TODAY ON AGDAY
OCTOBER 12, 2012
Good morning I’m Clinton Griffiths. Corn prices were sharply higher as the AG Department tweaks its crop numbers.
There were mixed market signals from Thursday’s crop and grain supply reports.
Of the big corn states - there was 12 bushel decline in Illinois and a three bushel decline is Nebraska. From Septembers estimate. Iowa and Indiana yields remained steady from last month. And there was a 12 bushel improvement in Minnesota.
As far as the supply-demand tables. USDA pegs 2012-13 corn ending stocks to fall to 619 million bushels, the smallest since 1995. USDA also lowered corn export projections by 100-million bushels, based on slow sales and strong competition from brazil.
A short crop and higher grain prices are stretching livestock margins razor thin. In California, Zacky Farms a large poultry producer is filing for chapter 11 bankruptcy. The Fresno based Farm Cites soaring feed costs as a reason for its financial struggles. Zacky spends nearly 2 million dollars a week on feed.
NATIONAL CORN GROWERS ASSOCIATION: