels of raw materials and equipment inventory on hand. Like other farm equipment companies, AGCO has machinery waiting for one or two parts before delivery can happen.

Another Rail Union Ratifies Contract – Another major railroad union has approved the labor contract with the Class I railroads. With this approval, seven unions have ratified the contract. However, two other unions rejected the deal last month. That means a strike is still a possibility.

The Bull Pen – Basis levels remain positive across the Northern Plains. “Most people’s bins were empty due to the drought in Canada and the Dakotas so we have lots of space available and a lot of staying power for the Northern Plains farmer,” said Tommy Grisafi, risk management advisor, Advance Trading. “Throw in the trouble with the Mississippi River and the grain flowing in a different direction than normal and you have a hot basis in North Dakota.” Election Day is another consideration for markets this week. “Stock markets tend to have a good rally after elections, especially midterms, regardless of who wins or loses.” Each month, Advance Trading Risk Management Advisor Tommy Grisafi and RRFN’s Don Wick discuss markets in the ‘Bull Pen.’ This interview can be found on RRFN’s YouTube channel.

Fingers Crossed for Rain Before Freeze-up – With very little moisture in the soil profile, it has been difficult getting the ground in condition for next year. “What is even more concerning is they’re pulling up big root balls and big soil clumps that if we don’t get moisture this fall, the soil won’t imbibe moisture like it should,” said J.J. Jahnning, field agronomist Pioneer. Jahnning is hopeful Mother Nature will provide the much-needed moisture before freeze-up. Listen to the latest harvest update from Pioneer.

All Maturities Yielded Well – CHS Ag Services Sales Agronomist Kyle Schafer says the end of harvest is in sight. “Yields are about average, maybe above average in the area, and corn is coming off in good quality.” All relative maturity levels have performed. “With the way planting went, we were all concerned about shortening maturities, but the later-day varieties are performing just fine and the 80–to-85-day short maturity stuff is doing surprisingly well, too.”

Corn Matters – Registration is now open for the Minnesota Ag Expo. Hear more from MCGA President Richard Syverson in the latest Corn Matters.

Taking Precautions During Harvest – Cooperstown, North Dakota farmer Scott Tranby wrapped up sunflower harvest with very few mishaps. “I only had one fire at the end; they were 2,000-2,500 pounds to the acre and that was very good considering how dry it was.” Numerous combine fires have been reported this fall. Tranby says he always takes precautions when the sunflowers are very dry. “I keep a fire extinguisher on board, and I have a water tank in the field to spray it down.”

Fall Rains Seem Unlikely – North Dakota Agricultural Weather Network Director Daryl Ritchison says the Midwest has been creeping into drought since early summer. “Since June 2, the area has just gradually dried out after living on spring rains.” Ritchison says the million-dollar question is whether fall rains will happen. “There has been a number of systems capable of producing rain nearby that just haven’t hit our area, they just don’t look to be tracking in areas that favor many folks. Fall rains don’t look favorable at all.”

Seeding Dry Ground – Dry conditions have hampered wheat seeding and emergence in the core U.S. wheat regions. Approximately, 74 percent of the U.S winter wheat crop is in an area experiencing drought. “A lot of the western U.S. is struggling with abnormally dry weather with the crop getting planted into abnormally dry dirt,” said Dave Green, executive vice president, Wheat Quality Council. “It’s not an official death nail for the crop, but it is a bad start.” Green says the wheat could still turn out to be an average crop if there were timely rains.

There’s Still Time for Rye – Midwest Cover Crops Council Program Manager Anna Morrow says it’s getting late to put in cover crops, but there is still time for rye. “Through most of the Midwest, you’ll see cereal rye because it can tolerate the cold weather better.” Morrow says timing depends on what goals you want to achieve with the cover crop. “That’s going to depend on your cropping system, management, and amount of time you have. As a general rule, the earlier you can get planted, the more growth, biomass, and benefits you’ll get.”

