AgDay Daily Recap -June 13, 2016

June 13, 2016 02:57 AM
 

TODAY ON AGDAY
JUNE 13, 2016


OPENING HEADLINES:
COMING UP TODAY ON AGDAY -A FRESH SUPPLY DEMAND REPORT ROLLS OUT FROM USDA. CAN THE RALLY CONTINUE? IN AGRIBUSINESS...GETTING PERSPECTIVE ON WHAT'S NEXT. THRER'S SOMETHING OFF THERE YOU KNOW IT'S AN APPETITE FOR NEAR TERM FUTURES. MACHINERY PETE, SAYS 60'S ERA TRACTORS CAN STILL HAVE GOOD VALUE. AND THIS AG SCHOOL IS HELPING GIVE THE GIFT OF SIGHT.
 USDA SUPPLY DEMAND REPORT:
GOOD MORNING I'M CLINTON GRIFFITHS. USDA DROPPING A FRESH SUPPLY DEMAND REPORT FOR THE MONTH, GIVING SOYBEANS MORE INCENTIVE TO MOVE HIGHER. U.S. SOYBEANS WITH 9 CONSECUTIVE WEEKS OF GAINS. THAT'S THE LONGEST BULL RUN IN MORE THAN 4 DECADES. STRONG CHINESE AND GLOBAL DEMAND NOW PULLING ON SUPPLIES KICKED OFF DUE TO SOUTH AMERICAN WEATHER STRUGGLES. NOW WARM WEATHER IS RAISING CONCERNS THAT THE U.S. COULD START SEEING PRODUCTION CHALLENGES OF ITS OWN. ALL OF THAT FACTORED IN AS USDA ECONOMISTS LEFT PROJECTIONS FOR CORN UNCHANGED AT 14 POINT 4 BILLION (14.43 B BUSHELS) BUSHELS. HOWEVER, ENDING STOCKS FELL BY 145 MILLION BUSHELS TO ROUGHLY 2 BILLION BUSHELS. ON HIGHER EXPORT FORECASTS DUE TO PRODUCTION CHALLENGES IN BRAZIL.  ON THE SOYBEANS SIDE, THIS YEAR THE PRODUCTION FORECAST IS ALSO UNCHANGED AT 3 POINT 8 BILLION BUSHELS. WITH ENDING STOCKS LOWED ONCE AGAIN. DOWN 45 MILLION BUSHELS TO 260 MILLION ON SHRINKING BEGINNING STOCKS DUE TO INCREASING EXPORTS. AND WHEAT PRODUCTION FORECASTS ARE UP THIS MONTH WITH SUPPLIES EXPECTED TO HIT A 29 YEAR HIGH. USDA IS FORECASTING WHEAT ENDING STOCKS AT MORE THAN 1 BILLION BUSHELS. OLD CROP STOCKS ROSE AS WELL.
PROFARMERS TAKE:
PRO FARMER EDITOR, BRIAN GRETE SAYS THE REPORT WASN'T FULL OF SURPRISES HOWEVER OLD AND NEW CROP CARRY OUTS COULD HAVE AN IMPACT. WE DID GET SOME SURPRISES. WHAT USDA SHOWED WAS LOWER CARRYOVER PROJECTIONS FOR BOTH CORN AND SOYBEANS OLD CROP AND NEW CROP. AND NOT ONLY DID THEY COME IN LOWER THAN A MONTH AGO, WHICH WAS ANTICIPATED, THEY CAME IN EVEN LOWER THAN THE TRADE ANTICIPATED. AND THAT'S THE KEY HERE. BECAUSE IT GIVES US CONTINUED BULLISH NEWS OR FRIENDLY NEWS AS WE MOVE FORWARD. THAT SAID I STILL THINK MORE FOCUS IS PROBABLY GOING TO BE ON WEATHER, EXPORT DEMAND, SOUTH AMERICAN WEATHER, HOW THEIR CROP FINISHES UP THERE, THE JUNE ACREAGE AND QUARTERLY GRAIN STOCKS. THOSE ARE PROBABLY FOUR FOCAL POINTS AS WE MOVE FORWARD HERE. AND ALL OF THEM WILL CONTINUE TO PLAY A BIG PIECE OF THE PUZZLE IN TERMS OF PRICE DISCOVERY. BUT THE USDA REPORT TODAY DEFINITELY DID NOT DO ANYTHING TO HARM THE BULLS EFFORTS IN TERMS LOOKING FORWARD HERE, FOR THE EDITORS OF PROFARMER HERE IN CEDAR FALLS IOWA I'M BRIAN GRETE,
WINTER WHEAT CROP EXPECTED TO BE LARGEST YIELD ON RECORD:
 THE COUNTRY'S WINTER WHEAT CROP IS ON-PACE TO BE THE LARGEST YIELD ON RECORD IN THE U-S.
