Matter Yield Research Articles

Sovereign Green Bond Market: Drivers of Yields and Liquidity

The aim of this study is to analyse and assess the yields and liquidity of sovereign green bonds in selected countries and to compare the yields between sovereign green bonds and conventional bonds. Sovereign green bonds are issued by governments to finance environmental and social projects and represent a relatively new and growing asset class. This study seeks to analyse the financial performance of sovereign green bonds by examining yields and liquidity metrics, such as bid–ask spreads. The findings of this research suggest that the yield to maturity (YTM) of sovereign green bonds is influenced by conventional bond return, while conventional sovereign bonds are affected by the financial market return. Furthermore, the results confirm that the liquidity of sovereign green bonds can be explained by bond maturity.

The Moderating Role of Leverage on Corporate Bonds Yield

This study aims to identify the effect of bond credit rating, firm size, profitability, and liquidity on the yield to maturity (YTM) of listed Indonesian corporate bonds, with leverage ratio as a moderating variable. A panel data multi-linear regression with the fixed effect estimator was used to investigate the YTM of 25 listed corporate bonds from 2019 to 2021. The sample data comprise complete financial reports published in the Indonesia Stock Exchange (IDX) market and operations in the non-financial sector to increase the accuracy of information obtained. The results show that profitability proxied to return-on-asset (ROA) and firm size positively affect the YTM, while the liquidity ratio proxied to the current ratio (CR) had a negative influence. As a moderating variable, leverage proxied to the debt-to-equity ratio (DER) positively moderates the effect of CR, DER negatively moderates the effect of ROA and DER cannot moderate the bond’s credit rating to influence the YTM. However, the bond’s credit rating does not affect the YTM. The analysis of corporate bonds is a relatively uncommon study in Indonesia, and significant implicating for policymakers, underscoring the importance of meticulous management of CR and DER, which can decrease the YTM.

The anatomy of government bond yields synchronization in the Eurozone

Abstract We investigate the synchronization of the Eurozone’s government bond yields at different maturities. For this purpose, we combine principal component analysis with random matrix theory. We find that synchronization depends on yield maturity. Short-term yields are not synchronized. Medium- and long-term yields, instead, were highly synchronized early after the introduction of the Euro. Synchronization then decreased significantly during the Great Recession and the European Debt Crisis, to partially recover after 2015. We interpret our empirical results using portfolio theory, and we point to divergence trades as a source of the self-sustained yield asynchronous dynamics. Our results envisage synchronization as a requirement for the smooth transmission of conventional monetary policy in the Eurozone.

Relative Efficiency of Bonds and Sukuk: A Case of Selected Islamic Countries

This study compares the efficiency of bonds and Sukuk through a comprehensive analysis using descriptive statistics and regression techniques. The dataset includes outstanding Sukuk and bonds issued between 1993 and 2023 in Malaysia, Indonesia, Pakistan, Turkey, and Saudi Arabia. Objectives focus on examining mean coupon rate and yield-to-maturity (YTM) differences, exploring yield variations, and assessing efficiency levels. The analysis employs t-tests and ordinary least squares (OLS) regression. Findings indicate that bonds and Sukuk are sold at a premium, with mean coupon rates exceeding YTMs. A separate analysis supports the hypothesis that Sukuk may have higher mean YTMs and coupon rates than bonds. Sukuk exhibits significantly higher YTMs, indicating greater returns compared to bonds across the selected countries. Sukuk also demonstrates higher efficiency, reflected by a positive and significant coefficient, implying a more efficient yield-to-tenure ratio. Policy implications highlight the need to enhance regulation quality and transparency in disclosing yield differentials and risks and promote Sukuk as an attractive investment option. Diversifying investment portfolios and improving market liquidity is also recommended. Limitations include limited data availability, preventing analysis of individual countries and segregation between corporate and sovereign issues within Sukuk. In conclusion, this study provides valuable insights into the efficiency of bonds and Sukuk, offering policy recommendations. Disparities in mean coupon rates, YTMs, and efficiency levels underscore the importance of informed decision-making. Policymakers and investors can utilize these findings to understand the potential benefits of Sukuk and implement strategies to foster a more efficient and robust market. Further research is necessary to address data limitations and explore specific country-level dynamics and Sukuk classifications.

