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USFR Weekly Recap - February 22-23, 2014

February 22, 2014

                                                                                                                                                                                          

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2115

FEBRUARY 22-23, 2014   

 

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M JOHN PHIPPS. MANY OF THE MARKET BEARS SEEM TO HAVE GONE INTO HIBERNATION. AN UNEXPECTED CRAWL UPWARD IN GRAIN PRICES HAS MANY FARMERS CONTEMPLATING CLEARING A PATH TO THEIR GRAIN BINS. UNDOUBTEDLY OUR ANALYSTS WILL DISSECT THIS RATHER SURPRISING TREND LATER. THE SURGE IN PRICES COULD BE INFLUENCED BY WEATHER IN OTHER WAYS AS WELL. BE SURE TO CHECK OUT MIKE'S OUTLOOK FOR SPRING PLANTING IN THE CORN BELT. REGARDLESS, THE MEANING OF A WINTER WONDERLAND JUST BECAME CLEARER. I'M WONDERING IF IT WILL EVER END.

HEADLINES:

AFTER THIS WEEK, THERE'S ANOTHER GROUP IN THE CAMP OF MORE SOYBEAN ACRES THIS YEAR. AND THAT'S THE USDA. MEANWHILE, USDA CHIEF ECONOMIST JOE GLAUBER SAYS HE EXPECTS THE AVERAGE CORN PRICE TO FALL TO 3.90 PER BUSHEL THIS YEAR. SOYBEANS TO 9.65. GLAUBER FORECASTS WHEAT AT 5.30 A BUSHEL. USDA ALSO RELEASED ITS MONTHLY CATTLE ON FEED REPORT FRIDAY. AND IT SHOWED ON FEED NUMBERS DECLINED FOR THE 17TH STRAIGHT MONTH. THE 3% DROP IS BELOW THE 4% THAT TRADE WAS EXPECTING. FEEDLOT PLACEMENTS WERE ACTUALLY UP YEAR OVER YEAR, BY 9%.  SMALL BUSINESSES COULD GET MORE TRADE OPPORTUNITIES IN THE FUTURE. THAT'S ACCORDING TO NEWS STRAIGHT FROM THE PRESIDENT'S DESK. PRESIDENT OBAMA SIGNED AN EXECUTIVE ORDER THIS WEEK THAT WOULD IMPROVE EXPORT AND IMPORT PROCESSING AND APPROVAL TIMES TO MINUTES INSTEAD OF DAYS. AND HE SAYS IT'S ALL POSSIBLY WITH A NEW INTERNATIONAL TRADE DATA SYSTEM THAT WILL BE IN PLACE BY DECEMBER 2016. MEANHILE, PRESIDENT OBAMA MET WITH THE CANADADIAN PRIME MINISTER AND THE MEXICAN PRESIDENT THIS WEEK FOR THE NORTH AMERICAN LEADERS' SUMMIT.  THE LEADERS DISCUSSED IMMIGRATON, BORDER SECURITY AND TRADE. THE WHITE HOUSE SAYS IF THEY CAN WRAP UP NEGOTIATIONS ON THE TRANS-PACIFIC PARTNERSHIP, OR T-P-P, AND GET IT PASSED, IT WOULD BE A HUGE SUCCESS FOR THE ADMINISTRATION. MEANWHILE, A PIPELINE THAT WOULD RUN FROM CANADA TO TEXAS SAW ANOTHER SETBACK THIS WEEK. A NEBRASKA STATE COURT RULED THE DECISION BY THE GOVERNOR TO APPROVE WAS NOT HIS TO MAKE. INSTEAD THE APPROVAL WILL BE DETERMINED BY THE LITTLE KNOWN PUBLIC SERVICE COMMISSION. THIS COULD SET THE PROJECT BACK A YEAR. THIS IS WELCOME NEWS FOR SOME FARMERS IN THE STATE WHO WOULD HAVE TO GIVE UP LAND FOR THE PIPELINE. RUSSIA IS SET TO RESUME IMPORTS OF PORK PRODUCTS FROM U-S AND BRAZIL. THE RESTRICTION ON PORK CONTAINING RACTOPAMINE, HOWEVER, STILL EXISTS.  PORK SUPPLIERS WILL NEED TO BE APPROVED BEFORE IMPORTING GOODS. NO U-S COMPANIES HAVE RECEIVED THE GO-AHEAD AT THIS TIME. AS POLITCAL TENSIONS HEATED UP IN UKRAINE THIS WEEK, PROTESTS TURNED DEADLY. AND NOW THERE ARE FEARS IT COULD LIMIT SPRING GRAIN SALES IN BOTH UKRAINE AND RUSSIA. REUTERS REPORTS VILMORIN, A FRENCH SEED MAKER, IS THE LARGEST SUNFLOWER SEED SUPPLIER TO THOSE TWO COUNTRIES. BUT THIS YEAR, THE FOCUS WAS MORE CORN SALES. THE COMPANY IS AFRAID THE TURMOIL WILL TIGHTEN FINANCING IN THE COUNTIRIES, MAKING IT TOUGH FOR FARMERS TO PAY FOR SEED.

CROP WATCH:

CROP WATCH THIS WEEK.

ROUNDTABLE:

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