CROP INSURANCE PRICES SET... USDA's Risk Management Agency set its 2013 crop insurance prices based on the average closing prices for new-crop futures during February at the following levels:
- Corn: $5.65 per bu.; 0.19 volatility factor
- Soybeans: $12.87 per bu.; 0.17 volatility factor
- Spring wheat: $8.44 per bu.; 0.15 volatility factor
- Cotton: 83 cents per lb.; 0.16/0.17 volatility factor
- Sorghum: $5.53 per bu.; 0.19/0.20 volatility factor
In 2012, base prices were $5.68 per bu. for corn, $12.55 per bu. for soybeans and $7.84 per bu. for spring wheat. Click here to view the bulletin.
MISSISSIPPI RIVER LEVELS RISE AFTER RECENT PRECIP... Water levels on the
Mississippi River at St. Louis are expected to rise another two feet over the weekend
and then gradually decline. Rock removal south of St. Louis has been completed. Barge shipping on the middle Mississippi returned to normal yesterday for the first time since December. During the rock removal project, the Coast Guard directed commercial traffic, passing a total of 2,124 vessels towing 13,206 barges through the Thebes and Grand Tower area. There were no groundings in the navigation channel, according to a release from the U.S. Army Corps of Engineers.
'THE FLOW OF MONEY'... On this week's taping of the Pro Farmer Profit Briefing on AgDay television, Pro Farmer Editor Chip Flory and Senior Market Analyst Brian Grete discuss the flow of money that creates "risk-on" and "risk-off" trading environments. Click here to view the clip. Also, make sure you tune in to the U.S. Farm Report this week; Chip hosted the roundtable market discussion at the Commodity Classic. Click here to find a station.
NUTRIENT PRICING RALLIES... This week's Inputs Monitor blog details the pricing movements of NPK and farm fuels throughout February. Gainers far outpaced decliners over the month, and all indications are that the seasonal buying window is closing. Click here for the report that includes a short-term outlook as well as analysis of February nutrient and farm fuel pricing action.
CROP TOUR WEBSITE NOW AVAILABLE... For those of you that enjoy the popular Pro Farmer Crop Tour Newsletter, you can now get regular update on the Pro Farmer Midwest Crop Tour website. You can also follow our Facebook page.
CBO: UPDATED ASSUMPTIONS MEAN SENATE, HOUSE FARM BILLS SAVE 'CONSIDERABLY' LESS... Farm bill plans that were produced in 2012 and approved by the Senate and the House Ag Committee would still save money relative to continuing current policies, but the Congressional Budget Office (CBO) told the panels today "the reduction would be significantly smaller than we estimated in 2012." The updated savings figures result from CBO's "most recent baseline projections for commodity prices, land conservation and nutrition spending," the agency says. Specifically it detailed the following:
- Senate farm bill: Enacting S. 3240 (as modified to account for a later enactment) would bring total direct spending for the affected USDA programs to $963 billion over the 2014-2023 period, or $13.1 billion less than what we project will be spent over that period if those programs continue to operate as under current law. Last year, CBO estimated that enacting S. 3240 would have reduced spending relative to continuing current policies by $23.1 billion over the 2013-2022 period.
- House farm bill: HR 6083 (as modified to account for a later enactment) would bring total direct spending for the affected USDA programs to $950 billion over the 2014-2023 period, or $26.6 billion less than what we project will be spent over that period if those programs continue to operate as under current law. Last year, CBO estimated that enacting H.R. 6083 would have reduced spending relative to continuing current policies by $35.1 billion over the 2013-2022 period.
For a more detailed breakdown of these estimates, click here.