The Influence of Inflation, Exchange Rate and Foreign Exchange Reserves on Indonesian Government Bond Yield with the Bank Indonesia Rate as Moderation

The purpose of this study was to analyze and examine the effect of inflation, exchange rates, foreign exchange reserves on the yield to maturity (YTM) of fixed rate series bonds denominated in rupiah with a tenor of 10 years during the period 2015 - 2021. The statistical analysis method used in the preparation of this research is quantitative with descriptive explanations. Data collection techniques were obtained from secondary data through library research. Secondary data obtained through the internet sites of Bank Indonesia, Central Statistics Agency, Ministry of Finance, and Bloomberg in the form of information, research data, and macroeconomic variables in the 2015-2021 period. The analytical method used in this study is moderated regression analysis (MRA). The study type was an explanatory study with data processing using the IBM SPSS Statistics 25 application. The study results showed that the determinant of inflation had no effect on YTM, exchange rate had a significant negative effect on YTM, foreign exchange reserves had a negative effect on YTM. The result of BI rate as moderating factor is able to moderate the relationship between both of exchange rate and foreign exchange reserves against YTM. It is believed that the BI rate has force power as a determinant of the yield to maturity of rupiah-denominated fixed rate government bonds. KEYWORDS: inflation, ex

The damages puzzle in government bonds

‘It may be that contracts, and the law in general, play only a modest role in the sovereign debt markets. But that role is larger than the near zero level of attention that is generally given to it in the literature.’1 Assume the following hypothetical: A national government, a local municipality or a government company issues a series of 20-year non-callable bonds to finance their activities. A private investor, James, having paid the face value of the bond (say, $1,000) and an additional $20 fee to the bond trustee, is now awaiting the promised remuneration, ie the yield to maturity (YTM).2 Assume further that, after having paid promptly the first five annual coupon payments under the bond (say, of 5 per cent each) the issuer informs James that due to an acute financial hardship, it will not be able to pay the 15 remaining coupons on their due date. Even the repayment of the par, so the issuer admits, is uncertain. The issuer continues to say that it is furthering a restructuring of its national (or, for that matter, municipal) debt, under a wider economic reform. Following the expected restructuring, new and alternative financial instruments will be issued to all bondholders in the same category, but the expected YTM on the new instruments will be around 70 per cent of the yield originally expected. Finally, assume that no contractual exceptions or waivers are available to the issuer (eg covenants allowing early redemption) so that the anticipated failure to perform amounts to a breach of the indenture. In the face of such a paradigmatic breach, what are the damages to which James (and any similarly situated bondholder) is entitled?

Performance of Cassava under Lime, Fertilizer, and Legume Intercropping on Exhausted Land in Northern Zambia

Cassava yields of 6 t ha−1 are lower than the potential yield of 20–25 t ha−1 obtained in Northern Zambia. It is grown in legume intercropping with little or no fertilizer, causing nutrient depletion with consequent land abandonment. Therefore, the study objective was to investigate the performance of cassava under lime, fertilizer, and grain legume intercropping on exhausted land in Northern Zambia. A split-split plot design experiment was conducted over two seasons, comprising two lime rates (0 and 300 kg ha−1), two fertilizer rates (0 and 100N : 23P:80 K kg ha−1), and three grain legumes (common beans, cowpea, and soybean) intercropped in cassava and sole cassava arranged in RCBD with three replications. Periodic measurements of leaf area index (LAI), light interception, weather data, and yield components were recorded. A linear mixed model with year as a random factor was performed to assess the treatment effect of lime, fertilizer, and legume species intercropping on cassava growth characteristics, radiation-use efficiency (RUE), and selected yield components. Lime, fertilizer rates, and legume species intercropping were assigned as main, sub-, and sub-sub-treatments, respectively. Fertilization and fertilization + lime treatments in sole cassava and cassava-common bean intercropping significantly increased the RUE and light extinction coefficient (k) compared to nonfertilized and only lime treatments. Lime x fertilizer x cropping system interaction was significant on chlorophyll index and plant height, RUE, tuber yield, HI, and total dry matter (TDM) yield. Cropping system x year interactions were significant on season LAI. On average, every kg of cassava yield loss in intercropping was compensated by 0.46 kg soybean, 0.20 kg common beans, and 0.26 kg of cowpea. NPK fertilizer + lime, NPK fertilizer, and grain legume intercropping may be adopted to increase cassava tuber yields and legume grain yield response on nutrient-depleted soils in high rainfall areas of Zambia.

