Good morning I’m Tyne Morgan in for Clinton Griffiths. While some analysts continue to pour through Friday’s USDA reports, their real attention focuses on the shriveling crops.
On Friday afternoon, severe weather moved through Northern Indiana and into Ohio. It brought some much needed relief to an area that is considered to be in severe drought. The condition of corn and soybean crops in most of Indiana, Illinois, and Missouri is plummeting. And it's the weather and not 2 USDA reports - that took center stage on Friday.
That said - here are the numbers.
Starting with acreage, soybean plantings were upped 2 million acres from the prospective plantings report in March. Corn acres were increased a little over one-half million acres, within estimates. Cotton acres may have been the biggest surprise with plantings dropping below all estimates to 12.6 million acres. Wheat came in at 56 million acres up slightly from the previous number. Traders seemed to pay little attention to corn and soy acres.
GRAIN STOCKS REPORT:
As for the stocks, USDA confirmed what many would-be corn buyers already suspected -the lowest June stocks number since 1998 - just over 3 billion bushels. Soy stocks were nudged higher but remain very tight at 667 million bushels. Wheat was in the mid-range as well at 743 million bushels.
Let's get your first look at farm country weather. Mike Hoffman checks in from the AgDay weather-center, Mike.
In other news - the world trade organization says the US country of origin labeling law violates global trade law - a win for Canada and Mexico. WTO says the law is wrong because it gives less favorable treatment to beef and pork from those two countries.
USDA CLEAN WATER:
People not associated with agriculture are often quick to place blame on farmers for the quality of rivers and streams. While AG does share some of the responsibility, many farmers are making efforts to keep water clean. In this report from USDA Bob Ellison tells about a program that farmers can use.
Ohio State AG Economist Matt Roberts summing up Friday’s grain stocks and acreage reports with a "yawn".
It's prime time in most areas of the US for fresh vegetables and fruit either straight from the garden or from local producers. In this report from the University of Tennessee Extension, Chuck Denney tells us the amount of work that's needed before that special produce can turn into specialty items. He says there are steps you can take to protect yourself from a food borne illness like storing perishable fruits and vegetables in a clean refrigerator at a temp of at least 40 degrees or below.
In food and your family - AG Secretary Tom Vilsack is trying to showcase how agricultural research of food is helping in the never-ending battle against cancer.
High fructose corn syrup has generated a bad rap for fructose. A new study, however, suggests fructose may contain health benefits.