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Hedging Corn and Soybeans

RSS By: Howard Tyllas, AgWeb.com

Howard Tyllas is currently a member of the Chicago Board of Trade and registered with the Commodity Futures Trading Commission as a floor broker and as a Commodity Trading Advisor.

USDA Report for 1/11/13

Jan 11, 2013

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USDA Report for 1/11/13.

Crop Area Planted and Harvested, Yield, and Production in Domestic Units -
United States: 2012 and 2013
[Data are the latest estimates available, either from the current report or
from previous reports. Current year estimates are for the full 2013 crop year.
Blank data cells indicate estimation period has not yet begun]
--------------------------------------------------------------------------------
: Area planted : Area harvested
Crop :-----------------------------------------------
: 2012 : 2013 : 2012 : 2013
--------------------------------------------------------------------------------
: 1,000 acres
:
Grains and hay :
Barley .........................: 3,637 3,244
Corn for grain 1/ ..............: 97,155 87,375
Corn for silage ................: (NA) 7,379
Hay, all .......................: (NA) 56,260
Alfalfa ......................: (NA) 17,292
All other ....................: (NA) 38,968
Oats ...........................: 2,760 1,045
Proso millet ...................: 335 205
Rice ...........................: 2,699 2,678
Rye ............................: 1,300 248
Sorghum for grain 1/ ...........: 6,244 4,955
Sorghum for silage .............: (NA) 363
Wheat, all .....................: 55,736 48,991
Winter .......................: 41,324 41,820 34,834
Durum ........................: 2,123 2,102
Other spring .................: 12,289 12,055
:
Oilseeds :
Canola .........................: 1,765.0 1,729.0
Cottonseed .....................: (X) (X)
Flaxseed .......................: 344 336
Mustard seed ...................: 51.1 49.7
Peanuts ........................: 1,638.0 1,608.0
Rapeseed .......................: 2.2 2.1
Safflower ......................: 169.8 160.1
Soybeans for beans .............: 77,198 76,104
Sunflower ......................: 1,919.0 1,841.0
:
Cotton, tobacco, and sugar crops:
Cotton, all ....................: 12,315.4 9,426.8
Upland .......................: 12,077.0 9,190.0
American Pima ................: 238.4 236.8
Sugarbeets .....................: 1,230.1 1,204.2
Sugarcane ......................: (NA) 899.0
Tobacco ........................: (NA) 336.2
:
Dry beans, peas, and lentils :
Austrian winter peas ...........: 19.0 13.7
Dry edible beans ...............: 1,742.5 1,690.4
Dry edible peas ................: 649.0 621.0
Lentils ........................: 463.0 450.0
Wrinkled seed peas .............: (NA) (NA)
:
Potatoes and miscellaneous :
Coffee (Hawaii) ................: (NA) 6.1
Hops ...........................: (NA) 31.9
Peppermint oil .................: (NA) 76.0
Potatoes, all ..................: 1,148.3 1,132.7
Spring .......................: 96.8 94.6
Summer .......................: 49.8 48.5
Fall .........................: 1,001.7 989.6
Spearmint oil ..................: (NA) 20.0
Sweet potatoes .................: 130.5 126.6
Taro (Hawaii) 2/ ...............: (NA) 0.4
-----------------------------------------------------------------------------

