THIS WEEK ON U.S. FARM REPORT
EPISODE # 2044
OCTOBER 13-14, 2012
Hello and welcome to U.S. Farm Report, I’m John Phipps. When things aren't going as well as hoped on our farm, we often expect trouble to pile on from outside. Consequently, I was mildly surprised by the October crop report. Tyne has the numbers in a minute, but when I got up the nerve to see the figures it at least didn't make my day worse. This is an unfortunate problem with our brains. Under stress, we tend to see the clouds behind every silver lining. This will pass of course, but I’m guessing that will occur when the last pass of the combine is made.
For the fourth straight month, USDA has reduced the size of the 2012 corn crop. 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 export projections by 100-million bushels, based on slow sales and strong competition from Brazil. Despite some weather and pest challenges, it appears China may have a big corn crop this year. That’s the forecast from the U.S. Grains Council which just concluded its annual tour of China's corn harvest. Meanwhile, a strong warning from the World Bank that growth in Asia may continue it’s slow down came this week. This sent the price of oil down sharply Monday. Emerging markets like China and India kept oil consumption high throughout the global recession.
Crop watch this week...