AgDay Daily Recap - May 4, 2012

May 4, 2012 05:57 AM

MAY 4, 2012


Good morning I’m Clinton Griffiths. If the weather holds out, Kansas could have one of its biggest wheat crops in a decade. Part of the wheat tour included visitors from Latin America. They represented a consortium of grain millers. They were invited to visit Kansas and Oklahoma to inspect the agronomics of US wheat production. They were impressed with the crop size. The crop scouts said the Kansas wheat crop is three weeks ahead of schedule.
From wheat to cotton - global cotton trade could see a big jump this year, driven by record imports by China. On Tuesday, the International Cotton Advisory Committee released its monthly update. The ICAC says china will account for 52-percent of all global imports this season. The surge in Chinese imports has reduced the amount of cotton available in the rest of the world. On the domestic front, US exports are dropping by 21-percent because of reduced supplies, but shipments from India, Brazil and Australia could reach record levels.
As of Monday, 26-percent of the nation's cotton was planted. That was an eight point gain from the previous week. In parts of Dixie, there were big gains. Arkansas, Louisiana, and Mississippi all reported 25-to-30 point gains on cotton planting.  In Texas, a quarter of the crop is planted.
Louisiana's cotton acres are going to be down this year because other crops such as soybeans look more attractive to farmers. In this report provided by the LSU Agcenter, Craig Gautreaux gives an update on how this year's cotton planting is progressing.
Texas cotton growers only saw a two point gain on cotton plantings last week. Tyne Morgan is on the road in the Texas panhandle for us. While there, she's been sending some photos.
Mike Hoffman has more in Crop Watch.
The big news this week in agribusiness focused on the expansion of electronic trading. On Tuesday, the CME group announced a 22 hour electronic trading day. Then, the Minneapolis and Kansas City exchanges followed suit. Initially CME's extended trading was to begin on May 14th but because it failed to officially notify the commodity futures trading commission of its plan, the start date has been pushed back. Pending CFTC certification, the expanded hours will begin on May 21st. While trading in the pit will remain the same, the expanded hours of e-trading adds a new twist to grain markets.
Chip Flory and Brian Grete join us from the Profarmer studios in Cedar Falls, Iowa to explain the potential impact to traders and farmers alike.
With spring, comes spring cleaning. Or for me growing up--just trying to keep the windblown dirt out of the house was the challenge. But what if you could pick things up and make a little money while you were at it? As Norm Hyde with the Virginia Farm Bureau reports, many farmers may not realize the amount of moola just sitting around as scrap and forgotten equipment.


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