April 16, 2013

Crop Progress & Rain Fall

Monday April 15, 2013 USDA released the first numbers on corn planting around the nation in the weekly Crop Progress summary.

Corn Planting Progress
                    Apr 15    5yr/avg
National            2%     7%
Illinois                1%    12%
Iowa                   0%     3%
Nebraska          0%     2%
Minnesota         0%     2%
Inidiana          < 1%     6%

The state statisticians from Iowa, Illinois, Nebraska, Minnesota, and Indiana provide audio commentary on regional conditions each Tuesday during our Closing Market Report.

Other items  in the crop progress reports; Iowa received 2.9 inches of rainfall last week., and Nebraska 1.3 inches; it snowed across Minnesota. Expected 3 day rain totals this week (Tuesday-Thursday) in parts of  Illinois and Iowa exceed 3 inches. See for yourself in the photo or on NOAA's website.

Yesterday Iowa State's Elwynn Taylor tweeted: "IA now exceeds the 100-yr ave for “winter” season precip. Drought ended in SE but still more needed elsewhere." If you are a twitter user you can follow him @ElwynnTaylor. You can follow Todd Gleason @CommodityWeek


April 12, 2013

2013 Cash Rents on Professionally Managed Farmland in Illinois

The Illinois Society of Professional Farm Managers and Rural Appraisers conducts an annual study of farmland prices and cash rents. As part of this process, the Society asks its membership what cash rents will be for the upcoming production year. Society members indicate that the 2013 cash rents for farmland with expected corn yields over 190 bushels per acre will be $396 per acre, up $17 from the 2012 rent of $379 per acre. 

University of Illinois Farm Management Specialist Gary Schnitkey studies the survey. You can read more from him on the FarmDocDaily website, or listen to his discussion with Todd Gleason using the links below.

Screen capture of the BBC web page showing the video player and the headline.
Todd Gleason
April 11, 2013

Congestion holds up export of record soybean crop from Brazil

The BBC has posted an interesting video story on the slow process of exporting soybeans from Brazil. 
Brazil's prospects of surpassing the United States for the first time as the world's top soybean exporter are being frustrated. Severe congestion at the country's ports in the past month has exposed chronic infrastructure problems. From the port of Santos, Julia Carneiro reports.
Click on the link below to watch the story.

April 09, 2013

Hog Profits May Return with Lower Feed Prices

URBANA - The prospects for a rally in hog production profitability this spring dimmed in February and March with the reality that pork exports were headed down.  According to Purdue University Extension economist Chris Hurt, the prospects for a return to profitability have brightened once again, but due to an entirely different reason: much lower feed prices.

“The favorable surprise for the animal industries came in the USDA Grain Stocks report at the end of March,” Hurt said. “Inventories of both corn and soybeans were much larger than anticipated, seemingly indicating that greater supplies of both corn and soybean meal would be available for the rest of this marketing year. A dramatic downward movement in feed prices had not been expected until mid to late summer.”

According to Hurt, these lower feed prices have sharply reduced anticipated feed costs for this spring and summer. Corn prices have dropped about $1.00 per bushel and soybean meal prices about $30 per ton. Estimated costs for farrow-to-finish production were near $70 per live hundredweight in the first quarter of this year. “Now my cost estimates have fallen 


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