Setting Cash Rents and Variability in Returns
Returns to farmland likely will vary considerably over the next several years. This variability will make it difficult to set a cash rent that can remain the same for several years. Prices projected for 2015 are lower than likely long-run prices. As a result, cash rents based on 2015 returns may have to be raised in the future. Similarly, rents may need to be lowered if those cash rents were set based on returns in 2010 through 2013, particularly given that prices in 2010 through 2013 were above likely long-run average prices.
Forecasts of 2015 Market Year Average Prices based on Projected Prices for Crop Insurance
The 2015 market year average (MYA) prices for corn and soybeans are forecasts using the same futures contract prices as are used to set projected prices on crop insurance products. Prices during the first two week of February indicate projected prices of $4.15 per bushel for corn and $9.60 per bushel for soybeans. Resulting forecasts of 2015 MYA prices are $3.97 per bushel for corn and $9.84 per bushel for soybeans. Given these forecasts, Agricultural Risk Coverage – County Option (ARC-CO) is projected to pay more than Price Loss Coverage (PLC) over many counties in 2015.
Venus: Evolution of the Upper Atmospheric Clouds
Abstract The large number of UV photographs taken by different observatories throughout the world are grouped for analysis at the IAU Planetary Photograph Center of Meudon Observatory. Three horizontal V, Y, or psi-shaped dark-hued cloud features are usually aligned along the equator and move 110 m s−1 westward in a planetary-wide rotation. The more intense and distinctly V-Shaped features last several weeks. The smaller scale cloud structures usually show significant changes after each successive rotation in 4 days around the planet. The average UV contrast is 32% but can fluctuate from disappearance to 37%. For periods of several years, the polar areas are sometimes covered by a white cloud. According to a set of photographs taken at Pic-du-Midi, this never occurred between 1962 and 1966 but has happened during 25% of the time for at least one pole since 1967, and only when the planet was in a given half of its orbit. These polar clouds are ephemeral and usually last several weeks or months; they evolve...