USDA PUTS THE CURRENT YIELD AT FIFTY-AND-A-HALF BUSHELS TO THE ACRE, THAT'S AN INCREASE OF TWO POINT SEVEN BUSHELS FROM LAST MONTH. THAT HIGHER YIELD PUSHES TOTAL PRODUCTION UP MUCH IGHER. IT'S NOW PEGGED AT ONE-AND A HALF BILLION BUSHELS -UP SIX PERCENT FROM THE MAY ESTIMATE. AND TEN PERCENT OVER LAST YEAR. FLORIDA'S BELEAGURED ORANGE CROP CONTINUES TO GET HAMMERED. USDA SAYS THE FLORIDA ALL-ORANGE FORECAST IS 81 AND A HALF MILLION BOXES. WHILE UP SLIGHTLY FROM LAST MONTH, IT'S DOWN 16-PERCENT FROM LAST SEASON.
ORANGE FORECAST:
THE U-S ALL ORANGE FORECAST IS DOWN EIGHT PERCENT FROM LAST YEAR. FLORIDA'S AG COMMISSIONER SAYS CITRUS GREENING IS THE BIGGEST CULPRIT FOR THE DIMINISHED CROP.
PANAMA CANAL TESTS PRECEDE OPENING:
THE PANAMA CANAL PREPARES TO INAUGURATE ITS EXPANDED LOCKS IN TWO WEEKS. THIS WEEK THE CANAL AUTHORITY IS PERFORMING NUMEROUS TEST-RUNS TO MAKE SURE "ALL SYSTEMS ARE GO".THE NEW LOCKS WILL ALLOW FOR THE MUCH LARGER NEO-PANAMAX SHIPS THAT CARRY 13-THOUSAND CONTAINERS. BEFORE SHIPS WERE LIMITED TO THOSE CARRYING EIGHT-THOUSAND CONTAINERS.THE OPERATORS WILL NEED TO KEEP THE MASSIVE "NEW PANAMAX" VESSELS FROM BANGING INTO THE WALLS OR EVEN CRUSHING THE TUGS IF THEY LOSE CONTROL.
CONCERNS ABOUT AMOUNT OF TRAINING FOR NEW CANAL:
"... WHEN YOU GO THROUGH THE TRAINING PROGRAM, YOU GO PROGRESSIVELY UP TO THE SHIPS UNTIL YOU GET TO THE PANAMAX CLASS, AND IT TAKES YOU TEN, TWELVE YEARS. BUT NOW SUDDENLY WE ARE JUMPING FROM OUR PANAMAX TO A NEOPANAMAX, WHICH IS DOUBLE THE SIZE, DOUBLE THE CAPACITY...."SOME OF THE TUGBOAT OPERATORS WHO GUIDE THOSE MASSIVE SHIPS THROUGH THE CANAL ARE NERVOUS ABOUT THE NEW SYSTEM. THE OPERATORS UNION IN PANAMA CLAIMS WORKERS HAVE RECEIVED LITTLE TRAINING. IN ADDITION TO TRAINING CONCERNS, THE UNION IS CALLLING FOR BETTER PAY TO OFFSET THE INCREASED RISK.