Forage productivity and morphogenesis of Mesosetum chaseae under potassium fertilization

The effect of potassium levels (0, 50, 100 and 200 kg of K2O ha-1) on green dry matter (GDM) yield and morphogenetic and structural characteristics of Mesosetum chaseae (Luces) was evaluated under natural field conditions. Potassium fertilization increased significantly (P<0.05) GDM yields, absolute growth rate (AGR), number of tillers/plant, number of leaves plant-1, medium blade length, leaf area, leaf senescence rate, leaf appearance and elongation rates. Maximum GDM yields, AGR, number of tillers/plant, number of leaves/tiller, leaf area and medium blade length were obtained with the application of 167.8; 156.2; 82.7; 101.6; 101.2 and 77.5 kg of K2O ha-1, respectively. The potassium efficiency utilization was inversely proportional to the increased potassium levels.

Forage productivity and morphogenesis of Axonopus aureus under defoliation levels

The effect of defoliation levels (5, 10, 15, 20, 25 and 30 cm above soil level) on dry matter (DM) yield and morphogenetic and structural characteristics of Axonopus aureus was evaluated under field conditions in Roraima´s savannas. The effects of defoliation levels on the DM yields, absolute growth rate, number of leaves/plant, medium blade length, leaf area, leaf appearance and elongation rates were quadratics and maximum values recorded with cutting at 19.2; 17.5; 20.7; 27.2; 24.3; 20.5 e 25.9 cm above soil level. The population tiller density was directly proportional to the level of defoliation, while the opposite occurred for to leaf senescence rate. Apical meristem removing percentage was higher with increasing defoliation level. Aftermath regrowth showed close negative correlation with defoliation level. Pastures of A. aureus managed under residues between 15 and 25 cm above the ground provide greater productivity and efficiency of forage use, greater tissue renewal and a more favorable canopy structure for grazing.

Protein and carbohydrate profiles of a diploid and a tetraploid red clover cultivar

Red clover (Trifolium pratense L.) is characterized by high dry matter (DM) yield and a high nutritive value. It has a higher concentration of soluble carbohydrate than lucerne and its protein is less degradable in the rumen than lucerne protein. The aim of this study was to quantify the main crude protein (CP) and carbohydrate (CHO) fractions of a tetraploid (4n, cv K-32) and a diploid (2n, cv K-39) red clover cultivar harvested at three stages of development in the spring growth. Results showed that the cultivar and stage of development had a large impact on chemical composition and the protein and carbohydrate fractions determined by the Cornell Net Carbohydrate and Protein System (CNCPS). The rapidly degradable protein fraction (PA) was significantly higher in the tetraploid (272 to 287 g kg-1 CP with advancing plant development) than in the diploid red clover cultivar (214 to 268 g kg-1 CP). Rumen degradable carbohydrate concentration was not affected by cultivar but it was significantly influenced by the stage of development. The concentration of rumen degradable protein decreased from 726 to 655 g kg-1 CP with advancing plant development in the diploid red clover cultivar. In conclusion, the tetraploid red clover cultivar was higher in CP, its protein was more rapidly degradable, and it was characterized by lower concentrations of lignin and unavailable carbohydrate fractions than the diploid cultivar.

