AgDay Daily Recap -October 13, 2014

October 13, 2014 02:57 AM
 

TODAY ON AGDAY
OCTOBER 13, 2014

OPEN HEADLINES:
COMING UP TODAY ON AGDAY - KEY REPORTS MOVE THE MARKET - WE HAVE TEAM COVERAGE. INDICATION, MARKET STILL, ALMOST ANYTING COMES OUT, IT'S GONNA MOVE LOWER THAT AS A RECORD CROP HEADS FOR THE BIN...PLUS, NEW RULES FOR RAIL COMPANIES…IN AGRIBUSINES....MARKET MOVEMENT AT THIS POINT I'M NOT GOING TO SAY THE MARKET IS GOING TO GET TO EXCITED ABOUT THIS SPECIAL REPORT MACHINERY PETE TALKS SKID STEERS. AND A GROUP OF TENNESSEE 4-HER'S ARE GROWING GOODNESS FOR FOLKS IN NEED. AGDAY-BROUGHT TO YOU BY CHEVY SILVERADO 2014 NORTH AMERICAN TRUCK OF THE YEAR.
USDA REPORTS:
GOOD MORNING I'M CLINTON GRIFFITHS. IF YOU'RE HEADED OUT THIS MORNING TO HARVEST CORN OR BEANS, JUST REALIZE YOU'RE PART OF HISTORY BEING MADE THIS SEASON ...AND THAT'S OUR TOP STORY ON AGDAY.
PRODUCTION:
CORN PRODUCTION IS FORECAST AT 14 AND A HALF BILLION BUSHELS - UP LESS THAN ONE PERCENT FROM THE PREVIOUS FORECAST. THE USDA ESTIMATE IS RIGHT IN LINE WITH THE AVERAGE TRADE ESTIMATE. YIELD IS PEGGED AT JUST OVER 174 BUSHELS AN ACRE. USDA INCREASED ITS YIELD ESTIMATE BY TWO-AND A HALF BUSHELS FROM SEPTEMBER.
HARVESTED ACRES IS DOWN ONE PERCENT. SOYBEAN PRODUCTION IS FORECAST AT A RECORD 3.9 BILLION BUSHELS, UP SLIGHTLY FROM SEPTEMBER. YIELDS ARE EXPECTED TO AVERAGE A RECORD HIGH 47.1 BUSHELS PER ACRE, UP A HALF BUSHEL FROM LAST MONTH. HARVESTED ACREAGE IS DOWN A PERCENT. OUR PARTNERS AT PROFARMER SAYS NO REAL SURPRISE HERE.
PROFARMER REAX:
DESPITE THE NUMBERS NOT BEING REALLY BEARISH COMING OUT OF THE REPORT DATA WE HAD A NEGATIVE PRICE REACTION SO I THINK NOW THAT WE LOOK AT THIS WEEK'S HIGHS ON THE CHARTS ARE GOING TO BE CRITICAL LEVELS BECAUSE IF YOU REMEMBER BACK THROUGH THE WEEK TRADERS THERE WAS A LOT OF TALK ABOUT SEASONAL LOWS BEING IN PLACE IF WE TAKE OUT THIS WEEK'S LOWS TO THE UPSIDE NOW IT LOOKS LIKE WE HAVE CONFIRMED SEASONAL LOWS IF NOT AND WE CONTINUE TO DRIFT BACK IT LOOKS LIKE WE'LL RETEST THE CONTRACT LOWS BEFORE THE MARKETS CAN MOVE HIGHER FOR ALL THE PROFARMER EDITORS IN CEDAR FALLS, IOWA I'M BRIAN GRETE.
CARRYOVER:
USDA ALSO UPDATED ITS SUPPLY-AND-DEMAND FIGURES. 2013-14 ENDING STOCKS FOR CORN WERE BOOSTED TO ONE-POINT-TWO BILLION AS USDA LOWERED REDUCED FEED AND RESIDUAL USE. NEW CROP STOCKS WERE ALSO INCREASED FOR CORN TO NEARLY TWO-POINT-ONE BILLION BUSHELS. SOYBEAN STOCKS - USDA MADE SEVERAL ADJUSTMENTS TO OLD CROP, COMING IN AT 92 MILLION BUSHELS. NEW CROP SOYBEANS WERE UNCHANGED, COMING IN AT 450 MILLION BUSHELS.
MATT ROBERTS:
IN CHICAGO CORN CLOSED DOWN ABOUT A DIME. SOYBEANS WERE DOWN ABOUT 20-CENTS AT FRIDAY'S CLOSE. OHIO STATE AG ECONOMIST MATT ROBERT TOLD AGDAY IT'S CLEAR THAT THE MARKET DOESN'T THINK WE'VE HIT THE BOTTOM YET WITH THESE PRICES.
COTTON:
ON THE COTTON SIDE OF THINGS, USDA FORCASTING COTTON PRODUCTION AT 16 POINT 3 MILLION --480 POUND BALES--.THAT'S DOWN A COUPLE PERCENTAGE POINTS FROM LAST WEEK BUT STILL 26 PERCENT ABOVE LAST YEAR. YIELDS ARE EXPECTED TO BE JUST SHY OF 800 POUNDS PER ACRE.
NATIONAL MONUMENT:
THANKS MIKE.THE PRESIDENT ENDING LAST WEEK WITH ANOTHER NATIONAL MONUMENT DESIGNATION.THIS TIME, PRESIDENT OBAMA NAMING 350-THOUSAND ACRES OF THE SAN GABRIEL MOUNTAINS IN CALIFORNIA THE NATION'S NEWEST NATIONAL MONUMENT.
