USDA Set to Announce Second Round Of Payments Due To Trade War
In early Dec, the USDA will announce the specifics of the second wave of the Market Facilitation Program (MFP) payments that will be issued to farmers negatively impacted by the ongoing Trade War with China. Its speculated that the second round will be similar to the first estimates issued back in Sep which were $0.005 per bushel for corn, $0.825 for soybeans, and $4 a head for hogs. This rate would mean that 64 bpa soybeans would equate to $53 per acre in payments. Producers will have until Jan 15, 2019 to complete all of the paperwork to enroll in the program and receive payments.
President Trump Freezes Program that Exempts Oil Refiners from Blending in Biofuels
The Trump Administration has just announced that they will temporarily halt issuing hardship waivers to oil refineries that allow them to forego the blending in of biofuels because of the financial burden. The White House has placed 22 waiver applications on hold while the Department of Energy drafts up new terms that will determine what degrees of financial hardship would qualify a refiner for the waiver. The Renewable Fuel Standard mandates that oil refiners must blend certain amounts of ethanol or biodiesel into the domestic fuel supply or purchase credits that are issued to refiners that do. The biofuel industry considers these hardship waivers as damaging to ethanol and biodiesel demand.
Export Sales Announcement
Private exporters reported to the U.S. Department of Agriculture export sales of 268,748 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.
Winter Storms Forecast for Northern Plains and Ohio River Valley
The National Weather Service has issued a winter weather advisory for a majority of both North and South Dakota until 6 PM local time. There is little expected in terms of snow accumulation but freezing rain and sleet may form a glaze of ice on roads that could make driving hazardous. In the east, parts of Indiana, Kentucky, and Ohio are also expecting freezing rain on Thursday that is expected to turn into rain through the weekend.
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