Influence of Plant Spacing and Time of Fertilizer Application on the Growth and Grain Yield of Soybean (Glycine max (L.) Merril)

Time of fertilizer application and proper spacing increases yields, nutrient use efficiency, reduces nutrient losses and prevents damage to the environment. The objective of this study was to determine the optimum plant spacing and time of fertilizer application for growth and grain yield of soybean (Glycine max (L.) Merril) using a 3 x 5 factorial in a Randomized Complete Block Design (RCBD) and several parameters measured. Results obtained show that plant height increased significantly with earliness to times of fertilizer application up to 6 WAP and decreased at 8 WAP and this trend was observed to be similar for the number of leaves, branches and leaf size. Total dry matter and grain yield increased at the earliest time of fertilizer application from planting to 4 WAP, a decrease in plant spacing from 20 cm x 50 cm to 10 cm x 50 cm increased the grain yield (18.45% and 28.08%) and total dry matter (15.30% and 23.89%) in both cropping seasons. To maximize grain yield of soya bean, farmers in this locality should adopt narrower spacing of either S1 (10cm x 50cm) or S2 (15cm x 50cm) and early application of fertilizer at T 0 (at planting) to T 2 (4 WAP).

Nodulation, dry matter accumulation and yields of soybean (glycine max L.) cultivars at varying plant spacing in a rainforest agro-ecology

Field trials were conducted during 2017 and 2018 late cropping seasons at the Teaching and Research Farm of the Faculty of Agriculture, University of Benin, in the rainforest zone of Nigeria to evaluate soybean (Glycine max L. Merrill) cultivars for nodulation, dry matter accumulation and seed and fodder yields at varying plant spacings. The trial was laid out in a randomized complete block design with split-plot arrangement replicated four times. Four plant spacings (50 × 30 cm, 60 × 25 cm, 75 × 20 cm, and 100 × 15 cm) were evaluated on six soybean cultivars: TGX1835-10E and TGX1987-62F (early maturing), TGX1951-3F and TGX1955-4F (medium maturing) and TGX1448-2E and TGX1904-6F (late maturing). Results showed that varietal performance depended on plant spacing. TGX1904-6F nodulated best at plant spacing of 50 × 30 cm, TGX1835-10E at 60 × 25 cm, TGX1987-62F at 75 × 20 cm, TGX1448-2E at 75 × 20 cm, and TGX1951-3 at 100 × 15 cm. TGX1835-10E accumulated dry matter most at plant spacing of 60 × 25 cm and 75 × 20 cm, TGX1987-62 at 75 × 20 cm, TGX1951-3F at 60 × 25 cm, TGX1955-4F at 60 × 25 cm and 75 × 20 cm, TGX1904-6F at 50 × 30 cm, and TGX1448-2E at 60 × 25 cm and 75 × 20 cm. TGX1448-2E and TGX1904-6F had higher seed and fodder yields at plant spacing of 50 × 30 cm, TGX1951-3F and TGX1955-4F at 60 × 25 cm, and TGX1835-10E and TGX1987-62F at 75 × 20 cm, relative to other plant spacing. Therefore, for higher yields in rainforest agro-ecology, farmers should adopt the right cultivar-plant spacing combination for soybean.

Analysis of the Risk and Return of Bonds and Sukuk Listed on the Indonesia Stock Exchange

