Ag Notes

WILL - Ag Notes - May 10, 2013

Two Billion Bushel Corn Carryout


Map of the United States showing where corn is grown and where drought still exists as of May 10, 2013.

USDA NASS projects 35 percent of the U.S. corn crop will start the season under drought conditions.USDA's World Agricultural Outlook Board is projecting a record setting corn crop and 2013/2014 ending stocks. Here's an edited excerpt from the report, "Corn production for 2013/14 is projected at 14.1 billion bushels, up 3.4 billion from 2012/13 when extreme drought and heat reduced yields to their lowest levels since 1995/96.  The 2013/14 corn yield is projected at 158.0 bushels per acre, 5.6 bushels below the weather adjusted trend presented at USDA’s Agricultural Outlook Forum in February.  The slow start to this year’s planting and the likelihood that progress by mid-May will remain well behind the 10-year average reduce prospects for yields.  Corn supplies for 2013/14 are projected at a record 14.9 billion bushels, up 3.0 billion from 2012/13."

Those numbers all point to a 2 billion bushel corn ending stocks figure by the time the fall of 2014 arrives with an average season's cash price ranging from $4.10-$5.30 per bushel. This all despite the drought west of I-35 and the delayed planting season. 

Categories: Agriculture

WILL - Ag Notes - April 16, 2013

Crop Progress & Rain Fall

Todd Gleason

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


Categories: Agriculture

WILL - Ag Notes - April 12, 2013

2013 Cash Rents on Professionally Managed Farmland in Illinois

Gary Schnitkey & Todd Gleason


(Duration: 6:35)

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.

Categories: Agriculture

WILL - Ag Notes - April 11, 2013

Congestion holds up export of record soybean crop from Brazil

BBC NEWS - Latin America and Caribbean

Screen capture of the BBC web page showing the video player and the headline.
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.
Categories: Agriculture

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