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AgDay Daily Recap -March 11, 2014

March 11, 2014
 
 

TODAY ON AGDAY

MARCH 11, 2014

 

USDA REPORT:

GOOD MORNING I'M CLINTON GRIFFITHS. AN INTERESTING START TO THE MARKETING WEEK FOLLOWING THE RELEASE OF USDA'S MARCH SUPPLY DEMAND REPORT.

HOGS:

MEANWHILE, APRIL LEAN HOGS CLOSED LIMIT UP MONDAY, CONTINUING THE CLIMB FROM LAST WEEK. MEANWHILE APRIL LEAN HOGS SPENT MOST OF THE DAY LIMIT UP...CONTINUING THE CLIMB FROM LAST WEEK. THE PRICE SUPPORT WAS LARGELY DUE TO THE LATEST USDA REPORT, WHICH SHOWED A DECLINING HOG CROP. USDA DROPPED PORK PRODUCTION, BUT INCREASED HOG PRICES DUE. USDA REDUCED ITS PRODUCTION REPORT FORECAST BECAUSE HIGHER CARCASS WEIGHTS STILL COULDN'T OFFSET THE TIGHT SUIPPLIES. BUT THE NEW MARCH NUMBER IS STILL PROJECTED TO BE ABOVE BOTH 2012 AND 2013'S LEVELS. AT THE SAME TIME, USDA DECREASED THE PORK EXPORT NUMBERS.

MILK PRODUCTION:

IN OUR DAIRY TODAY REPORT, THE USDA ALSO RELEASED IT'S MILK PRODUCTION FORECAST FOR 2014. IT LEFT OVER ALL PRODUCTION STEADY BUT RAISED CLASS THREE AND CLASS FOUR PRICES. THE ALL MILK PRICES ARE FORECAST AT 21-40 TO 22 PER HUNDRED. FAT BASIS EXPORTS FOR 2014 ARE RAISED ON HIGHER SALES OF CHEESE AND BUTTER.

DAIRY EXPORTS:

MEANWHILE, THE U-S DAIRY EXPORT COUNCIL SAYS CHEESE EXPORTS POSTED NEW RECORDS FOR THE THIRD STRAIGHT MONTH. IT TOPPED 32 THOUSAND TONS FOR THE FIRST TIME, THANKS TO NEW SALES IN COUNTRIES LIKE AUSTRALIA, CHINA AND EGYPT. ALL U-S DAIRY EXPORTS, INCLUDING POWDER, BUTTERFAT AND WEIGH, ALSO POSTED GAINS. THE TOTAL VALUE CAME IN AT MORE THAN 583 MILLION DOLLARS A 35 PERCENT JUMP FROM THIS TIME LAST YEAR.

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