OREGON TRAIN WRECK SPILLS OIL ON NATIVE AMERICAN GROUNDS:
BACK IN THIS COUNTRY -LEADERS OF SEVERAL PACIFIC NORTHWEST INDIAN TRIBES GATHERED NEAR THE SITE OF AN OIL TRAIN WRECK IN OREGON TO CONDEMN THE SHIPPING OF FOSSIL FUELS THROUGH THE COLUMBIA RIVER GORGE.  A 96-CAR TRAIN CARRYING CRUDE OIL FROM THE BAKKEN REGION TO TACOMA, WASHINGTON, DERAILED TEN DAYS AGO ALONG THE COLUMBIA RIVER, WHICH FORMS MOST OF THE BOUNDARY BETWEEN WASHINGTON AND OREGON. NO ONE WAS HURT, BUT FOUR CARS CAUGHT FIRE. SOME OF THE OIL MADE IT TO THE RIVER, WHERE IT WAS CAPTURED BY ABSORBENT BOOMS. THE TRIBES CALL IT A SACRED FISHING GROUND FOR THE YAKAMA NATION AND OTHERS.
CROP COMMENTS:
CROP COMMENTS IS POWERED BY RESICORE HERBICIDE FOR CORN FROM DOW AGROSCIENCES. CINDI CLAWSON IS IN FOR MIKE HOFFMAN THIS MORNING. SHE HAS AN UPDATE IN THIS MORNING'S CROP COMMENTS. GOOD MORNING CLINTON. LET'S START OFF IN NORTHEAST NEBRASKA. MATT NELSON SAYS HE WAS ABLE TO PUT HAY UP WITHOUT A RAIN DELAY. QUITE A DIFFERENCE FROM EARLIER THIS YEAR, WHEN HIS FIELDS AND PASTURES WERE SOGGY DUE TOO MUCH RAIN. MOVING OVER TO NORTHERN INDIANA, JR WELTE SENT US THIS PHOTO. HE SAYS THE AREA IS EXPERIENCING SCATTERED SHOWERS AND SCATTERED AMOUNTS.
TEASE:
 NEXT....WE TAKE A CLOSER LOOK AT THE USDA GRAIN REPORTS AND HOW THE MARKET MIGHT RESPOND THIS MONDAY MORNING. PLUS MACHINERY PETE IS HERE. STAY TUNED FOLKS COMING UP I'LL TELL YOU ABOUT TWO AMAZING AUCTION PRICE IS FORTY TO FIFTY YEAR OLD TRACTORS LAST WEEK.AND YOU MIGHT THINK AN EDUCATION FROM AN AGRICULTURAL COLLEGE IS ALL ABOUT CROPS. BUT IT CAN ALSO BE ABOUT THE SCIENCE OF SIGHT. DETAILS WHEN WE HEAD IN THE COUNTRY.
FROM THE FLOOR OF THE CME:
IN AGRIBUSINESS LETS SEE HOW MARKETS REACTED TO FRIDAY'S REPORTS. FOR THAT WE HEAD TO THE FLOOR OF THE CME IN CHICAGO. WE SAW A WILD RANGE IN THE SOYBEANS, CORN AND BEANS TODAY AFTER THE U S DA REPORT WHICH REALLY DIDN'T BRING ANY MAJOR SURPRISES EVERYBODY BUT WE ALL...THE NORMAL TREND IS TO SEE SPIKES BACK AND FORTH. WE SAW FORTY CENTS IN THE SOYBEANS. WE'RE LOOKING CLOSE TO WHAT OUR RECORD NUMBER TODAY IF THE MARKET DOES CLOSE AT A HIGH TODAY THIS WILL BE NINE WEEKS IN A ROW THAT WE HAVE CLOSED THAT HIGH AND IT'S BEEN FORTY THREE YEARS SINCE THAT HAS HAPPENED...SOMETHING TO LOOK FORWARD TO. THIS IS GARY KOZLOWSKI FROM FARR FINANCIAL COMING TO YOU FROM THE CME..