Cover Crop Emergence Dissapointing – South Dakota State University Extension Soil Fields Specialist Anthony Bly says cover crops and winter wheat emergence has been slow with the dry soil conditions. “Cover crops in the fields that I’ve seen are performing much less than last year in terms of size, growth, and there are reports of poor emergence.” Bly has been disappointed to see tillage happening this fall with all the soil movement that took place this year. “Regrettably, I see a lot of fall tillage going on. There was the derecho and high winds that came through just a few months ago, and here we are tilling those dry soils when we already saw so much blowing and erosion.”

Start Clean, Stay Clean – That’s the message from Wilbur-Ellis agronomy manager Kevin Erikson. The use of a pre-emergence herbicide is seen as an important tool against weed resistance.”The weed that doesn’t come out of the ground is the easiest to kill because once waterhemp emerges, it is prolific and grows so quickly,” said Erikson. “The labels read three inches (for herbicide application. Three inches turns into the size of a pop can to a foot tall and your post spray will not take it down.” Erikson, who is based at Salem, South Dakota, expects a more ‘normal’ year for the supply chain in 2023.

What’s Hot, What’s Not in the Markets – In this week’s edition of What’s Hot, What’s Not in the Markets, Martinson Ag Risk Management President Randy Martinson says a lack of rain in the wheat wheat region will boost that market this week. Corn has been on the defensive. This week’s supply/demand report will be consideration this week.

Traders Monitoring Brazil – Cornbelt Marketing market analyst Sam Hudson says traders continue to watch developments in South America while soybean shipments out of the Gulf struggle. “In a time where we’re trying to get as many beans out of the country as we can, this barge situation is not going away,” said Hudson. “The good news is t movement and sales are ahead of pace.” Unrest in Brazil is also being closely monitored. “Concerns about export controls or curtailing of farmland expansion are what the markets talking about.”

Fielding Questions: Monitor Basis Levels – In the latest edition of Fielding Questions, AgCountry Farm Credit Services Vice President of Insurance and Customer Education Rob Fronning considers the latest market developments. There has been basis opportunities, but growers should be alert to basis levels. A rangebound market and market considerations for 2023 are also discussed.

Lula Defeats Bolsonaro – Results of Brazil’s presidential election caused protests to break out and roadblocks were set up throughout the country. President Jair Bolsonaro lost the election by about two percentage points to former President Luiz Inácio Lula da Silva. Besides the short-term impact, NDSU Extension Crop Economist Frayne Olson says the election has long-term implications. Lula campaigned as climate friendly and Olson questions if the president-elect will continue to allow new land to be broken up for agricultural purposes. “There’s concerns about the laws in Brazil that allow agricultural expansion.”

Tight Timeline for Mexico’s Ban on Corn – Mexico’s ban on genetically modified imports is on track to cut is imports of U.S. corn in half by 2024.  National Corn Growers Association Director of Public Policy Angus Kelly says the timeline is just too quick. “If the decrees are fully implemented by next year, we’re harvesting biotech corn today and we’re purchasing biotech seed corn for 2023; they’re not going to change their management in the next year.” The NCGA is urging the administration to intervene. “We’re asking the U.S. Trade Represeative to step and tell Mexico to live up to the letter in the law of the previous trade agreement.”

More Potato Wart – Canadian Food Inspection Agency inspectors have found a fourth case of potato wart in potato sample from Canada’s Price Edward Island. A statement from National Potato Council CEO Kam Quarles says this latest find reinforces USDA’s conclusion that additional mitigation measures need to be put in place to prevent potato wart from being introduced into the United States.

Potato Shipments Off to a Slow Start – U.S. fresh potato shipments totaled nearly 6.6 million hundredweight in October. That’s down more than six percent from last year. In the Red River Valley, wash plants shipped 255,000 hundredweight of potatoes last month. That’s 12,000 hundredweight less than one year ago. North American Potato News says the October shipments are the smallest on record. Production was up in the Red River Valley this year, but shipments are off to a slow start.

