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they made similar errors in previous years, then consider amending … that is contingent on future events• A formal claim follows … deadline
Change amounts previously submitted to IRS
To claim …
September 5, 2017
Grain Market Outlook
as ethanol plants on September 1st ranged from $3.22 ¾ ($0.35 under
Page | 2
DEC) to $3.72 ¾ ($0.15 over DEC) – indicating continuing strength in ethanol demand for corn in Kansas and
nationwide. While the “large supply and tight storage availability” situation still predominates in local Kansas
grain markets, it is a positive that Kansas cash corn prices have avoided falling down to USDA loan rate levels.
3. Major Corn Market Considerations for Fall 2017 through Spring 2018
First, large beginning stocks of U.S. corn coming into “new crop” MY 2017/18 have been a “mitigating”
factor limiting the response of the corn market to 2017 summer production risk. The corn market has b …
January 1, 2011
Land Leasing
Forms
provided by the North Central Risk Management Education
Center … expenses for tax purposes.
• Risks due to low yields or prices … yields or prices, as well as
profits from high yields or prices …
October 20, 2016
Grain Market Outlook
orecast for “Current Crop” MY 2016/17: The USDA projected 2016 U.S.
wheat plantings of 50.154 million acres (ma) – down 4.845 ma (‐8.8%) from 2015. The USDA also forecast
2016 harvested acres of 43.890 ma which would be down 3.428 ma (‐7.2%) vs 2015. Based on record high
projected 2016 U.S. wheat yields of 52.6 bu/ac (up from 43.6 bu/ac in 2015), 2016 U.S. wheat production is
forecast to be 2.310 bb (vs 2.062 bb in 2015), with total supplies of 3.410 bb (up from 2.927 bb in “old crop”
MY 2015/16), and total use of 2.272 bb (up from 1.952 bb in “old crop” MY 2015/16).
Given these numbers, the USDA projected “current crop” MY 2016/17 ending stocks of 1.138 bb (vs 976 mb a
year ago), with percent ending stocks‐to‐use of 50.09% S/U (vs 50.0% last year and 37.2% the previous year).
U.S. wheat average prices are projected to be in the range of $3.50 to $3.90 (midpoint = $3.70 /bu) – down
from $4.89 /bu in “old crop” MY 2015/16 and $5.99 /bu in MY 2014/15. It is assumed by Kansas State
University that these USDA projections for “current crop” MY 2016/17 have an 80% probability of occurring.
Alternative KSU U.S. Wheat S/D Forecast for “Current Crop” MY 2016/17: As an alternative to the USDA’s
projection, one potential KSU‐Scenario for U.S. wheat supply‐demand and prices is presented for “current
crop” MY 2016/17 – and is given a 20% probability of occurring. Assuming the same 2016 acreage, yields,
imports, and production as USDA, as well as food and seed use, the alternative scenarios assumes a) higher
U.S. wheat exports (1.125 bb vs 975 mb by USDA), and b) lower feed and residual use (240 mb vs 260 mb by
USDA).
The resulting KSU “Higher Exports with Spring 2017 U.S. Wheat Development Problems” Scenario (20%
probability) assumes for “current crop” MY 2016/17: 2.310 bb production, 3.410 bb total supplies, 1.125 bb
exports, 240 mb feed & residual use, 1.008 bb ending stocks, 41.97% S/U, & $4.35 /bu U.S. wheat avg. price.
KSU U.S. Wheat S/D Forecasts for “Next Crop” MY 2017/18: Two alternative KSU‐Scenarios for U.S. wheat
supply‐demand and prices are presented for “next crop” MY 2017/18. These scenarios assume a 5% decline in
U.S. wheat planted and harvested acreage in 2017 (with a 7% decline for U.S. winter wheat, and no changes
for other spring wheat and durum wheat classes. These KSU projections also assume at least a continued
moderation in the value of the U.S. dollar during the “next crop” 2017/18 marketing year, with some
improvement in U.S. wheat exports as a result.
KSU Scenario A) “Trend Yield, Moderately Higher Exports” Scenario (65% probability) assumes for “next crop”
MY 2017/18: 47.624 ma planted, 41.696 ma harvested, 47.0 bu/ac trend yield, 2.063 bb production, 3.326 bb
total supplies, 1.000 bb exports, 250 mb feed & residual use, 2.286 bb total use, 1.040 bb ending stocks,
45.49% S/U, & $4.10 /bu U.S. wheat average price; and
KSU Scenario B) “Lower Yield, Average Exports” Scenario (35% probability) assumes for “next crop” MY
2017/18: 47.624 ma planted, 41.696 ma harvested, 43.6 bu/ac lower yield, 1.914 bb production, 3.177 bb total
supplies, 980 mb exports, 240 mb feed & residual use, 2.256 bb total use, 921 mb ending stocks, 40.82% S/U,
& $4.50 /bu U.S. wheat average price.
…
March 4, 2025
Precision Ag and Technology Articles
solar storm, solar
particle events, agricultural technology … bushel per planted acre was at risk. Although
unprecedented during … precision agricultural era, the events of 10 May 2024 were not likely …
January 30, 2023
Ag Law Issues
consumers and decrease the risk of
foodborne illness and … which will lower business profits and be a drag on economic … will continue to be key
to profitability of farms and ranches in the …
October 10, 2024
Kansas Landowners Conference
acre (8.1 percent) from the previous year. The United States pasture … following death. In that event, the estate can
be valued … However, in some estates, events can occur during the six-month …
January 31, 2022
Ag Law Issues
return any such payments not previously paid out and not yet due … for other significant life events. By waiting until estate … 8th
Cir. 2010). In any event, the transaction must have …
March 13, 2026
International Grain Markets
bushels, up 10
percent from the previous year.
In contrast to corn … in cases
involving high risks of death or serious harm … sorghum due to the lower risk of corn and wheat, which …
June 9, 2012
Tonsor)
2
Events Summary
• State-by-State … most influence…
• Risk sending signal of indifference … than “maximize expected profit”)
• However multiple …