Crop Area Planted and Harvested, Yield, and Production in Domestic Units -
United States: 2012 and 2013 (continued)
[Data are the latest estimates available, either from the current report or from
previous reports. Current year estimates are for the full 2013 crop year. Blank data
cells indicate estimation period has not yet begun]
---------------------------------------------------------------------------------------
: Yield per acre : Production
Crop :----------------------------------------------
: 2012 : 2013 : 2012 : 2013
---------------------------------------------------------------------------------------
: ------ 1,000 -----
:
Grains and hay :
Barley ..........................bushels: 67.9 220,284
Corn for grain ..................bushels: 123.4 10,780,296
Corn for silage ....................tons: 15.4 113,450
Hay, all ...........................tons: 2.13 119,878
Alfalfa ..........................tons: 3.01 52,049
All other ........................tons: 1.74 67,829
Oats ............................bushels: 61.3 64,024
Proso millet ....................bushels: 15.1 3,090
Rice 3/ .............................cwt: 7,449 199,479
Rye .............................bushels: 28.0 6,944
Sorghum for grain ...............bushels: 49.8 246,932
Sorghum for silage .................tons: 11.4 4,135
Wheat, all ......................bushels: 46.3 2,269,117
Winter ........................bushels: 47.2 1,645,202
Durum .........................bushels: 39.0 81,956
Other spring ..................bushels: 45.0 541,959
:
Oilseeds :
Canola ...........................pounds: 1,416 2,447,410
Cottonseed .........................tons: (X) 5,759.0
Flaxseed ........................bushels: 17.1 5,762
Mustard seed .....................pounds: 602 29,930
Peanuts ..........................pounds: 4,192 6,741,400
Rapeseed .........................pounds: 2,205 4,630
Safflower ........................pounds: 1,121 179,424
Soybeans for beans ..............bushels: 39.6 3,014,998
Sunflower ........................pounds: 1,513 2,785,695
:
Cotton, tobacco, and sugar crops :
Cotton, all 3/ ....................bales: 866 17,009.9
Upland 3/ .......................bales: 849 16,250.0
American Pima 3/ ................bales: 1,540 759.9
Sugarbeets .........................tons: 29.3 35,236
Sugarcane ..........................tons: 36.3 32,637
Tobacco ..........................pounds: 2,268 762,441
:
Dry beans, peas, and lentils :
Austrian winter peas 3/ .............cwt: 1,219 167
Dry edible beans 3/ .................cwt: 1,889 31,925
Dry edible peas 3/ ..................cwt: 1,751 10,872
Lentils 3/ ..........................cwt: 1,178 5,302
Wrinkled seed peas ..................cwt: (NA) 406
:
Potatoes and miscellaneous :
Coffee (Hawaii) ..................pounds: 1,180 7,200
Hops .............................pounds: 1,918 61,249.2
Peppermint oil ...................pounds: 87 6,605
Potatoes, all .......................cwt: 412 467,126
Spring ............................cwt: 283 26,736
Summer ............................cwt: 368 17,855
Fall ..............................cwt: 427 422,535
Spearmint oil ....................pounds: 120 2,390
Sweet potatoes ......................cwt: 209 26,482
Taro (Hawaii) ....................pounds: (NA) 3,400
 

