TODAY ON AGDAY
SEPTEMBER 13, 2012
Good morning I’m Clinton Griffiths. The early harvest helps fill the feed bins sooner; otherwise there are few surprises in the latest AG reports from Washington. Corn production is forecast at 10.7 billion bushels, down 52 million bushels or about 1% from the August forecast. Based on conditions as of September 1st, yields are expected to average 122.8 bushels per acre, down about a half bushel. If realized, this will be the lowest average yield since 1995. The amount of harvested acres was unchanged. Soybean production is forecast at 2.6 billion bushels down 58 million - or about 2% from August. USDA pegs the average yield a little over 35 bushels per acre, down eight-tenths bushel from last month. Our reporting partners at Profarmer newsletter have been sorting thru the data. Editor Chip Flory breaks down the specifics on crop weight and pod count, Chip. Profarmer analysts say the only real surprises may have come from the grain ledgers. USDA lowered its new-crop carryout on soybeans - down to 115-million bushels. That's the lowest level in nearly a decade, which may have helped push soybean futures up 45-cents. And old crop corn was hiked by 160 million bushels from last month's guess. It now sits at just under 1.2 billion bushels.
The early harvest is allowing new crop corn to be made available before the end of the old-crop marketing year. That additional supply could benefit both cattle and dairy producers struggling with the high prices.
Pulling that grain into the pipeline early is freeing up stocks for the upcoming 2012-2013 marketing year. USDA projects corn ending stocks to be 83 million bushels higher at 733 million. Although it lowered exports demand by 50 million bushels due to lower-priced South American crops. But analysts say don't expect demand to disappear.
Recent rains are causing problems in the sunshine state. Mike Hoffman has details in cropwatch.
About 40 farm groups rallied in Washington Wednesday, pushing Congress to finish the 2012 Farm Bill instead of extending the current measure. Meanwhile, AG Secretary Tom Vilsack met with some of the farm groups. Bob Ellison has details of the Secretary's message in this report provided by USDA.