Corn traders will be very interested to see this afternoons USDA "planting progress" numbers. There is no doubt farmers have been burning the midnight oil this past week. In fact several analyst believe Iowa planted over 50% of their crop and as a whole corn planting here in the US will be 60-70% complete vs. just 28% last week. This brings up a very interesting point: With close to 50% of the US crop ALL going in the ground (late) during the same 7-10 day planting window (May 10-20th), I am of the opinion, the price of poker for "pollination" just escalated dramatically. Meaning the mid-to-late-July time period will now be mission-critical for the US corn crop. Any type of extreme heat or dryness could put an abnormally LARGE portion of our crop at risk. Lets also not forget, as our good friend Chip Flory over at Pro Farmer points out, "the corn plant reaches physiological maturity about 56 days after pollination. That means the crop could still be trying to add yield when days are getting too short to gather all the energy needed." Right now I have to believe the market is currently trading a 153-158 type yield number. With over 95 million corn acres almost certain to go in the ground this type of yield does very little to excite the longer-term bulls. However, if we were to see the extend Jun-Jul-Aug forecast show more heat and less moisture, a sub-150 yield could start to become more of a reality and the bulls might once again start to run.
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Opponents of COOL on Thursday criticized USDA and the new labeling requirements. Those criticisms were loudest from U.S. meatpackers, feeders and Canadians. The new rule would prohibit packers and retailers from co-mingling meat coming from animals born or raised in different countries.
Repeating a provision they introduced last year, senators backed a plan that would lower the premium subsidy for farmers making more than $750,000 adjusted gross income. The vote was 59-33 despite opposition from leaders on the Senate Agriculture Committee. The farm bill debate is now on hiatus until the Senate returns June. 3.
Senators seeking to overhaul sugar policies argued in vain that food-processing and confectionary jobs are lost to Canada because of import restrictions and tariffs that protect a small number of domestic sugar growers.
Did You Know?
In 1862 the first USDA research bulletin was issued. It was on sugar content of several varieties of grapes and their suitability for wine
Insurance accounted for about 26% of corn income last season, far
above normal, an AgriSolutions study finds.
See DTN Ag News. 1^DTN Ag Business Benchmark...
Repeating a provision they introduced last year, senators backed a
plan that would lower the premium subsidy for farmers making more than $750,000
adjusted gross income. The vote was 59-33 despite opposition from leaders on
the Senate Agriculture Committee. The farm bill debate is now on hiatus until
the Senate returns June. 3.
See DTN Ag News. BSen. Backs Insurance AGI Cap...
Opponents of COOL on Thursday criticized USDA and the new labeling
requirements. Those criticisms were loudest from U.S. meatpackers, feeders and
Canadians. The new rule would prohibit packers and retailers from co-mingling
meat coming from animals born or raised in different countries.
See . FCritics Lament New COOL Rule...
While ballot initiatives and state legislators continue pushing
labels on foods that include ingredients from biotech crops, an amendment to
the farm bill by Sen. Bernie Sanders, I-Vt., to ensure states have the freedom
to require such labels, received just 27 votes on Thursday with 71 senators
rejecting such state-created food labels.
See DTN Ag News. BSenate Rejects Biotech Labels...
Recent Grain Belt land surveys and appraisals show mixed results for
farmland values. Most studies show appreciation slowing or even slightly
negative in late 2012 and early 2013.
See DTN Ag News. BToo Good to Last?...
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