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AgDay Daily Recap -March 13, 2014

March 13, 2014
 
 

TODAY ON AGDAY

MARCH 13, 2014

 

WHEAT PRICES:

GOOD MORNING I'M CLINTON GRIFFITHS. WHEAT FUTURES CLIMBED AGAIN WEDNESDAY ON INCREASING TURMOIL IN UKRAINE AND DRY WEATHER WORRIES. ALSO DRIVING PRICES DRY WEATHER. MOST WHEAT FIELDS IN THE GREAT PLAINS RECEIVED LESS THAN 50 PERCENT OF NORMAL RAIN IN THE PAST 60 DAYS.  ADD TO IT... MUCH OF THE WINTER WHEAT BELT IS ONCE AGAIN DEALING WITH FRIGID TEMPERATURES. OKLAHOMA STATE WHEAT SPECIALIST JEFF EDWARDS SAYS MOST OF THE CROP IN THE SOUTHERN PLAINS IS HANDLING THE COLD WEATHER WELL. HE SAYS SOME FIELDS MAY LOOK RAGGED BUT MOST OF THE DAMAGE IS LIKELY COSMETIC.

BEEF PRICES:

PRODUCERS ARE TRYING TO PACK AS MANY POUNDS ON CATTLE AS POSSIBLE. PRICES REMAIN STRONG. CASH PRICES FELL BACK A LITTLE IN RECENT DAYS CUTTING IN TO FEEDER MARGINS. HOWEVER ACCRODING TO THE STERLING BEEF PROFIT TRACKER, CATTLE FEEDERS ARE STILL MAKING UPWARDS OF 230 DOLLARS PER HEAD...LAST YEAR THEY WERE LOSING MORE THAN 50 BUCKS PER ANIMAL. PACKERS ALSO SAW CUTOUT VALUES CLIMB AND THAT'S HELPING PUT THAT SECTION OF THE INDUSTRY IN THE BLACK THIS WEEK.

BEEF PRODUCTION:

IN ITS MONTHLY SUPPLY DEMAND REPORT USDA FORECASTER SAYS THEY EXPECT LESS RED MEAT PRODUCTION IN 2014. HOWEVER NOT BECAUSE OF CATTLE. BEEF IS FORECAST WITH INCREASING SLAUGHTER NUMBERS AND WEIGHTS. IT ALSO RAISED EXPORT FORECASTS ON STRONG SALES TO ASIAN MARKETS...BOTH SCENARIOS SHOULD HELP MAINTAIN PRICES IN 2014. CATTLEMEN ARE LITTLE UPSET WITH ONE ASIAN CUSTOMER.
THE NATIONAL CATTLEMEN'S BEEF ORGANIZATION AND OTHERS CALLING ON U.S. TRADE NEGOTIATORS TO REJECT JAPANS TRANS PACIFIC PARTNERSHIP DEMANDS.

PEDV RESEARCH:

MEANWHILE HOGS HAVE JUST BEEN ON FIRE. SETTING NEW RECORD HIGHS ON TUESDAY...AND CONTINUING THAT STREAK ON THE JUNE CONTRACT WEDNESDAY.

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