AGRIBUSINESS:
HERE AT THE AGRIBUSINESS DESK IS DUSTIN JOHNSON WITH AGYIELD. DUSTIN LAST FRIDAY WE HAD A PRODUCTION REPORT FROM U S D A. LET'S LET'S TALK ABOUT WHAT YOU SAW THOSE NUMBERS. SURE JUST THE CONFIRMATION THAT THE EXPORT SALES HAVE BEEN STRONG. AND WE WE KNEW THOSE NUMBERS GOING INTO IT. THAT'S THE MAIN THING IS THAT THE MARKET WAS CONCERNED ABOUT -OLD CROP DEMAND AND ABOUT SOUTH AMERICAN PRODUCTION. RIGHT. SO A CONFIRMATION OF BOTH OF THOSE. THE CONFIRMATION OF BOTH. SO DOES THAT RESET YOUR PERSONAL PERSPECTIVE ON ON WHERE WE'RE AT ON THIS RALLY, AS WE HAD A STRONG STRONG RALLY IN COMMODITIES. I THINK THE STRONG RALLY IS NOT NECESSARILY RELATED TO THESE CARRYOUT LEVELS.

NATIONAL WEATHER:
WELCOME BACK TO AGDAY, CINDI CLAWSON KICKING US OFF THIS WEEK. CINDI, AS WE LOOK AT THE DROUGHT MONITOR, THERE ARE SOME SPOTS ESPECIALLY IN THE SOUTHEASTERN PART OF OUR REALLY HARD TO KEEP AN EYE ON. YEAH, WE'RE KEEPING AN EYE ON THAT. THAT THAT'S WHERE WE'RE SEEN IN THE MOST EXPANSION AND PROBABLY SOMETHING THAT'S GOING BE CONTINUING FOR A LITTLE WHILE. LET'S GO STRAIGHT TO THE MAPS SHOW YOU WHAT'S GOING ON. AND YOU CAN SEE HERE IN THE SOUTHEAST ARE STARTING TO SEE SOME OF THAT SEVERE DROUGHT IN PARTS OF NORTHWESTERN GEORGIA AND IN NORTHEASTERN ALABAMA. WE'RE ALSO GOING TO WATCH SOME SPOTTY AREAS IN PARTS OF THE NORTHERN PLAINS STARTING TO GET IN TO THE NORTHWESTERN UNITED STATES. NOW FOUR WEEKS AGO WHERE WE ESPECIALLY WITH THE SOUTHEAST DROUGHT, WAS A LITTLE FURTHER TO THE EAST SO YOU CAN WATCH THE EXPANSION FURTHER TO THE WEST AS WE HEAD THROUGH TIME. WE'RE ALSO SEEING AGAIN, A FEW MORE SPOTS POPPING UP AS YOU GET INTO THE PLAINS STATES, THE UPPER MIDWEST AS WELL AND YOU SEE THE DROUGHT IN CALIFORNIA SHRINKING A LITTLE BIT BUT I START TO GET A LITTLE BIT DRY IN THE NORTHWEST NOW
THAT'S A LOOK AT YOUR NATIONAL FORECAST AND NOW .
REGIONAL WEATHER:
LET'S CHECK ON SOME LOCAL CITIES MAMMOTH ARIZONA SUNNY AND HOT FOR YOU TODAY WITH A HIGH TEMPERATURE OF NINETY SIX DEGREES WEBSTER CITY I WANT SOME SHOWERS AND THUNDERSTORMS POSSIBLE WITH A HIGH OF EIGHTY EIGHT WELLS FOR A PENNSYLVANIA MOSTLY SUNNY HIGH OF NINETY DEGREES
TEASE:
NEXT MACHINERY PETE SHOWS US HOW MUCH VALUE CAN BE FOUND IN A 1960'S ERA TRACTOR.
