AgDay Daily Recap - December 6, 2010

December 6, 2010 03:47 AM
 

TODAY ON AGDAY:
DECEMBER 6, 2010

COMMODITY RALLY:
IT WAS ANOTHER BIG DAY FRIDAY AS THE MAJOR GRAINS ALL CLOSED HIGHER. SOYBEANS HIT THE RARE 13-DOLLAR MARK. MARCH CORN FUTURES WERE UP 18-CENTS. WHEAT SAW 30 CENT GAINS. AT THE 2010 MARKETING RALLY HELD LAST WEEK OUTSIDE CHICAGO, THE OVERWHELMING FEELING WAS OF A BULLISH MARKET. WE ASSEMBLED AN IMPRESSIVE PANEL OF SOME OF THE TOP GRAIN ANALYSTS IN THE BUSINESS. WHILE MANY DISAGREED ON HOW TO BEST-PROTECT PRICES, THEY AGREED THE MARKET IS VOLATILE.

WHEAT ACRES:
WHEAT PRICES ROSE NEARLY A DOLLAR LAST WEEK. THE CONTINUED PRICES RALLY IS ENTICING FARMERS WORLDWIDE. ANALYSTS FORECAST AN INCREASE IN GLOBAL WHEAT ACRES FOR 2011. THE INTERNATIONAL GRAINS COUNCIL, OR IGC, SAYS IT EXPECTS WHEAT ACRES TO RISE 4% NEXT YEAR. THAT'S INSPITE OF FORECASTED REDUCTIONS IN PLACES LIKE RUSSIA. U.S. WINTER WHEAT PLANTINGS ARE ALREADY UP...BOUNCING OFF OF LAST SEASON'S 97 YEAR LOW. THE IGC SAYS U.S. ACRES ARE UP NEARLY 20%. ALTHOUGH EXPERTS WARN, DRY CONDITIONS COULD AFFECT THE FINAL TOTALS.

COTTON PRICES:
THE BIG THREE WEREN'T THE ONLY COMMODITIES MAKING MOVES LAST WEEK. COTTON HAD ITS BIGGEST GAIN IN NEARLY 40 YEARS. THE FIBER ENDED THE WEEK NEAR $1.46 ON SUPPLY CONCERNS OUT OF INDIA. THE INDIAN GOVERNMENT SAYS IT’S CAPPING EXPORTS TO HELP STABILIZE DOMESTIC PRICES AND INCREASE SUPPLIES. U.S. STOCKPILES ARE ALSO AT AN 8 YEAR LOW. WITH COTTON FUTURES UP A WHOPPING 75% IN 2010, EXPERTS FORECAST AT LEAST 20% MORE ACRES NEXT YEAR. IN MISSISSIPPI IT’S ALREADY STARTED. THAT STATE SAW A NEAR 40% INCREASE IN PLANTED COTTON THIS YEAR. WHILE PRICES ARE UP, PRODUCTION COSTS ARE ALSO HIGH. AS MISSISSIPPI STATE'S LEIGHTON SPANN REPORTS, NEW RESEARCH IS LOOKING FOR A SOLUTION TO COTTON'S RISING COSTS.

KOREA MEAT DEAL:
IT APPEARS FOUR DAYS OF TALKS LAST WEEK WERE ENOUGH TO HAVE THE U.S. PRONOUNCE THAT THERE WAS "SUBSTANTIAL PROGRESS" MADE IN DISCUSSIONS OVER THE FREE TRADE AGREEMENT. FRIDAY THE ASSOCIATED PRESS REPORTED BEEF DISCUSSIONS ARE ONGOING, BUT SOUTH KOREA HAS AGREED TO LIFT ITS EXISTING 40% TARIFF ON U.S. BEEF EXPORTS. THE WHITE HOUSE SAYS THE RESULT IS $90 MILLION WORTH OF ANNUAL SAVINGS FOR U.S. PRODUCERS. PRO FARMER'S ROGER BERNARD HAS MORE.

AGWEB POLL:
THANKS MIKE. HERE ARE THE RESULTS OF LAST WEEK'S AGWEB POLL QUESTION. THE EDITORS ASKED HOW HIGH WILL CORN GET BEFORE THE PLANTING SEASON. ABOUT A THIRD SAID "NOT MUCH HIGHER THAN CURRENT PRICES". NEARLY HALF OF YOU EXPECT IT'LL GO BETWEEN $6.00 AND $6.50 A BUSHEL. 12% EXPECT IT'LL GET CLOSER TO $7.00. AND THE REST THINK CORN PRICES WILL GO OVER SEVEN. THANKS FOR TAKING PART IN THE POLL. HERE'S THE NEW E-POLL QUESTION. AGWEB EDITORS WANT TO KNOW "WHAT IS THE TOP AGRICULTURE STORY OF 2010?" WAS IT EPA'S DECISION TO ALLOW E15... USDA'S GIPSA RULING... DECLINING USDA CORN CROP PROJECTIONS...OR WAS IT SOMETHING ELSE? GO TO www.agweb.com TO CAST YOUR VOTE.

ANALYSIS:
DOUG WERLING

IN THE COUNTRY; KNIGHTS BAR:
BACK IN 1963, THE BEACH BOYS RELEASED "BE TRUE TO YOUR SCHOOL", A TRIBUTE OF SORTS. FAST FORWARD 47 YEARS AND NOW YOU MEET A NORTH DAKOTA FAMILY WHO IS BEING "TRUE" TO THEIR SCHOOL. THEY REMOVED THE CHALK BOARDS AND DESKS AND REPLACED THEM WITH FLAT SCREEN TV'S AND BEDS. THEY CONVERTED RIVERSIDE HIGH INTO A LUXURY HOTEL. OUR BUDDY CLIFF NAYLOR FROM KFYR-TV HAS THE STORY. THANKS CLIFF. IF YOU'RE LOOKING FOR A JOB, YOU MAY WANT TO LOOK IN THE KITCHEN. WE'LL EXPLAIN IN FOOD AND YOUR FAMILY.

RESTAURANT COOKS:
AND FINALLY, IF YOU'RE LOOKING FOR A CAREER IN THE KITCHEN...YOU'RE IN LUCK. THE U.S. RESTAURANT INDUSTRY IS STUFFED WITH CAREER OPPORTUNITIES FOR THOSE WITH THE RIGHT CULINARY SKILLS. THE NATIONAL RESTAURANT ASSOCATION PROJECTS THE INDUSTRY WILL ADD 193,000 COOKS IN THE NEXT TEN YEARS. THAT'S ON TOP OF THE MORE THAN 2-MILLION ALREADY ON THE JOB. AS A WHOLE AMERICA'S RESTAURANTS ARE THE SECOND LARGEST PRIVATE SECTOR EMPLOYER IN THE COUNTRY. THE BUREAU OF LABOR AND STATISICS JUST RELEASED INFORMATION ON THE WAGES OF FULL AND PART TIME COOKS. ITS SAYS WAGES VARY GREATLY BY TYPE OF RESTAURANT AND GEOGRAPHIC LOCATION.

CONTACT PAGE:
REMEMBER US AS YOU GO THROUGH THE DAY. GIVE US A RING AT 800-792-4329. SEND AN EMAIL OR JOIN THE DISCUSSION ON FACEBOOK AT WWW.FACEBOOK.COM/AGDAY .
 

 

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