AgDay Daily Recap - May 11, 2011

May 11, 2011 04:00 AM
 

TODAY ON AGDAY:
MAY 11, 2011

CROP PROGRESS:
CORN PLANTING HAS BEEN RUNNING WELL BEHIND NORMAL THIS SPRING IN THE CORN BELT WITH THE CONTINUED COOL WET WEATHER. THE PACE IS THE SLOWEST SINCE 1995. THE MONDAY USDA CROP PROGRESS REPORT SHOWS CORN PLANTING AT ONLY 40% COMPLETE COMPARED TO THE AVERAGE OF 59%. THE BIGGEST DELAYS HAVE BEEN IN THE EAST WHERE BARELY A WHEEL HAS TURNED. JUST 4% OF INDIANA CORN IS PLANTED. OHIO IS 2%, PENNSYLVANIA IS 8%. BUT IN THE WESTERN CORN BELT, FARMERS MADE HUGE GAINS. IN IOWA, 69% IS PLANTED. IT WAS JUST 8% THE PREVIOUS WEEK. LIKEWISE, NEBRASKA IS UP 42-POINTS, WITH 57% NOW PLANTED. AGDAY'S MICHELLE ROOK TOOK TO THE FIELD IN SOUTH DAKOTA AND MINNESOTA TO CHECK THEIR PROGRESS.

OTHER PLANTING:
USDA RELEASED ITS FIRST REPORT THIS YEAR OF THE SOYBEAN CROP. OVERALL 7% IS PLANTED. THAT'S TEN POINTS BEHIND THE AVERAGE PACE. IN THE MIDWEST, IOWA LEADS THE PACK WITH 10%. IN THE SOUTH, LOUISIANA IS AT 67% AND MISSISSIPPI AT 42% PLANTED.

EQUIPMENT SALES:
IN MACHINERY MINUTE, THERE'S MIXED NEWS IN THE MONTHLY TRACTOR SALES REPORT FROM THE ASSOCIATION OF EQUIPMENT MANUFACTURERS. WHEN YOU COMPARE THIS APRIL TO LAST APRIL, OVERALL TRACTOR SALES - BOTH BIG AND SMALL - ARE DOWN 5%. BUT BREAKING DOWN THE SALES FIGURES, IT SHOWS SALES OF BIGGER TRACTORS ARE UP. LARGER TWO WHEEL DRIVE SALES CLIMBED 8.5%. FOUR WHEEL DRIVE IS UP 24%. YEAR-TO-DATE TOTALS SHOW OVERALL SALES UP 1.5%. FOUR WHEEL DRIVE SALES ARE UP NEARLY 16%.

ARGENTINA FOREIGN FARMERS:
IN AGRIBUSINESS THIS MORNING, THE PRESIDENT OF ARGENTINA SAYS HE WANTS TO RESTRICT LAND OWNERSHIP BY FOREIGNERS. SHE PLANS TO SEND THE BILL TO CONGRESS. IT WOULD PRESERVE AGRGENTINA LAND FOR ARGENTINIANS. IF APPROVED THE LAW WOULD LIMIT FOREIGN OWNERSHIP TO 1,000 HECTARES OR ABOUT 2,500 ACRES.

BRAZIL FOREIGN FARMERS:
JUST LAST YEAR BRAZIL TIGHTENED ITS LAND OWNERSHIP LAWS. THE COUNTRY'S ATTORNEY GENERAL RE-INTERPRETED REAL ESTATE LAW AFTER SEVERAL LARGE LAND PURCHASES BY FOREIGN INVESTORS. NOW THE AGRICULTURE MINISTER IS LOOKING FOR WAYS TO ATTRACT MORE FOREIGN INVESTMENT AND FARMING EXPERTISE. CURRENT IDEAS INCLUDE GIVING 50 YEAR LEASES TO BRAZILIAN FARM LAND.

ANALYSIS:
BILL BIEDERMANN

IN THE COUNTRY; BORDER BATTLE:
THE IMMIGRATION AND BORDER DEBATE IS BACK IN THE NEWS THIS WEEK. IN SOUTH TEXAS FARMERS AND RANCHERS FIND THEMSELVES IN THE MIDDLE OF AN ESCALATING DRUG WAR. THEY ARE CONSTANTLY HARRASSED AND FEAR FOR THE SAFETY OF THEIR FAMILY AND WORKERS. IN THE RIO GRANDE VALLEY MANY FARMERS AND RANCHERS HAVE BECOME COLLATERAL DAMAGE OF BORDER VIOLENCE. EVEN MORE DISTURBING--IT MAY GET WORSE BEFORE IT GETS BETTER. MATT FELDER WITH THE TEXAS FARM BUREAU REPORTS. THANKS MATT. RANCHERS IN SOUTH TEXAS AND EVERY WHERE ARE NOTICING THE SLIDE IN CATTLE PRICES. UP NEXT HOW A COOL WET SPRING MAY BE HURTING DEMAND. FOOD AND YOUR FAMILY AFTER THE BREAK.

GRILLING DEMAND:
IN FOOD AND YOUR FAMILY THIS MORNING, TYSON SAYS IT WILL PROMOTE CHICKEN SALES THIS SUMMER AS THE AFFORDABLE PROTEIN OPTION. THE FOOD GIANT SAYS RESEARCH SHOWS AMERICANS ARE STILL TIGHTENING THEIR BELTS...AND WILL "TRADE DOWN" TO CHICKEN AT THE MEAT CASE. THE COMPANY'S CHICKEN PRICES ARE ONLY UP 4% WHILE BEEF PRICES IN APRIL WERE AVERAGING 20% HIGHER. BEEF PRICES HAVE SOFTENED IN THE LAST FEW WEEKS DUE TO INCREASING SLAUGHTER-READY CATTLE AND LESS DEMAND. CONSUMER'S ARE CAUGHT BETWEEN A SPUTTERING ECONOMY, HIGH UNEMPLOYMENT AND FOUR DOLLAR A GALLON GASOLINE, PUSHING HIGH COST CUTS OFF THE MENU. BOXED BEEF PRICES ARE REFLECTING THIS CHANGING MARKET.
PRICES FOR CHOICE HAVE FALLEN FIVE DOLLARS SINCE THE START OF THE MONTH TO 177 PER HUNDRED. EVEN WITH PRICES GOING DOWN WEATHER ISN'T HELPING CONSUMER FIRE UP THE GRILL. TYSON SAYS IT EXPECTS A GRADUAL REDUCTION OF FAT CATTLE--IN THE NEIGHBORHOOD OF 1-2% THROUGH THE REST OF YEAR.

CONTACT PAGE:
WE'D LOVE TO HEAR FROM YOU! CONTACT US AT 800-792-4329. OR DROP AN EMAIL TO INBOX@AGDAY.COM . YOU CAN ALSO CHECK US OUT ON SOME OF THAT NEW TECHNOLOGY, AT WWW.FACEBOOK.COM/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