USDA Report - Tuesday, 03 April 2012

The much anticipated USDA reports were released on Friday and now we wait to see what actual impact this will have on our old and new crop prices.   To quickly recap the numbers for you:  Corn stocks are at 6.01 billion bushels, down from the trade estimate of 6.15.  Corn acreage is pegged at 95.9 million acres, above the high end of trade estimates and well above the average estimate of 94.7 million, this compares with 91.9 million in 2011!  Soybean acres came in below the trade estimate of 75.39 million acres at 73.9, this compares with 75 million acres in 2011.  So now the battle for acres begins and as the need for more soybean acres drives the market price higher, corn may also benefit for the time being.  If soybeans become too attractive over corn then acres may swing to soybeans from corn and in fact there is already blogging on the internet from farmers announcing their decisions to switch corn acres to soybeans!  The next question is though with all of the additional corn acres predicted for this growing season, will there be sufficient seed supplies?  A short conversation with your seed dealer might not be a bad idea, that way if your seed variety has experienced production or germ issues you can be proactive in your response.  We all know how hectic the spring season can be and any problems that can be dealt with early instead of in-season are always wise.

 

There has been corn planted in many areas of the Midwest, some of those same areas are now receiving too much precipitation and won’t be able to resume planting for a few days.  The effects of La Niña are beginning to taper off but we won’t reach neutral conditions until sometime in late spring.  

 

CHART BY AG WEB

 BOOKKEEPING

Ag Performance now accepts JD Financial “Farm Plan” as a means of payment for products and services as an alternative to cash. Please ask your sales rep for details. If you don’t already have an account you can pick up an application at our North Office or download one from www.deere.com

 

CROP INSURANCE

Please keep in mind the various deadlines throughout the year at FSA.  To check these dates please go to www.fsa.usda.gov/iaand under Deadlines choose: Click Here for the 2012 dates.

 

AGRONOMY

Apollo is available for the 2012 spring season; please contact your Ag Performance representative for more information and current pricing.

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