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AgDay Daily Recap -July 1, 2013

July 1, 2013
 
 

TODAY ON AGDAY

JULY 1, 2013

 

USDA REPORTS:

GOOD MORNING I'M TYNE MORGAN IN FOR CLINTON GRIFFITHS. DESPITE ALL THE REPORTS ABOUT UN-PLANTED CORN ACRES IN IOWA AND THE UPPER MIDWEST, USDA IS STILL CONVINCED THERE'S A BIG CORN CROP OUT THERE. ONCE AGAIN USDA SURPRISED THE INDUSTRY BY INCREASING THE AMOUNT OF CORN ACRES PLANTED IN THIS COUNTRY. YOU WOULD HAVE TO GO BACK TO 1936 WHEN PLANTED ACRES WERE THIS HIGH. LATE LAST WEEK I CAUGHT UP WITH ONE ANALYST WHO JUST COMPLETED HIS OWN MUDDY BOOTS TOUR OF THE CORNBELT. HE THINKS USDA'S ACREAGE NUMBERS ARE OFF, ESPECIALLY WHEN CONSIDERING the AMOUNT OF ACRES THAT WON'T GET PLANTED THIS YEAR. AT THE TIME OF THE ORIGINAL SURVEY IN EARLY JUNE, A LARGE PERCENTAGE OF ACRES WERE UN-PLANTED. SO USDA PLANS TO RE-SURVEY SOYBEAN GROWERS IN 14 STATES THIS MONTH. THE STATE'S RANGE FROM NORTH DAKOTA TO NORTH CAROLINA. USDA ALSO RELEASED ITS QUARTERLY GRAIN STOCKS REPORT WHICH SHOWS CORN STOCKS AT JUST UNDER TWO-POINT-EIGHT BILLION BUSHELS. THAT'S 12-PERCENT LOWER THAN A YEAR AGO. SOYBEAN STOCKS ARE PEGGED AT 435 MILLION BUSHELS - DOWN 35-PERCENT FROM A YEAR AGO. ALL WHEAT STOCKS ARE DOWN THREE PERCENT. AS ALWAYS OUR PARTNERS AT PROFARMER HAVE BEEN POURING OVER THE DATA FROM THE AG DEPARTMENT. SENIOR MARKET ANALYST BRIAN GRETE JOINS US FROM THE PROFARMER STUDIOS IN IOWA. BRIAN. USDA PUT 2013 COTTON PLANTINGS AT TEN-POINT-THREE MILLION ACRES. THAT'S A 17-PERCENT DROP FROM LAST YEAR.

CROP WATCH:

WE FOCUSED A LOT ON THE CORNBELT SO FAR, BUT CROPWATCH HEADS OUTSIDE THE MIDWEST. MIKE HOFFMAN JOINS US NOW WITH CROPWATCH. GOOD MORNING MIKE.

HORSE SLAUGHTER:

IN AGRIBUSINESS TODAY, FEDERAL OFFICIALS ARE GIVING THE GO AHEAD FOR A HORSE SLAUGHTER PLANT IN NEW MEXICO. WITH THE PERMIT, THIS MEANS VALLEY MEAT COMPANY CAN OPEN A PLANT IN ROSWELL, NEW MEXICO. THE COMPANY HAS BEEN FIGHTING FOR CLEARANCE FOR OVER A YEAR. FEDERAL OFFICIALS SAY THEY PLAN TO GRANT SIMILAR PERMITS TO OPERATIONS IN IOWA AND MISSOURI.

ANALYSIS:

FRIDAY'S USDA QUARTERLY GRAIN STOCKS AND ACREAGE REPORT WAS A MARKET MOVER.
IN THIS MORNING'S ANALYSIS, AL PELL TALKS TO SUE MARTIN TO GET HER TAKE ON HOW MUCH WEIGHT TO PUT INTO THIS REPORT. GOOD MORNING, AL.

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