AND FIND OUT HOW AN AG-RELATED SCIENCE IS HELPING TO PREVENT BLINDNESS AROUND THE GLOBE. AGRICLEAR -YOUR SECURE TRANSACTIONAL PLATFORM TO BUY AND SELL CATTLE, OFFERS A BROADER MARKET, EFFICIENCY AND CERTAINTY. REGISTER FOR FREE TODAY AT AGRICLEAR.COM. MACHINERY PETE -SPONSORED BY THE GRIT, TOUGHNESS AND PERSERVERANCE OF FARMERS EVERYWHERE WHO RELY ON CHEVRON DELO. BECAUSE UNCOMMON JOBS REQUIRE UNCOMMON TOUGHNESS. CHEVRON DELO -LET'S GO FURTHER.
TRACTOR TALES:
IN THIS WEEK'S INSTALLMENT OF MACHINERY PETE T-V, GREG JOINS US FROM HIS HOME OFFICE TO EXPLORE A COUPLE OF TRACTORS FROM THE MID 1960'S. . . AND THEY'RE STILL DEMANDING GOOD PRICES BECAUSE OF THEIR LOW HOURS. WELL TRACTORS FROM THE MID NINETEEN SIXTIES TO THE MID NINETEEN SEVENTIES THAT ARE EITHER A LITTLE BIT UNIQUE OR ORIGINAL CONDITION WITH VERY LOW HOURS CONTINUE TO DRIVE BIDDERS INTO A FRENZY. NOW TWO EXAMPLES FROM THE SAME DAY LAST WEEK JUNE 4TH. HERE'S A PICTURE OF A NINETEEN SIXTY SEVEN INTERNATIONAL 706 GERMAN DIESEL WITH THIRTY SIX HUNDRED TWENTY FOUR ORIGINAL HOURS ON IT.
TEASE:
NEXT -FIND OUT HOW AGRICULTURE IS HELPING TO PREVENT BLINDNESS AROUND THE WORLD.
IN THE COUNTRY:
WHEN YOU CONSIDER GETTING AN EDUCATION FROM A COLLEGE OF AGRICULTURE, YOU'RE PROBABLY THINKING ABOUT AGRONOMICS OR ECONOMICS. BUT AT LOUISIANA'S LAND-GRANT SCHOOL, YOUR STUDIES COULD HELP PREVENT ONE OF THE LEADING CAUSES OF BLINDNESS IN THE WORLD. LSU AGCENTER'S CRAIG GAUTREAUX TALKS ABOUT THIS BIOLOGICAL DISCOVERY FOR CATARACT CARE, CRISTINIA SABLIOV AND CARLOS ASTETE ARE BIOLOGICAL ENGINEERS WHO HAVE COME UP WITH A POTENTIAL SOLUTION TO CATARACTS, A LEADING CAUSE OF BLINDNESS. THE SCIENTISTS HAVE FORMULATED EYE DROPS THAT DELIVER THE ANTIOXIDANT LUTEIN TO THE EYE, LESSENING OR PREVENTING CATARACTS. WE FOUND OUT WHEN WE DELIVER LUTEIN ORALLY, ITS EFFICACY IN THE EYE IS NOT AS GOOD AS WHEN WE APPLY OUR EYE FORMULATION DIRECTLY TO THE EYE. HUMAN USE OF THE EYE DROP. WITH THE LSU AGCENTER, THIS IS CRAIG GAUTREAUX REPORTING. )
CLOSING:
THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN. FOR BETSY JIBBEN AND CINDI CLAWSON. I'M CLINTON GRIFFITHS. HAVE A GREAT DAY.
PROMO:
 I'M CLINTON GRIFFITHS. TUESDAY ON AGDAY -LIVESTOCK PRODUCERS FACING NEW FEED RULES. FIND OUT HOW THE NATION'S HOG PRODUCERS ARE GETTING READY. AND WE'LL FOCUS ON DAIRY MARKETS IN OUR ANALYSIS. WATCH US WEEKDAYS FOR AGDAY.

 

Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close