While most farm input costs have increased during the past few years, few inputs have outpaced the surge in the cash rents farmers have experienced. For example, the Minnesota Agricultural Statistic Service reported rents across the state increased by 11.1% from 2011 to 2012 and another 18% from 2012 to 2013. Some states have seen even higher rent increases since 2010.

U.S. turkey consumption follows a strong seasonal pattern characterized by peaks in per capita consumption around the Thanksgiving holiday. Wholesale and retail prices tend to peak in the months preceding Thanksgiving followed by drops in price during November and December.

While USDA raised its outlook for farm cash net income for 2013 by 7.4% over its August estimate, it still represents a 3.4% drop from 2012 levels. USDA raised its 2013 U.S. farm cash net income forecast to $129.7 billion, up from $120.8 billion in its August forecast and $123.5 billion in its initial February forecast.

The good news is that the 2013 harvest is in the homestretch. Today, USDA reported that as of November 17, 2013, 91% of corn has been harvested in the top 18 corn producing states. This is ahead of the 5 year average of 86%. At the same time, 95% of the soybean crop has been harvested, which is only one percentage point behind the 5 year average.

The Environmental Protection Agency (EPA) today released the proposed 2014 Renewable Fuel Standard (RFS) volumetric requirements. For 2014, EPA is proposing to lower the conventional renewable fuel requirement from the statutory level of 14.4 billion gallons (BG) to 13 billion gallons, and slash the total RFS volumetric requirement from 18.15 BG to 15.21 BG.

The Advanced Ethanol Council expressed disappointment today in the proposed 2014 required volume obligation (RVO) for the federal Renewable Fuel Standard (RFS).

National Farmers Union (NFU) President Roger Johnson issued the following statement regarding the Environmental Protection Agency's (EPA) 2014 Renewable Fuel Standard (RFS) requirements:

From the Renewable Fuels Assn. to the National Corn Growers to the National Farmers Union, reaction was swift today when the Environmental Protection Agency released the proposed 2014 Renewable Fuel Standard (RFS) volumetric requirements. And as you might guess, it was particularly complimentary.

In response to a Proposed Rule for the 2014 Renewable Fuel Standard Required Volume Obligations (RVO) issued today by the U.S. Environmental Protection Agency, the American Soybean Association expressed concern that the biomass-based diesel levels for 2014 and 2015 would be reduced below the amount actually produced in 2013. The rule, which establishes the amount of biofuels that obligated parties must utilize for 2014 and the amount of biomass-based diesel for 2014 and 2015, proposes a biomass-based diesel RVO of 1.28 billion gallons, less than the amount produced by the industry in 2013. EPA has also proposed to reduce the total advanced biofuels requirement, which also limits the opportunities for biodiesel.