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USFR Weekly Recap - January 11-12, 2014

January 11, 2014

                                                                                                                                                                                          

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2109

JANUARY 11-12, 2014   

 

 

 

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M TYNE MORGAN, IN FOR JOHN PHIPPS. WELL, IT'S FINALLY HERE. USDA HAS RELEASED ITS FINAL PRODUCTION NUMBERS FOR 2013. FOR THOSE THAT THOUGHT THERE WAS NO WAY AMERICAN FARMERS COULD PRODUCE 14 BILLION BUSHELS OF CORN AFTER THE WEATHER EXTREMES, WE FINALLY GET AN ANSWER.

HEADLINES:

USDA RELEASED ITS FINAL CROP PRODUCTION NUMBERS FOR THE 2013 YEAR. THE AGENCY LOWERED THE CORN YIELD TO 158 POINT 8 BUSHELS PER ACRE, A 1 POINT 6 BUSHEL DROP FROM THE NOVEMBER FORECAST. THAT'S PUTS THE TOTAL CROP AT A RECORD 13 POINT 9 BILLION BUSHELS.  SOYBEAN YIELD CAME IN AT 43 POINT 3 BUSHELS PER ACRE, JUST SLIGHTLY ABOVE THEIR NOVEMBER FORECAST. TOTAL SOYBEAN PRODUCTION FOR THE YEAR IS PEGGED AT 3 POINT 29 BILLION BUSHELS, UP ONE PERCENT FROM NOVEMBER. COTTON YIELD IS ESTIMATED AT 826 POUNDS PER ACRE, UP 20 POUNDS FROM THE DECEMBER FORECAST. TOTAL CROP IS UP ONE PERCENT AT 13 POINT 2 MILLION BALES. USDA ALSO PROVIDED ITS FIRST WINTER WHEAT PLANTINGS REPORT. THE AGENCY EXPECTS 41 POINT 9 MILLION ACRES TO BE SEEDED IN WINTER WHEAT THIS YEAR. THAT'S DOWN 3% FROM 2013. FARMERS COULD MAKE A BIG SWITCH TO MORE SOYBEANS NEXT YEAR. THAT'S ACCORDING TO THE FARM FUTURES SURVEY WHICH GATHERS RESPONSES FROM MORE THAN 16 HUNDRED FARMERS. THE SURVEY FOUND FARMERS WILL PLANT 92 POINT 2 MILLION ACRES OF CORN IN 2014. THAT'S DOWN ALMOST FOUR PERCENT FROM USDA'S NOVEMBER ESTIMATE. BASED ON RESULTS, FARM FUTURES PEGS SOYBEAN PLANTINGS AT 82 POINT 3 MILLION ACRES. THAT'S UP 7 POINT 6 MILLION FROM 2013. MEANWHILE, MONSANTO'S FIRST QUARTERS EARNINGS ECHO THAT SHIFT. THIS WEEK THE COMPANY ANNOUNCED CORN SEED SALES ARE DOWN 7 PERCENT IN THE FIRST QUARTER OF THE YEAR. AND SOYBEAN SALES ARE UP 16 PERCENT. CONGRESS WAS BACK AT WORK THIS WEEK, BUT NO FORMAL FARM BILL AGREEMENT WAS ANNOUNCED. BEFORE BREAK, THE CONFERENCE COMMITTEE LEADERS SAID THEY WERE CLOSE TO HAVING A DEAL WORKED OUT. HOWEVER, NO DETAILS WERE RELEASED. THE LEADERS SAID THEY'D REVEAL THEIR PLAN UPON RETURNING FROM BREAK, BUT THAT DIDN'T HAPPEN THIS WEEK. CONGRESS HAS UNTIL THE END OF JANUARY TO EITHER PASS A NEW FARM BILL OR EXTEND THE CURRENT LEGISLATION.

CROP WATCH:

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