Archive for December, 2008
US Farmers Could Plant Record Soy Acres In 2009 - Survey
Thursday, December 11th, 2008
CHICAGO (Dow Jones)–U.S. soybean acreage is projected to increase 5.5% to a record 80.1 million acres in 2009 as farmers switch from planting other crops, according to a survey from Farm Futures magazine.
U.S. corn acreage could fall almost 1% to 85.1 million acres, although harvested acreage could potentially increase because severe flooding caused farmers to abandon an unusually high number of fields in 2008, the magazine said. In 2008, farmers planted 85.9 million acres of corn and harvested 78.2 million acres, according to the U.S. Department of Agriculture.
Corn and soybeans are planted in the spring and harvested in the fall. Farmers have to spend more money on inputs, such as fertilizer, to grow corn than soybeans.
“Rising production costs and uncertain profit margins have
risk-averse farmers ready to cut corn plantings in 2009 in favor of soybeans, which could see another substantial jump in popularity next spring,” Farm Futures said. In addition to shifting corn acres, soybeans could pick up ground from wheat, cotton, and land coming out of the Conservation Reserve Program, which pays farmers to keep land idle, it said.
U.S. wheat acreage is seen down about 2.1% at 61.7 million acres, according to the survey. Winter wheat seedings are projected to fall about 2.6% to 45 million acres, while spring wheat and durum plantings are each expected to fall about 1%, the magazine said.
Weak basis levels for soft red winter wheat, traded at the Chicago Board of Trade, “apparently convinced farmers to cut back on seedings in the eastern Midwest,” said Bryce Knorr, senior editor of Farm Futures. In the hard red winter wheat belt on the Plains, acreage seems to be up in northern areas, but down in southern areas that were dry, he said. Basis is the difference between cash prices and futures.
Farm Futures polled 840 growers by e-mail from Nov. 24 to Dec. 8 for the planting survey.
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Bushel Estimations
Tuesday, December 9th, 2008
CHICAGO (Dow Jones)–The following are analysts’ estimates in
billions of
bushels for U.S. grain and soybean ending stocks for the 2008-09 marketing
year, as compiled by Dow Jones Newswires.
The U.S. Department of Agriculture is scheduled to release updated
supply and
demand tables at 8:30 a.m. EST (1330 GMT) Thursday. Parentheses denote the
number of estimates in that average and range.
2008-09
Nov
2008-09 2007-08
Average Range USDA USDA
Corn (14) 1.232 1.124-1.400 1.124 1.624
Soybeans (14) 0.200 0.161-0.215 0.205 0.205
Wheat (13) 0.596 0.575-0.606 0.603 0.306
Tags: tag1, tag3, tag6
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Indiana/Illinois Farm Show
Friday, December 5th, 2008
| December 16, 2008 | to | December 18, 2008 |
EHedger is one of the 350 companies scheduled to exhibit at the Indiana-Illinois Farm and Outdoor Power Equipment Show next week. Our VP of Grain Merchandising, Jim Albers (more…)
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Grain Oilseed News
Friday, December 5th, 2008
Pakistan tenders to import 500,000 T wheat
ISLAMABAD, Dec 5 (Reuters) - The state-run Trading
Corporation of Pakistan (TCP) issued a tender on Friday to
import 500,000 tonnes of wheat.
Bids from pre-qualified foreign suppliers, who can supply
wheat from world-wide origins, should be received by Dec. 20 and
will be opened the same day, the corporation said in a notice
posted on its website (http//tcp.gov.pk).
The agency did not specify the kind of wheat sought, but a
senior Food Ministry official told Reuters the tender was “open
country, no colour basis”.
“There is not much difference in prices of red and white
wheat in the market these days and some may like to sell white
wheat close to prices of red wheat,” said the ministry official,
who declined to be identified.
In the case of white wheat, traders in the port city of
Karachi said Russia could be the origin as its wheat was
cheapest. If not from Russia, it could come from France, Canada
or Bulgaria, they said.
In May, Pakistan announced plans to import 2.5 million
tonnes of wheat this year for stocks after the 2007/08 crop fell
to 21.8 million tonnes, short of a target of 24 million.
The import target was later increased to 3.5 million tonnes.
Pakistan has already bought or contracted to buy 1.76
million tonnes of wheat, and the Food Ministry said this week it
would complete the initial 2.5 million wheat import target by
Dec. 31, meaning it is likely to buy more wheat this month.
The government last month also removed a bar on the private
sector importing wheat, and an official said at that time
permission would probably be given for the import of up to
500,000 tonnes.
An official at a trading company that deals with wheat,
Irshad Fakhri, said traders had contracted for up to 400,000
tonnes of wheat, while letters of credit had been opened for
between 150,000 and 200,000 tonnes.
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Commodity Investment World USA 2008
Wednesday, November 26th, 2008
| December 2, 2008 | to | December 4, 2008 |
December 2-4, 2008, Millennium Broadway Hotel, NY, NY.
Find opportunities among high market volatility.
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