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USFR Weekly Recap - October 6-7, 2012

October 6, 2012



EPISODE # 2043
OCTOBER 6-7, 2012



Hello and welcome to U.S. Farm Report, I’m John Phipps. The bizarre narrative of this crop year continues with a bewildering harvest. For many of us our usual harvest sequence was reversed. Corn baked to an early finish, while soybeans seem to get their second wind after August rains. Now we are finally getting into our beans, we've discovered some surprises. First, there are more beans than we thought on the later-maturing varieties. However, they are every size imaginable - from bb's to marbles. Setting the combine properly is a challenge to say the least. And while the pods are ready, the stems think it's July, not October. Looking from behind it's hard to decide whether it's a combine or silage chopper.


Thanks, John and hello everyone. With the World Dairy Expo taking place this week in Madison, Wisconsin, dairy policy took center stage. The expired Farm Bill took along with it a safety net for producers. One dairy group, however, says it's not a big loss. Meanwhile, exports of U.S. dairy products are one of the few bright spots of the industry. Our partners at dairy today say even with the tight production margins, exports are a key reason prices are in the 18 to 20 dollar per hundredweight range for most of the country. However, exports could be changing in 2013. Rabobank analysts say the global dairy market appears to be heading for a period of renewed supply scarcity in the next year. The AG-lender says the reductions could happen not only in the U.S., but in other big dairy exporters like Australia and New Zealand. The most recent weekly U.S. Crop Progress report shows harvest continues to race along. But it's more than just corn making a quick departure this season. According to USDA, corn and soybean harvest is both double the average pace. Peanuts, sorghum, sugar beets and sunflower harvest are all higher than the five year average pace. Cotton is the only crop lagging its average, and that's only by 1% point. In the western cornbelt, Iowa, Nebraska and Minnesota are all past the half-way point in corn harvest. A western Iowa farmer told AgDay, yields are all across the board. Avoca, Iowa farmer Lance Scott says considering the dry and hot weather that set in during the middle of June, yields are surprising this year.


Crop watch this week...


Al joins us to talk markets with Mark Gold and Thomas Grisafi. 

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