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USFR Weekly Recap - March 23-24, 2013

March 23, 2013

                                                                                                                                                                                             

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2067

MARCH 23-24, 2013  

 

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M JOHN PHIPPS. DON'T LOOK NOW BUT CORN PRICES HAVE STRUGGLED HIGHER OVER THE LAST TWO WEEKS - EVEN NEW CROP. I'M SURE OUR MARKET EXPERTS WILL BE WEIGHING IN ON THIS BUT THE CONTINUED COLD WEATHER IS CAUSING BUYERS TO START FLIPPING THE CALENDAR. MEANWHILE MANY SOUTHERN GROWERS ARE COPING WITH PERSISTENT RAIN AS THEY PLANT.GIVEN OUR TINY CARRYOVER AND SURPRISINGLY STRONG DEMAND, WE COULD HAVE A PROBLEM IF THE 2013 CROP IS DELAYED. WE WON'T RUN OUT, OF COURSE, BUT WE WILL HAVE TO FIND A PRICE TO RATION SUPPLIES. IN ALL, IT COULD BE ANOTHER HOT SUMMER IN CHICAGO.

HEADLINES:
CONGRESS TOOK ACTION THIS WEEK TO HELP SAVE MORE THAN 8 THOUSAND MEAT AND POULTRY INSPECTOR JOBS FROM BEING FURLOUGHED. MEANWHILE, OTHER AREAS HAVEN'T BEEN SO LUCKY, AS SOME CUTS HAVE ALREADY TAKEN AFFECT. DETAILS CONTINUE TO ROLL OUT REGARDING WHO AND WHAT WILL BE IMPACTED BY WASHINGTON'S SEQUESTRATION CUTS. AND NOW IT LOOKS LIKE FARMERS PAYMENTS ARE NEXT IN LINE. NOAA RELEASED ITS SEASONAL DROUGHT OUTLOOK THIS WEEK. IT DOESN'T PAINT A PROMISING PICTURE FOR DROUGHT IN THE SOUTHWEST AND WEST COAST. WHILE IT SHOWS SOME IMPROVEMENT IN NEBRASKA AND KANSAS, PREDICTIONS ARE POINTING TO DROUGHT INTENSIFYING IN STATES LIKE TEXAS, NEW MEXICO AND PARTS OF CALIFORNIA. WHAT A DIFFERENCE A YEAR MAKES FOR U-S TEMPS. LAST YEAR AT THIS TIME, PARTS OF THE U-S WERE ENJOYING RECORD HIGHS. THIS WEEK, PARTS OF THE UPPER MIDWEST EXPERIENCED THE COLDEST START TO SPRING SINCE 1965. SOILS HAVE YET TO WARM UP, WHICH IS KEEPING PLANTERS PARKED.

CROP WATCH:

WE HEAD NORTH THIS WEEK FOR CROP WATCH.

ROUNDTABLE:

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