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AgDay Daily Recap -June 13, 2013

June 13, 2013
 
 

TODAY ON AGDAY

JUNE 13, 2013

 

S&D REPORT:

GOOD MORNING I'M TYNE MORGAN IN FOR CLINTON GRIFFITHS. THE GRAIN INDUSTRY WAS WATCHING AND WONDERING HOW USDA'S GRAIN LEDGERS WOULD ACCOUNT FOR THE LOUSY WEATHER IN MAY.

CORN PLANTINGS:

USDA NUMBER-CRUNCHERS FEEL THE DELAYED COMPLETION OF SPRING PLANTING HAS RAISED THE LIKELIHOOD THAT THE SEASONAL WARMUP IN JULY WILL IMPACT POLLINATION AND KERNEL SET. THAT SAID, USDA MADE NO CHANGE TO HARVESTED ACRES EVEN THOUGH PRIVATE ANALYTICAL FIRMS ARE ESTIMATING TWO-TO-THREE MILLION FEWER ACRES OF CORN. WE'VE HEARD FROM FARMERS, ESPECIALLY IN THE WESTERN CORNBELT AND UPPER MIDWEST, WHO ABANDONED SOME ACRES, CLAIMED IT ON PREVENT PLANT INSURANCE, OR SWITCHED TO SOYBEANS.

CROP ESTIMATES:

THE AG DEPARTMENT TRIMMED U-S CORN PRODUCTION ESTIMATES BY 135 MILLION BUSHELS TO JUST OVER 14 BILLION BUSHELS. IT REDUCED THE AVERAGE YIELD BY A BUSHEL AND A HALF TO 156-AND-A-HALF BUSHELS TO THER ACRE. WITH REDUCED PRODUCTION ESTIMATES, USDA TRIMMED NEW CROP CORN STOCKS BY 55 MILLION BUSHELS, LEAVING THE TALLY AT ONE-POINT-NINE BILLION BUSHELS. THAT WAS HIGHER THAN PRE-REPORT MARKET ESTIMATES. PROFARMER SENIOR MARKET ANALYST BRIAN GRETE GIVES HIS PERSPECTIVE OF THE REPORT.

WINTER WHEAT PRODUCTION:

DESPITE WEATHER CHALLENGES IN THE SOUTHERN PLAINS USDA INCREASED WINTER WHEAT PRODUCTION BY TWO PERCENT FROM ITS ESTIMATES IN MAY. USDA IS NOW FORECASTING AT ONE-AND-A HALF BILLION BUSHEL CROP. WHILE UP FROM MAY, IT'S DOWN EIGHT PERCENT FROM A YEAR AGO.
THE AVERAGE U-S WHEAT YIELD IS JUST OVER 46 BUSHELS AN ACRE, UP SEVEN-TENTHS FROM LAST MONTH.
OLD CROP ENDING STOCKS WERE INCREASED ON SLOWER EXPORT DEMAND. AND NEW-CROP ENDING STOCKS WERE LOWERED.

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