Good morning I’m Clinton Griffiths. USDA gives its first estimates of the 2012-13 crop year Supply and Demand ledger. Now to the Supply-Demand report, USDA increased domestic corn ending stocks for 2011-12 by 50 million bushels from its April estimate. The AG department puts the stocks at 851 million bushels. Meanwhile, soybean supplies were decreased by 40 million in the old crop supplies to 210 million. And there was a slight adjustment on wheat stocks to just 770 million. As far as new crop the AG department put new crop ending stocks for corn at nearly one-point-nine billion bushels. That's higher than analyst expectations. Soybeans - USDA estimates domestic soybean ending stocks at 145 million bushels and all wheat stocks are put at 735 million bushels. USDA also put-out its wheat production forecast. It put the winter wheat production just under 1.7 billion bushels, a 13 percent increase from last year. Based on crop conditions as of May 1st, the United States yield is forecast at 47.6 bushels per acre, up 1 and 1/2 from last year. All wheat forecast is pegged at 2.2 billion bushels. One more weather-related note to the USDA reports, the agency says due to warm spring weather in the Southwest, California and Arizona could hit durum wheat yields of 115-bushels to the acre, those would be record highs.
Regulation is on the mind of many farmers across the US. Agday's National Reporter Tyne Morgan shows us an Ohio farmer who is taking a proactive approach in order to keep regulations in Washington and not on Ohio farms.
IOWA LAND VALUES:
Just when you think land prices can't climb any higher, new projections point to double digit gains again this year. Land values editor Mike Walsten reports Iowa farmland values could rise more than 14% this year to 7,600 dollars per acre by November. That’s based on projections from more than 150 land professionals. Just six years ago, Iowa land values were just over 3,200 dollars an acre.
In Agribusiness, sales of big tractors and combines are cooling off, that according to the Association of Equipment Manufacture's April flash report.
A big corn crop and boosted grain stocks are some of the key points to Thursday’s USDA reports.
Chip Flory and Brian Grete join us from our Profarmer studios in Cedar Falls, Iowa to explain the reports impact.
Just a reminder to folks, the deadline to register to win this brand new Yamaha Rhino 700 is drawing near. You can register to win online at Agweb.com.
Every year Americans throw away tons of food. According to the EPA, 33 million tons of food waste was thrown away into landfills in 2010, but this trash may soon become a treasure. A University of Missouri researcher says in the future, those table scraps could help power most homes. Kent Faddis has more in this report from the University of Missouri extension.
FOOD AND FAMILY:
In food and your family, you may notice more nutrition labels in stores. The USDA’s food safety and inspection service is requiring that information be posted for meat and poultry. And if you like to chow down new research says it may be better to take your time.