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USFR Weekly Recap - September 22-23, 2012

September 22, 2012

                                                                                                                                                                                             

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2041
SEPTEMBER 22-23, 2012

 

JOHN’S OPEN:

Hello and welcome to U.S. Farm Report, I’m John Phipps. This continues to be one of the weirdest harvests I have ever known. The latest wrinkle is prompted by something I alluded to last week - the strong aversion of farmers, especially in the hardest hit drought areas, to store the 2012 corn crop. Molds like aflatoxin have us all holding our breath as samples are taken each truckload, and the thought of it festering in our bins is not appealing. So even with half-sized yields, we are waiting for hours at elevators to hand off this dubious crop. To see the lines, you'd think we were in the middle of huge production year. Instead you are seeing the 2012 stampede to the exit.

HEADLINES:

For farmers hoping to re-charge their dry soil, it appears it won't happen this fall for much of the nation. As one crop reporter told the Iowa "NASS' office - 'this is the earliest harvest I have observed in my career." 22% of Iowa’s corn has been harvested. That compares to just 2% in the five year average. In Illinois, over a third is shelled. Usually, it's just in the teens. Nationally 26% of the crop had been harvested. There's an early start to soybeans as well. The USDA says 10% is now cut - six points ahead of average. Minnesota and the Dakota’s are both well ahead. USDA has decided to shift the time when several of the major grain reports will be released. Starting at the first of the year, "NASS" will begin issuing the reports at noon eastern time instead of the current 8:30. USDA decided to look at the release time after several of the grain exchanges switched to 21 hour trading days. Livestock reports will remain at their 3 o'clock slot. Some AG groups are worried a trade spat over auto parts with China could lead to problems for soybean growers. This week the White House announced plans to file a trade dispute with the World Trade organization. The Obama administration alleges China has been unfairly subsidizing automobile and auto parts exports.

CROP WATCH:
It's a "3M" visit this week in cropwatch...

ROUNDTABLE:

Al sits down with Andy Shissler and Bill Biedermann for this week's market wrap.

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