Marketing & Crop Insurance Update - Thursday, 09 February 2012

The USDA report came out this morning and was mostly neutral and included no planting intentions, which was as expected.  The planting intentions will be released on March 31st.  for the 2012 growing season.  Today’s report is quite a different story from the report in January where we saw limit moves in the market immediately afterwards. 

Today the dollar is weaker and at a two month low, crude oil prices are up and Greek political leaders have reached a deal on measures needed to secure another bailout, all of which are favorable to grain prices.  There were good rains in Argentina and traders are talking about possible crop improvements but in Southern Brazil the forecast is for drier conditions which have cultivated some concern for crop yields in that area.  La Niña is still present and the longer it stays in place the longer into the growing season we will be seeing the weather effects, there are some indications that we could remain in this pattern into July. 

There has been discussion in Washington DC about current Child Labor Laws; the Labor Department is considering making it illegal for ANY child to work on a farm due to safety concerns.  Currently they are considering broader exemptions to allow children whose parents own or operate a farm to work for them but all others would be prohibited.  The Labor Department is going to take more time to consider these changes and I have not heard when a final decision is expected.

If you plan to attend the Northwest Iowa Ag Outlook show in Spencer, IA on February 21st be sure to stop by our Ag Performance booth and say hello.  There will be a wide variety of exhibitors and informative speakers; David Kruse from CommStock Investments, Michael Duffy , Ph.D. from Iowa State and Bruce Vincent who has appeared on “60 Minutes” and has received many awards recognizing his dedication to responsible environmentalism.  More information regarding this event is available online at agoutlook.com.

CROP INSURANCE

Production numbers for the 2011 fall harvest need to be turned in if you have not done so already.  Report your production using the map booklets or production worksheet that your agent can supply to you.  These forms need to be signed and dated on the last page.

We will be contacting current crop insurance policy holders within the next couple of days to set up an appointment for early March to go over your current policies, discuss new options or make any changes needed.  If you do not have a crop insurance policy with Ag Performance at this time and would like to see what we can offer, please give us a call.

If you have any questions that I can assist you with please feel free to call the office and ask for Renae.

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