Abstract. Introduction. Financial market penetration in terms of both knowledge and accessibility has become more extensive and widespread as a result of economic globalization. This financial development was followed by an increase in funding demand on the financial market. Bonds and sukuk are two financial instruments that are very attractive to investors. Bonds are a type of debt activity agreement that is licensed through a debt certificate, whereas sukuk are certificates that have the same value and are evidence of ownership of a project or certain investment activities such as assets, benefit rights, and services. Purpose. This research aims to identify and analyze the risks and returns of corporate bonds and sukuk listed on the Indonesia Stock Exchange, as well as to determine whether ROA influences the yield spreads of bonds and corporate sukuk listed on the Indonesia Stock Exchange. Results. The research demonstrates that the return on corporate sukuk is greater than the return on corporate bonds, the risk of corporate sukuk is greater than the risk of corporate bonds, there is a significant difference in return between bonds and corporate sukuk, there is a significant difference in risk between bonds and corporate sukuk, and the Return on Assets (High ROA) significantly decreases yield spreads on corporate bonds and sukuk. Conclusions. The rate of return on corporate sukuk as calculated by Yield to Maturity (YTM) is greater than the rate of return on corporate bonds, while the level of risk of corporate sukuk as calculated by Value at Risk (VaR) is lower than the level of risk of corporate bonds. There is a significant difference in return when corporate sukuk and corporate bonds are measured by Yield To Maturity. High Value at Risk (VaR) and Return on Assets (ROA) indicate a large difference in risk between corporate sukuk and corporate bonds, which considerably reduces yield spreads on sukuk and corporate bonds.

Dry Matter Accumulation in Maize in Response to Film Mulching and Plant Density in Northeast China.

Film mulching in combination with high plant density (PD) is a common agronomic technique in rainfed maize (Zea mays L.) production. However, the effects of combining colored plastic film mulching and PD on dry matter accumulation (DMA) dynamics and yield of spring maize have not been thoroughly elucidated to date. Thus, a 2-year field experiment was conducted with three mulching treatments (no mulching (M0), transparent plastic film mulching (M1), and black plastic film mulching (M2)) and five plant densities (60,000 (D1), 67,500 (D2), 75,000 (D3), 82,500 (D4), and 90,000 plants ha−1 (D5)). A logistic equation was used to simulate the DMA process of spring maize by taking the effective accumulated air temperature compensated by effective accumulated soil temperature as the independent variable. The results showed that compared with M0 treatment, the growth period of M1 and M2 treatments was preceded by 10 and 4 days in 2016, and 10 and 7 days in 2017, respectively. The corrected logistic equation performed well in the characterization of maize DMA process with its characteristic parameter (final DMA, a; maximum growth rate of DMA, GRmax; effective accumulated temperature under maximum growth rate of DMA, xinf; effective accumulated temperature when maize stops growing, xmax; effective accumulated temperature when maize enters the fast-growing period, x1). Plastic film color mainly affected DMA by influencing xinf. PD mainly affected DMA by affecting GRmax and x1. During the first slow growing period, the DMA of M1 treatment was the largest among the three mulching treatments, however, during the fast growing period, the DMA of M2 treatment accelerated and exceeded that of M1 treatment, resulting in the largest final DMA(a) and yield. When the PD was increased from D1 to D4, the maximum growth rate (GRmax) continued to increase, and the effective accumulated temperature when maize enters the fast growing period (x1) continued to decrease, which substantially increased the final DMA(a) and yield. The application of M2D4 treatment can harmonize the relevant factors to improve the DMA and yield of spring maize in rainfed regions of Northeast China.

Effect of Nitrogen Fertilizer and Soil Moisture Levels on the Performance of Drought-Tolerant Maize on Ferric Luvisol and Rhodic Ferralsol Soils

Globally, water and nitrogen have been known as the most important resources that significantly impact crop productivity. This study assessed the response of Water Efficient Maize for Africa, WEMA3127 variety to different soil moisture levels, and nitrogen fertilizer rates on Ferric Luvisol and Rhodic Ferralsol soils. A greenhouse experiment was conducted to investigate the effect of different N fertilizer and soil moisture levels on the growth, yields and water-use efficiency of the water-efficient maize for Africa (WEMA) variety on two distinct soils. The experiment was designed as a completely randomized design with three replicates and used a factorial design with a 5 x 2 x 2 design. Treatments comprised five N fertilizer rates (0, 60, 120, 180 and 240 kg N/ha), two soil moisture levels (45 and 100% field capacity), and two soil types (Ferric Luvisol and Rhodic Ferralsol). Plant height, chlorophyll content and total dry matter weight as growth attributes, grain yield, total biological yield and water-use efficiency parameters were determined. The tallest plant height (283.33 cm) was recorded in Ferric Luvisol supplied with 240 kg N/ha at 100% field capacity. The highest grain yield (136.8 g /pot) and water-use efficiency (1.94%) were obtained in Rhodic Ferralsol treated with 180 kg N/ha at 100% and 45% field capacity (FC), respectively. A linear relationship was obtained between N fertilizer rates and the grain yield (R2 = 0.91) and between total dry matter and grain yield (R2 = 0.51). The results showed that the growth and water-use efficiency of WE3127 maize variety was better on Rhodic Ferralsol than in Ferric Luvisol.