Boozman Seeks Details on COVID Relief – Congress allocated $11 billion in COVID-related support for agriculture in 2021. Senate Agriculture Committee Ranking Member John Boozman now wants to see how that money was spent. In a letter to Agriculture Secretary Tom Vilsack, Boozman said he is satisfied with the way USDA implemented most of the programs. However, Boozman believes the Agriculture Department is using the remaining funds for projects unrelated to the pandemic.

AURI Update – Join the Agricultural Utilization Research Institute for their new Ag Innovation News Podcast. Learn more in this AURI Update.

Ag/Biofuel Groups Support EPA Decision – Growth Energy, Renewable Fuels Association, American Coalition for Ethanol and National Farmers Union have taken legal action to intervene in a lawsuit in support of an EPA decision. In June, the agency denied nearly 70 petitions for small refinery exemptions under the Renewable Fuel Standard. Oil refiners are now trying to reverse that decision. The agriculture and ethanol groups said the small refinery exemptions were grossly mismanaged in the past.

Beet Stock Values – Fueled by a strong forecast beet payment, American Crystal Sugar beet stock soared to a new brokered high last week – $4,800 per share. According to Acres & Shares, last week there were 99 shares brokered at $4,800 per share.

MFBF Minute – Every vote counts. Hear Minnesota Farm Bureau Federation Vice President Carolyn Olson talk about the importance of rural voting for the upcoming election in the latest MFBF Minute.

Dry Bean Scene – In this week’s Dry Bean Scene, NDSU Dry Bean Breeder Juan Osorno provides insight into which bean varieties did best this growing season. The Dry Bean Scene is brought to you by SRS Commodities, Northarvest Bean Growers Association, Johnstown Bean Company, and BASF.

Latest Bankruptcy Signals the Need to Indemnity Fund – The Minnesota Farmers Union is calling for the establishment of a grain indemnity fund in the 2023 legislative session. Global Processing Incorporated filed for Chapter 11 bankruptcy in late October and farmers who have not received payment for grain or had grain stored with the company’s Hope, Minnesota facility are being encouraged to file a claim with the state agriculture department. However, the state only requires grain sellers to have a $50,000 bond. Minnesota Farmers Union cited grain elevator failures in Karlstad, Ashby and Porter where farmers received only pennies on the dollars owed.

IP Soybean Brand Launches Internationally – The Specialty Soya and Grains Alliance traveled to Ho Chi Min City, Vietnam to launch its U.S. identity-preseved brand. Todd Sinner, Partner, SB&B Foods says current and potential customers want to learn more about the IP products. “”We’re excited to unveil not only to Vietnam, but all the Southeast Asia markets too. It’s being broadcast all over Southeast Asia.” Since its national launch in December of ‘21, a dozen U.S. companies are using the brand and several more are navigating the application and qualification process. “U.S. soybean representatives are here to promote our product. It’s the best in the world and we want to open up more markets for our farmers; the identity preserved soybeans continue to be in high demand.”

Register Now for NCI’s Cereal Innovators Webinar – The Northern Crops Institute is hosting another Cereal Innovators Webinar Wednesday, featuring David Oien, co-founder and CEO of Timeless Seeds. The interactive webinar series focuses on new and unique ways to use cereal grains. Topics throughout the series include new processes, useful information on milling and baking, equipment information, and uses for cereal grains grown in Minnesota, Montana, North Dakota and South Dakota. Register online for the free webinar.

Canola Minute – In this week’s Canola Minute, Executive Director Barry Coleman talks about their involvement in the Culinary Institute of America’s Worlds of Flavor International Conference.

New Data Available on Rotational Grazing – Rotational grazing is more common in the Northern Plains and Appalachian regions. A new study from USDA’s Economic Research Service found 40 percent of cow-calf operations nationwide use rotational grazing. Cattle operations that retain most of their calves for the initial feeder stage are most likely to adopt intensive rotational grazing. The research found most basic grazing systems are relatively simple with five or fewer paddocks.

MN Beef Update – Minnesota’s State Cattlemen’s Association’s Convention is coming up. Hear more about convention from Rachel Gray of Little Timber Farms in the latest Minnesota Beef Update.

