2019 Spring Update

Conditions is SW Iowa and Eastern NE are extremely wet and unsuitable for planting. Most upland farms have corn in the ground but very few soybeans are planted. Bottom farms are swamped with some corn planted but virtually no soybeans. With the cold and extremely wet spring we have had so far, reaching trendline/average yields will be difficult. Many acres on the Missouri River bottoms will not be planted and will be certified as prevent plant in the coming weeks. Commodity prices have improved and we are in the process of moving/selling old crop (2018) inventory. We are starting to make some new crop (2019) sales but are being cautious as production will likely be limited. We are in the process of applying for emergency cost share on flood damaged fields as the current deadline in June 13. However many fields are still underwater and can’t be inspected which is required for the application. We are hoping for a 30 days deadline extension for the application period but 30 days might not be enough as the Missouri River is staying too high. I will be attending a class on the new farm bill today and will learn more about the details of the ARC/PLC program and how to sign-up and stay enrolled over the course of the program. I will also be learning what program will likely be most beneficial to owners during the new farm bill. My understanding is that sign-up will occur this summer/fall.