A Nematode Community-Based Integrated Productivity Efficiency (IPE) Model That Identifies Sustainable Soil Health Outcomes: A Case of Compost Application in Carrot Production

Percent soil organic matter (SOM), pH and crop yield are among the biophysicochemical process-driven soil health indicators (SHIs). However, identifying sustainable soil health conditions using these SHIs is limited due to the lack of Integrated Productivity Efficiency (IPE) models. We define IPE as a concept that identifies best-to-worst-case soil health outcomes by assessing the effect of agronomic practices on weighted abundance of functional guilds (WAFG) of beneficial soil organisms and SHIs simultaneously. Expressing WAFG of all beneficial nematodes (x-axis) and SHIs (y-axis) as a percent of untreated control and regression of x and y reveals four quadrants describing worst-to-best-case outcomes for soil health and sustainability. We tested the effects of composted cow manure (AC) and plant litter (PC) applied at 135 (1×), 203 (1.5×), and 270 (2×) kg N/ha on WAFG, SOM, pH, and yield in a sandy clay loam field of a processing carrot cultivar over three growing seasons. Untreated control and urea at 1× served as experimental controls. Data that varied by time and were difficult to make sense of were separated into sustainable, unsustainable, or requiring specific modification to be sustainable categories by the IPE model. Within the sustainable category, all AC treatments and 2× rate of PC treatments had the best integrated efficiency outcomes across the SHIs. The IPE model provides a platform where other biophysicochemical process-driven SHIs could be integrated.

Compatible agri-horti systems and weed management options for Mungbean production

For increasing the production of mungbean, a field experiment was conducted in split plot design, to evaluate the compatible agri-horti system and efficient weed management practice. Keeping three agrihorti systems [guava, custard apple and open field] in the main-plots and six weed management practices [pendimethalin 1000 g a.i./ha (PE), imazethapyr 125 and 200 g a.i./ha (PoE), 1- HW (20 DAS), 2-HW (15 & 30 DAS) and weedy check] in sub-plots. Age of agri-horti plantation was 5-years old. Custard apple agrihorti system and open field recorded highest and lowest infestation of weeds, respectively. However, most of the growth, yield attributes and yield did not vary with agri-horti systems. 2-HW recorded the lowest infestation of weeds vis-Ã -vis maximum growth of mungbean. Application of imazethapyr 200 g a.i./ha recorded the lowest growth of predominant weed species, however, dry matter accumulation, yield attributes and yield of mungbean were comparable with imazethapyr 125 g a.i./ha.

Nutritional Yield and Composition of Spiny and Spineless Varieties of Safflower (Carthamus tinctorius L.) Forage Harvested at Four Phenological Stages

