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AgDay Daily Recap -October 12, 2012

October 12, 2012
 
 

TODAY ON AGDAY
OCTOBER 12, 2012

USDA REPORTS:

Good morning I’m Clinton Griffiths. Corn prices were sharply higher as the AG Department tweaks its crop numbers.

CROP PRODUCTION:

There were mixed market signals from Thursday’s crop and grain supply reports.

ILLINOIS:

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.

SUPPLY DEMAND:

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.

POULTRY WAIVER:

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:

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