According to the latest Crop Progress report from USDA, some 96% of corn was reported emerged, above both the 94% emerged last year and the 90% emerged in the week prior. The 5-year average emergence rate for this week was 91%.
It is estimated that 25% of U.S. soybean oil is used for biodiesel and bioheat applications. As such, it is an important component of the soybean market. U.S. biofuel production has grown from about one-half million gallons in 2010 to 1.73 billion gallons in 2019, according to the U.S. Energy Information Administration (EIA).
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In this episode of On the Record, the latest Dealer Sentiments Report shows that dealers inventories of both new and used equipment are improving despite being too low. In the Technology Corner Noah Newman talks with Verdant Robotics plans to scale its fleet. Also in this episode, Titan Machinery reports record results for the third quarter of fiscal year 2023 and Farm Credit Canada forecasts tight machinery inventories well into 2024.