Powered by Beef – The North Dakota Beef Checkoff is leading a new pilot program that is based in sports nutrition. It’s called ‘Powered by Beef.’ The program is targeted towards collegiate and high school athletes, trying to get them to understand the benefits of protein in their diet anchoroed in a balanced plate,” said Nicole Wardner, consumer marketing and industry relations specialist, North Dakota Beef Commission. “We like to say beef is real fuel for real athletes.” The checkoff is working with four universities; University of North Dakota, North Dakota State University, University of Mary and Jamestown University. There’s also five Class A and 12 Class B high school programs that are participating in this project. The athletes are being fed beef. “Along with that is the opportunity to educate and teach these kids not only the nutritional benefits that beef provides, but also some of the soft skills on how they can buy beef at the grocery store and make it themselves. We’re really excited about the educational aspect of it, making sure that we’re creating next year’s consumers.” Moving forward, the plan is to increase the number of schools involved in ‘Powered by Beef.’

ND Meat Processors Receive USDA Grant – A national rollout of USDA funding is helping meat processors in Mott and Mandan, North Dakota. Rural Development State Director Erin Oban announced the grants. “Rural Development was given a responsibility to design programs that would respond to challenges in the nation’s food supply chain. We’re thrilled to award $10 million to the Lewis and Clark Development Council in Mandan, North Dakota and half a million to South 40 Beef in Mott, North Dakota.” Oban describes these investments as a win-win for producers and consumers.

A Big Year for CHS Inc – CHS is reporting total net income for the year of $1.7 billion. That compares to $554 million in fiscal year 2021. The cooperative’s energy business enjoyed a dramatic turnaround in its refining margins. The CHS wholesale agronomy business, grain and processing sectors also performed well. With the strong financial position, CHS plans to return $1 billion in cash patronage and equity distributions to its member-owners in the 2023 fiscal year.

CF Industries Delivers Positive Outlook to Shareholders – In the third quarter, CF Industries had net income of $438 million. President and CEO Tony Will said the tight nitrogen supplies are not expected to change anytime soon, providing attractive margin opportunities for low-cost producers. In its quarterly report, CF Industries said it will take at least two more growing seasons to complete replenish grain stocks. That will supporting an increase in crop acreage and incentivize the use of nitrogen fertilizers.

3Q Profits Up for Nutrien – Nutrien delivered record earnings in the third quarter with net income of $1.6 billion. There was a temporary reduction in potash sales, but strong fundamentals provided a boost to the bottomline. Nutrien President and CEO Ken Seitz said demand remains strong while global fertilizer supply probems coninue, creating a supportive environment for their business.

Corteva Updates Financials – Corteva experienced an after-tax net loss of $322 million in the third quarter. That compares to profits one year ago of $36 million. Seed sales increased five percent and crop protection sales rose 22 percent. For the first nine months of the year, sales of the Enlist system totaled $1.1 billion. That’s an increase of 80 percent from the same time period last year. The company expects market penetration in the United States for the Enlist E3 technology to be in the mid-50 percent range. The percentage of Enlist with proprietary Corteva germplasm is expected to reach 65 percent in 2023.

UPL Releases 2Q Results – The crop protection company, UPL, is reporting a 28 percent increase in quarterly profits. Second quarter income totaled $98.4 million. UPL credits higher commodity prices and a favorable exchange rate.

A Record Month – Canadian National Railway moved over 3.2 million metric tons of grain from the prairies of western Canada in October. That’s the single best month in history for grain movement for CN.

BASF Aquires Facility for Its Canola Business – BASF has completed its acquisition of Cargill’s seed production facility in Idaho Falls. With this deal, BASF is expanding its production capacity for InVigor Health canola oil. The seed from these hybrids produce a specialty oil that is more heat stable and higher in oleic content.

Green Plains Energy Reports Loss – Green Plains Energy is reporting a fiscal year third quarter loss of $73.5 million due to negative profit margins. Green Plains CEO Todd Becker crush margins during the third quarter came in at a loss of 9 cents per gallon due to high corn prices.