Crop Area Planted and Harvested, Yield, and Production in Metric Units -
United States: 2012 and 2013
[Data are the latest estimates available, either from the current report or
from previous reports. Current year estimates are for the full 2013 crop year.
Blank data cells indicate estimation period has not yet begun]
--------------------------------------------------------------------------------
: Area planted : Area harvested
Crop :-----------------------------------------------
: 2012 : 2013 : 2012 : 2013
--------------------------------------------------------------------------------
: hectares
:
Grains and hay :
Barley .........................: 1,471,860 1,312,810
Corn for grain 1/ ..............:39,317,660 35,359,790
Corn for silage ................: (NA) 2,986,210
Hay, all 2/ ....................: (NA) 22,767,860
Alfalfa ......................: (NA) 6,997,900
All other ....................: (NA) 15,769,960
Oats ...........................: 1,116,940 422,900
Proso millet ...................: 135,570 82,960
Rice ...........................: 1,092,260 1,083,760
Rye ............................: 526,100 100,360
Sorghum for grain 1/ ...........: 2,526,880 2,005,240
Sorghum for silage .............: (NA) 146,900
Wheat, all 2/ ..................:22,555,800 19,826,170
Winter .......................:16,723,410 16,924,140 14,096,970
Durum ........................: 859,160 850,660
Other spring .................: 4,973,240 4,878,540
:
Oilseeds :
Canola .........................: 714,280 699,710
Cottonseed .....................: (X) (X)
Flaxseed .......................: 139,210 135,980
Mustard seed ...................: 20,680 20,110
Peanuts ........................: 662,880 650,740
Rapeseed .......................: 890 850
Safflower ......................: 68,720 64,790
Soybeans for beans .............:31,241,260 30,798,530
Sunflower ......................: 776,600 745,030
:
Cotton, tobacco, and sugar crops:
Cotton, all 2/ .................: 4,983,920 3,814,930
Upland .......................: 4,887,440 3,719,100
American Pima ................: 96,480 95,830
Sugarbeets .....................: 497,810 487,330
Sugarcane ......................: (NA) 363,820
Tobacco ........................: (NA) 136,070
:
Dry beans, peas, and lentils :
Austrian winter peas ...........: 7,690 5,540
Dry edible beans ...............: 705,170 684,090
Dry edible peas ................: 262,640 251,310
Lentils ........................: 187,370 182,110
Wrinkled seed peas .............: (NA) (NA)
:
Potatoes and miscellaneous :
Coffee (Hawaii) ................: (NA) 2,470
Hops ...........................: (NA) 12,920
Peppermint oil .................: (NA) 30,760
Potatoes, all 2/ ...............: 464,710 458,390
Spring .......................: 39,170 38,280
Summer .......................: 20,150 19,630
Fall .........................: 405,380 400,480
Spearmint oil ..................: (NA) 8,090
Sweet potatoes .................: 52,810 51,230
Taro (Hawaii) 3/ ...............: (NA) 160
--------------------------------------------------------------------------------
See footnote(s) at end of table. --continued

Crop Area Planted and Harvested, Yield, and Production in Metric Units -
United States: 2012 and 2013 (continued)
[Data are the latest estimates available, either from the current report or
from previous reports. Current year estimates are for the full 2013 crop year.
Blank data cells indicate estimation period has not yet begun]
--------------------------------------------------------------------------------
: Yield per hectare : Production
Crop :-----------------------------------------------
: 2012 : 2013 : 2012 : 2013
--------------------------------------------------------------------------------
: metric tons
:
Grains and hay :
Barley .........................: 3.65 4,796,120
Corn for grain .................: 7.74 273,832,130
Corn for silage ................: 34.47 102,920,110
Hay, all 2/ ....................: 4.78 108,751,490
Alfalfa ......................: 6.75 47,218,060
All other ....................: 3.90 61,533,430
Oats ...........................: 2.20 929,310
Proso millet ...................: 0.84 70,080
Rice ...........................: 8.35 9,048,220
Rye ............................: 1.76 176,390
Sorghum for grain ..............: 3.13 6,272,360
Sorghum for silage .............: 25.54 3,751,210
Wheat, all 2/ ..................: 3.11 61,755,240
Winter .......................: 3.18 44,775,060
Durum ........................: 2.62 2,230,480
Other spring .................: 3.02 14,749,710
:
Oilseeds :
Canola .........................: 1.59 1,110,130
Cottonseed .....................: (X) 5,224,480
Flaxseed .......................: 1.08 146,360
Mustard seed ...................: 0.67 13,580
Peanuts ........................: 4.70 3,057,850
Rapeseed .......................: 2.47 2,100
Safflower ......................: 1.26 81,390
Soybeans for beans .............: 2.66 82,054,800
Sunflower ......................: 1.70 1,263,570
:
Cotton, tobacco, and sugar crops:
Cotton, all 2/ .................: 0.97 3,703,470
Upland .......................: 0.95 3,538,020
American Pima ................: 1.73 165,450
Sugarbeets .....................: 65.59 31,965,560
Sugarcane ......................: 81.38 29,607,790
Tobacco ........................: 2.54 345,840
:
Dry beans, peas, and lentils :
Austrian winter peas ...........: 1.37 7,570
Dry edible beans ...............: 2.12 1,448,090
Dry edible peas ................: 1.96 493,150
Lentils ........................: 1.32 240,490
Wrinkled seed peas .............: (NA) 18,420
:
Potatoes and miscellaneous :
Coffee (Hawaii) ................: 1.32 3,270
Hops ...........................: 2.15 27,780
Peppermint oil .................: 0.10 3,000
Potatoes, all 2/ ...............: 46.22 21,188,480
Spring .......................: 31.68 1,212,720
Summer .......................: 41.26 809,890
Fall .........................: 47.86 19,165,870
Spearmint oil ..................: 0.13 1,080
Sweet potatoes .................: 23.45 1,201,200
Taro (Hawaii) ..................: (NA) 1,540