THE MOUNTAINS ARE IN LOS ANGELES COUNTY--SOUTH OF L-A. IT'S HIS 13TH DESIGNATION WHILE IN OFFICE.
IRS WARNING:
ALSO IN WASHINGTON, A NEW WARNING FROM THE IRS COULD HAVE LAWMAKERS SCRAMBLING TO RENEW EXPIRED TAX BREAKS IN A POST-ELECTION LAME DUCK CONGRESS.
RAIL DELAY RULES:
ALSO IN WASHINGTON, A NEW WARNING FROM THE IRS COULD HAVE LAWMAKERS SCRAMBLING TO RENEW EXPIRED TAX BREAKS IN A POST-ELECTION LAME DUCK CONGRESS.
RAIL CAR SAFETY:
OVER TWO DOZEN AGRIBUSINESS GROUPS WANT THE FEDERAL DEPARTMENT OF TRANSPORATION TO RECONSIDER SOME NEW RULES ON RAIL TANK CARS THAT HAUL ETHANOL AND OIL. IN JULY D-O-T ISSUED REGULATIONS THAT WOULD REQUIRE RAIL COMPANIES TO PHASE OUT OR RETROFIT OLDER TANK CARS. THE GOVERNMENT ALSO SLOWED DOWN SPEED LIMITS FOR TANKER CARS NOT MEETING THE NEW SPECIFICATIONS. THE RULES WERE IN RESPONSE TO A RECENT UPTICK IN RAIL ACCIDENTS INVOLVING TANK CARS. IN A LETTER TO D-O-T, THE GROUPS ARGUE THE NEW SPEED LIMITS WOULD SLOW-DOWN COMMERCE AND FURTHER EXACERBATE ALREADY DEGRADED RAIL SERVICE TO AGRICULTURE.
TEASE:
UP NEXT WE'LL RETURN TO FRIDAY'S SUPPLY DEMAND REPORTS FROM USDA--INCLUDING A LOOK AT HOW THE MARKETS REACTED. MACHINERY PETE WILL BE ALONG WITH AUCTION NEWS ON SKID STEERS.
CME REPORT:
UP NEXT WE'LL RETURN TO FRIDAY'S SUPPLY DEMAND REPORTS FROM USDA--INCLUDING A LOOK AT HOW THE MARKETS REACTED. MACHINERY PETE WILL BE ALONG WITH AUCTION NEWS ON SKID STEERS.
ANALYSIS INTRO:
LET'S CONTINUE OUR FOCUS ON FRIDAY'S USDA REPORTS WITH PERSPECTIVE FROM THE AGRIBUSINESS DESK WITH FARM DIRECTOR AL PELL.
TEASE:
UP NEXT, A NEW REPORT URGES CAUTION FOR THE NATION'S FARM MACHINERY INDUSTRY.
PLUS A VISIT FROM MACHINERY PETE…
MACHINERY MARKET:
A DOWN YEAR IN GRAINS---AND DECLINING ON FARM INCOME--IS STARTING TO SERIOUSLY IMPACT THE FARM MACHINERY INDUSTRY.
THE ASSOCIATION OF EQUIMENT MANAUFACTURERS SAYS YEAR TO DATE.., TOTAL FARM MACHINERY SHIPMENTS ARE DOWN 12 AND A HALF PERCENT...YEAR TO YEAR. THE REPORT ALSO EXPECTS USED EQUIPMENT TO BEGIN STACKING UP ON DEALER LOTS...WHICH MAY PUSH PRICES LOWER.
GREAT PLAINS:
THE INDUSTRY SHIFT IS HITTING HOME...GREAT PLAINS MANUFACTURING ANNOUCING PLANS TO CUT 40 POSITIONS. THAT'S A LITTLE LESS THAN 3 PERCENT OF ITS WORKFORCE. IT SAYS THE CUTS ARE DUE TO THE SLOWING AG MACHINERY MARKET.
MACH PETE:
WHEN IT COMES TO THE VALUE OF USED FARM EQUIPMENT, MACHINERY PETE WILL "STEER YOU STRAIGHT"...ESPECIALLY WHEN IT COMES TO SKID STEERS, GREG.
ITC 4HUGS:
AS LEAVES BEGIN CHANGING, NO DOUBT THAT SUMMER GARDEN IS MAKING ITS LAST STAND.
4-H GARDENERS IN ONE TENNESSEE COMMUNITY SPENT THE YEAR PLANTING, HARVESTING AND DONATING FRUITS AND VEGETABLES TO FOLKS IN NEED.  CHUCK DENNEY REPORTS ON THEIR CHARITABLE EFFORT - AND HOW THEY GIVE GARDENING AN URBANIZED TWIST.
CLOSE:
THANKS CHUCK. GOOD KIDS DOING GOOD STUFF. THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN.
RFD PROMO:
MONDAY ON AGDAY - OUR GRAIN MARKET ADVICE WILL PREPARE YOU FOR A NEW WEEK AFTER USDA PROVIDES A BEARISH REPORT. MACHINERY PETE WILL BE HERE TO DISCUSS SKID STEER DEALS. PLUS, THE FOUR-H IS HANDING OUT HUGS. JOIN US AT 8 ON RFD.

 

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