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USFR Weekly Recap - March 30-31, 2013

March 30, 2013

                                                                                                                                                                                             

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2068

MARCH 30-31, 2013   

 

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M JOHN PHIPPS. THIS WAS A WEEK TO FORGET. STARTING WITH THE HEAVIEST - IN EVERY SENSE OF THE WORD - SNOWFALL OF THE SEASON AND CAPPING OFF THE WEEK WITH A MARKET PLUNGE, NOT MUCH TO ENJOY. EXCEPT THEY FINISHED REPAIRING THE WALLS IN OUR CHURCH SANCTUARY AND NOT EVEN THE MOST CRITICAL EYE CAN SEE WHERE THE PAINT WAS TOUCHED UP. THIS LONG DELAY BEFORE PLANTING HAS ALLOWED AN OVERDUE NEW TILLAGE TOOL TO GET DELIVERED IN TIME FOR SPRING USE. THE SNOW FORCED ME TO SPEND MORE TIME IN MY WOODSHOP, AND I MADE SERIOUS PROGRESS ON MY LATEST PROJECTS. AND WE HAVE DISTANT GRANDCHILDREN COMING TO VISIT. WAIT - WHAT WAS IT I WAS GRIPING ABOUT?

HEADLINES:

THANK YOU JOHN. THE INDUSTRY WAS WATCHING CLOSELY AS USDA UNVEILED ITS LATEST GRAIN STOCKS FIGURES. AND ONCE AGAIN, THE AG DEPARTMENT SEEMED TO SURPRISE THE TRADE. USDA SAYS THERE ARE FIVE-POINT-FOUR BILLION BUSHELS OF CORN IN STORAGE. THAT'S A 10% DROP FROM THE SAME REPORT LAST MARCH, BUT IT WAS STILL HIGHER THAN PRE-MARKET EXPECTATIONS. SOYBEAN BUSHELS COME IN AT ONE BILLION, DOWN 27% FROM A YEAR AGO. AND THE ALL-WHEAT TALLY COMES IN AT ONE-POINT TWO BILLION. BUT CORN WAS THE MOVER. AS FAR AS THE OTHER BIG REPORT - PROSPECTIVE PLANTINGS - THE AG DEPARTMENT EXPECTS JUST OVER 97 MILLION ACRES OF CORN, SLIGHTLY AHEAD OF LAST YEAR. SOYBEAN PLANTING HITS 77 MILLION, DOWN A BIT FROM LAST YEAR. AND ALL WHEAT ACRES ARE MEASURED AT JUST OVER 56 MILLION ACRES. USDA IS FORECASTING COTTON TO TOTAL TEN MILLION ACRES, DOWN 19% FROM LAST YEAR. BITTER RIVALS IN THE MULTI-BILLION DOLLAR SEED INDUSTRY HAVE DROPPED THEIR COUNTER-LAWSUITS OVER THE USE OF SEED TECHNOLOGY. IN OTHER BUSINESS NEWS - ROBUST DEMAND FOR IRRIGATION SYSTEMS HAS RESULTED IN A RECORD QUARTER FOR LINDSAY CORPORATION. THE COMPANY SAYS ITS IRRIGATION EQUIPMENT REVENUES ARE UP 41% IN THE U.S. FROM A YEAR AGO. THEY SAY HIGHER COMMODITY PRICES, RECORD FARM INCOMES AND HISTORIC DROUGHT CONDITIONS ARE DRIVING SALES. LINDSAY SAYS INTERNATIONAL REVENUE FOR PIVOTS IS UP 34%.

CROP WATCH:

CROP WATCH THIS WEEK IS A THREE-STATE SWING.

ROUNDTABLE:

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