December Weather Summary

Despite occasional December precipitation across the Nation's mid-section,
hard red winter wheat conditions remained mostly steady or declined due to
poor crop establishment and acute soil moisture shortages. In addition,
drought intensified across southern portions of the Plains, especially from
southern Texas into eastern Kansas. By December 30, the portion of the
Plains' wheat rated in very poor to poor condition included 61 percent in
Oklahoma, 49 percent in Nebraska, and 31 percent in Kansas. However, enough
snow fell across the northern and central Plains to provide some degree of
insulation from temperatures that locally and periodically fell to
-10 degrees Fahrenheit or lower.

In contrast, significant precipitation fell in much of the soft red winter
wheat belt, particularly across the Ohio Valley. As a result, most of the
wheat continued to thrive across the Mid-South and lower Midwest. By month's
end, 70 percent of the Illinois wheat crop was rated good to excellent. In
both the Ohio Valley and the upper Midwest, enough of December's
precipitation fell in the frozen form to establish a substantial snow cover.

Meanwhile, widespread precipitation also fell in much of the East, although
rain was spotty across Florida. Some of the heaviest precipitation, relative
to normal, fell across the Northeast and from the central Gulf Coast into the
southern Appalachians.

Elsewhere, much of the West experienced unsettled weather during December.
Precipitation was especially heavy from northern California into the
Intermountain West. For example, the average water content of the
high-elevation Sierra Nevada snow pack increased by 10 inches during the
month, reaching 14 inches (137 percent of normal) by the end of December.

The Nation's winter agricultural regions escaped significant freezes during
December, although there were several chilly mornings - particularly from
December 19-21 - in California and the Desert Southwest. Florida's coldest
morning, for the most part, occurred on December 23. Overall, December
temperatures were highly variable in the West but mostly above normal across
the eastern half of the Nation. Western temperatures were influenced by snow
cover, mainly in parts of the Intermountain region.

December Agricultural Summary

Temperatures from the Great Plains eastward were well above normal during
December, allowing producers with unharvested crops additional time to
complete fieldwork while aiding the establishment of winter wheat. Most
notably, temperatures for an area centered over the eastern Corn Belt and
Ohio Valley averaged more than 6 degrees above normal. In the West, monthly
temperatures were near-normal. Precipitation totals for the Nation varied
drastically during the December. Much of the southern Great Plains
accumulated rain and snow totaling less than 25 percent of normal, while
portions of Great Basin and Northeast received more than 200 percent of their
normal precipitation.

In the South, a variety of producer activities were ongoing throughout the
month. Barley and Durum wheat were sown in Arizona, as cotton producers
finished harvesting their crop. Growers in Texas readied fields for spring
planting following the completion of cotton harvesting and small grain
seeding. Elsewhere, general equipment and field maintenance was completed as
conditions allowed. Fruit and vegetable producers in the major producing
States harvested and shipped a variety of crops throughout the month, with
replanting ongoing as conditions allowed.

Unfavorably dry conditions led to further deterioration of winter wheat in
some areas. By December 30, the portion of the Plains' wheat rated in very
poor to poor condition included 61 percent in Oklahoma, 49 percent in
Nebraska, and 31 percent in Kansas. Conversely, increased moisture in areas
of the Corn Belt benefitted not only winter wheat, but helped to somewhat
replenish soil moisture levels as producers begin to plan for the 2013 crop
season.

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