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AgDay Daily Recap -May 13, 2013

May 13, 2013
 
 

TODAY ON AGDAY

MAY 13, 2013

 

S&D REPORT:

GOOD MORNING I'M CLINTON GRIFFITHS. THE AG DEPARTMENT REVISED ITS GRAIN SUPPLY NUMBERS FRIDAY, ACKNOWLEDGING THE SLOW START TO PLANTING. THE REPORT NOW PUTS THE NATIONAL AVERAGE YIELD AT 158 BUSHELS AN ACRE. DOWN FIVE-AND-A-HALF BUSHELS. BUT THE PRODUCTION LEVELS ARE STILL OVER 14 BILLION BUSHELS. USDA MOVED SLIGHTLY HIGHER WITH ITS ESTIMATES FOR OLD-CROP CORN ENDING STOCKS AT 759 MILLION BUSHELS. AS FAR AS OLD-CROP SOYBEANS, USDA PROJECTED 125 MILLION BUSHELS. HERE TO PROVIDE SOME PERSPECTIVE ON THE REPORTS IS PROFARMER SENIOR MARKET ANALYST BRIAN GRETE. BRIAN.

LAND BUBBLE:

THE ADVISORY COUNCIL TO THE U.S. FEDERAL RESERVE IS NOW WARNING OF AN AGRICLTURAL LAND BUBBLE. IT SAYS 85 BILLION A MONTH IN STIMULUS AND ULTRA LOW INTEREST RATES ARE PUSHING LAND PRICES OUTSIDE WHAT MAKES SENSE. THE FEDERAL ADVISORY COUNCIL IS MADE UP OF 12 BANKERS PICKED BY THE NATION'S 12 FEDERAL RESERVE BANKS. THEY DO SAY FARMLAND PRICES AREN'T LIKELY TO COLLAPSE ALL AT ONCE, BUT SLOWLY DEFLATE--FALLING BACK IN LINE WITH FINANCIAL REALITY.

FARM BILL:

IN ADVANCE OF THIS WEEK'S AG COMMITTEE ACTION ON THE FARM BILL, BOTH CHAIRS RELEASED THEIR VERSIONS OF FARM POLICY. AND FIRST GLANCE HAS THERE ARE SEVERAL CHANGES TO THE BILL PROPOSED IN 2012.

RICE GROWER:

ONE ELEMENT THAT IS PART OF THIS 2013 VERSION THAT WAS NOT IN THE 2012 IS A TARGET PRICE PAYMENT PROVISION. THAT'S SOMETHING THAT PEANUT AND RICE GROWERS WERE LOOKING FOR. SOUTHERN GROWERS SAY IT'S THE BEST SYSTEM FOR THEIR COMMODITY MIX...WHICH IS DIFFERENT THAN THE CORN, BEAN AND WHEAT MARKETS. BUT ONE THING THAT'S NOT DIFFERENT, IS THE CHALLENGE OF GETTING A CROP IN THE GROUND. NATIONAL REPORTER TYNE MORGAN SPENT LAST WEEK IN ARKANSAS WHERE RICE FARMERS ARE MID-PASS.

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