USDA reported 41% of corn crops harvested, above the 39% reported harvested by this time in 2020. The 5-year average for corn harvested in this week is 31%.
Expanded U.S. soybean exports — led in part by increased Chinese buying under the United States-China Phase One trade deal in combination with greater demand by domestic processors — are tightening the availability of U.S. soybeans this marketing year (September 2020-August 2021).
The downturn that we are experiencing today is certainly as dramatic as those early ones, but today farmers are not encumbered with massive debt and the current interest rates are very reasonable for those who have debts to service. This certainly is not a pleasant experience for anyone in the industry, but there is much more optimism than in previous downturns.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, we talk to a Solectrac executive about the company's search for a new investor. In the Technology Corner, Noah Newman talks about the majors' growing presence in the precision retrofit market.