Background: Delaying harvesting in spineless safflower (Carthamus tinctorius L.) can increase dry matter (DM) yield, maintaining an acceptable nutritional composition. Objective: The objective of this study was to compare the forage potential of spineless safflower cultivars with that of spiny cultivars harvested in four phenological stages. Methods: The research was carried out during the 2017-2018 and 2018-2019 cycles in Matamoros, Coahuila, Mexico. Two spineless (CD868 and Selkino) and two spiny (Gila and Guayalejo) cultivars were evaluated. The phenological stages were: beginning of capitulum formation (E50), capitulum clearly separated from the younger leaves (E55), distinguishable medium and intermediate external bracts (E59), and beginning of flowering (E61). A randomized complete blocks design was used with four replications in a 4 × 4 factorial arrangement of treatments. Results: No interactions were found between phenological stages and cultivars. The spineless cultivars showed better or equal nutritional composition when compared to spiny cultivars but with better forage in E50. Yields of DM and nutrients increased when harvesting was delayed from E50 to E61, maintaining an acceptable nutritional composition. The highest yields of DM (10816 kg ha-1), crude protein (CP) (2071 kg ha-1), net energy for lactation (NEL) (52978 MJ ha-1 DM), and digestible DM (6350 kg ha-1) occurred in E61. Conclusion: Spineless cultivars harvested at stage E61 increased the forage potential with regards to the spiny cultivars harvested in E55, which did not have fully developed spines, due to their higher yields of DM (58%), CP (29%), NEL (39%), and digestible DM (41%).

Optimizing planting density and nitrogen application to enhance profit and nitrogen use of summer maize in Huanghuaihai region of China

Low planting density and irrational nitrogen (N) fertilization are two common practices in conventional cropping of smallholder maize production in Huanghuaihai region of China. A 2-year field experiment was carried out to study the effects of N application and planting density on maize phenology, dry matter accumulation, profit, yield, N uptake and efficiency indices. The experiments included three N application levels (120 kg ha−1, N1; 180 kg ha−1, N2; 240 kg ha−1, N3) and three planting densities (60,000 plants ha−1, D1; 75,000 plants ha−1, D2; 90,000 plants ha−1, D3). Increasing N input and planting density delayed the physiological maturity and enhanced dry matter accumulation. Comparing with the traditional N3 level, grain yield and profit were kept stable at N2 level and decreased at N1 level, partial factor productivity of applied N (PFPN) and nitrogen efficiency ratio (NER) were increased with the decreasing of N level. Comparing with the traditional D1 density, grain yield, profit and PFPN were increased at D2 density and then kept stable at D3 density, NER was kept stable at D2 density and then decreased at D3 density. Based on the predicted maximum profit, the optimal combinations of N application and planting density were 199 kg ha−1 and 81,081 plants ha−1 in 2017, and 205 kg ha−1 and 84,782 plants ha−1 in 2018. The two optimal combinations had an increase of 17.6% for grain yield, 39.8% for PEPN, 3.6% for NRE than the traditional N3D1 treatment. Therefore, an appropriate combination of increased planting density with reduced N application could enhance profit and nitrogen use of summer maize in Huanghuaihai region of China.

Fungicide Spraying Programs Reducing Asian Soybean Rust Impact on Soybean Yield Components

Soybean is one of the leading agricultural commodities, and Brazil is currently the largest producer globally. Despite this, fungal diseases as Asian Soybean Rust (ASR) are among the primary limiters of high crop yields in Brazilian fields. Losses caused by the biotrophic fungus Phakopsora pachyrhizi can reach up to 90%, depending on weather conditions, and several components can be affected during soybean growth and reproduction. Here, we assessed fungicide spraying programs to ASR control, aiming to reduce the losses on soybean components. The experiments were performed under field conditions during the harvest season 2014/2015. The evaluated variables were soybean leaf area index, ASR severity, yield components, dry mass grain accumulation, protein, and oil content. The yield components assessed were the number of pods per plant, seeds per pod, seeds per plant, and thousand-grain weight. The disease severity gradient was generated using seven fungicide spraying programs, differing in time, number, and type of fungicides. Three fungicide programs that included applications in the soybean vegetative and reproductive stages were more efficient. These programs resulted in the lower area under the disease progress curve (AUDPC), greater leaf area duration (LAD), and health leaf area duration (HAD) than the untreated soybean. The ASR infection in soybean resulted in reduced LAD and HAD, and as a consequence, interfered negatively with dry matter accumulation, yield components, and grain yield.