MN Wheat Minute – Prairie Grains Conference is fast approaching. Tune in for a preview in the latest MN Wheat Minute.

Grains HQ Established – Six Canadian farm organizations have formed one group called Grains HQ. This group represents the grain, pulse and oilseed crops and will provide a united voice to the government on ag policy. Market access and reliable rail service are among the priorities.

Cooperative Ventures Funds Its First Startup – A venture capital fund formed by CHS and GROWMARK has announced its first investment. Sabanto is a hardware and software company that is developing autonomous capabilities in tractors. Cooperative Ventures was founded a year ago to fund new technologies and innovation startups.

MMPA Contracts with Edge Co-op – The Minnesota Milk Producers Association has contracted with Wisconsin-based Edge Dairy Farmer Cooperative for administrative and program services. Previously, Midwest Dairy handled the administrative duties for MMPA. Lucas Sjostrom will remain as the MMPA executive director as part of the Edge Dairy Farmer Cooperative staff.

Cub Recognizes Dairy Checkoff Program – The grocery store chain, Cub, awarded Midwest Dairy with its Vendor of the Year Award. Midwest Dairy was recognized for its June Dairy Month activities. In early June, Princess Kay of the Milky Way and Minnesota Dairy Ambassadors hosted an ice cream social at a recently rebuilt Cub in Minneapolis after it had been damaged due to civil unrest.

Kraft Launches NotCheese – A non-dairy version of the familiar Kraft cheese singles will be rolled out in 2023. Kraft NotCheese is made from coconut oil, modified starch, water and chickpea protein and is available in American, cheddar and provolone flavors. Kraft officials claim the plant-based product tastes, smells and melts like real dairy cheese.

SD Corn Comments – In this week’s edition of South Dakota Corn Comments, we take time to appreciate those that have served our nation. Join us to learn more on our work with South Dakota Department of Veterans Affairs.

40 Years of Dedication to NDSU Extension – North Dakota State University Extension and Research Extension Center faculty and staff have been honored for their years of service. Three individuals were recognized for 40 years of service; Brad Brummond, Walsh County, David Pearson, Hettinger Research Extension Center and Steve Zwinger, Carrington Research Extension Center.

Recognizing Excellence – NDSU Extension has recognized the winners of the Epsilon Sigma Phi Award for fostering a standard of excellence. Rachel Wald of McHenry County was given the early career service award. The mid-career recognition went to Karla Meikle of Morton County. Dan Folske, Burke County, was honored with the distinguished service award. Kari Helgoe of Pembina County received the visionary leadership award. The Extension staff leading the youth tractor safety team was honored for program excellence.

NDSU Extension Communicator of the Year Named – NDSU Extension has presented Mohamed Khan with its communicator of the year award. Kahn is the assistant director for agriculture and natural resources.

CRPD Officers Elected Unanimously – Tim Velde of Granite Falls has been elected chair of the Center for Rural Policy and Development. Sue Grafstrom of Roseau is the vice chair and Santo Cruz of St. Cloud is the treasurer/secretary.

Anderson to Oversee SD Beef Checkoff – The South Dakota Beef Industry Council has a new executive director. Jodie Anderson, who was at the helm of the South Dakota Cattlemen’s Association for 16 years, is now working on beef checkoff issues. Suzy Geppert, who is the previous executive director, resigned at the end of September.

Nehl Named to Beef Checkoff Commission – North Dakota Governor Doug Burgum has appointed Jess Nehl of Mandan to serve a three-year term on the North Dakota Beef Commission. Nehl is a senior tax manager for Eide Bailly and raises cattle.

Job Opportunities in Agriculture – The Red River Farm Network is connecting agricultural companies, organizations and farms with high quality job prospects. Click on the Job Opportunities in Agriculture tab on the RRFN website to see the latest listings. Minnesota’s AURI is looking for a business development director. R.D. Offutt Farms is seeking a team lead and has three agronomy internships available. Dakota Ingredients, Pioneer and others are among those listed at this time. If you want your job listed, contact don@rrfn.com or kolleen@rrfn.com.