Market Update and Crop Progress - Tuesday, 29 May 2012

The past week has been very negative in the grain markets.  Currently corn sales are behind last year by 11% which is 4% lower than the U.S.D.A. had anticipated; soybean bookings are down 15% from last year and 1% below what had been forecasted.  Additionally actual loadings are far behind the pace of a year ago by 8% on corn and 18% on soybeans; this may be an indication of a larger old-crop carryout than was estimated earlier.  A week ago there was talk of a hotter and drier forecast ahead, BUT now we are hearing the opposite-cooler and wetter and generally more favorable conditions are now forecasted for much of the Midwest and key corn growing areas.  The Funds have turned to a liquidation phase also pressuring the market considerably lower and along with a stronger U.S. Dollar and continued concerns over Greece, Spain and now Ireland possibly leaving the Euro the grain markets are receiving little positive news.

 

 An article in the Wall Street Journal last week, “Battle Brewing Over Labeling of Genetically Modified Food”, reminds us of  the continuous struggle GMO crops/foods face nationally and around the worldFor almost 10 years most processed foods  in the U.S. have contained ingredients from crops that have been genetically modified in some way.  Consumers have appealed  to the Food and Drug Administration to make labeling of such food mandatory.  Several states are debating this issue and now  this month California has set the stage for a probable vote in November that could greatly affect the labeling of such products  and the potential future of American agriculture! 
  

CROP INSURANCE

Latest plant date for corn is May 31 for Iowa, South Dakota and Minnesota.

Latest plant date for soybeans is June 15 for Iowa & June 10 for South Dakota and Minnesota.

Please sign up at your FSA office as soon as possible after planting in order to get your acres turned in on time.  Acreage reporting date is July 15;your acres need to be turned in before this date.  You will need to fill out and sign an acreage report and send along with copies of your FSA maps and papers.  Please send copies of all FSA papers & maps to us when turning in your acres.  You may want to ask for two copies when you sign up if you would like to keep one for yourself. 

Crop Insurance statements will be billed out on August 15thand due by the end of September

   Crop Progress    

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