Archive for the ‘news’ Category
9:16am Bernanke Comments
Friday, August 27th, 2010
(Reuters) - Federal Reserve Chairman Ben Bernanke said on Friday the economic recovery has softened more than expected and the Fed is ready to take further steps if needed to spur the stumbling economy.
“The committee is prepared to provide additional monetary accommodation through unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly,” he said in remarks prepared for delivery at a Fed conference.
Bernanke said the U.S. central bank’s purchases of longer-term securities have been effective in lowering borrowing costs and that he believes the benefits of buying more such assets, if needed, would outweigh any disadvantages.
Other options — such as committing to hold rates exceptionally low for an even longer period than is currently priced in to markets, or raising the Fed’s inflation targets — would be less effective, he said.
However, he made clear the Fed has not decided what would prompt additional Fed easing.
“At this juncture, the committee has not agreed on specific criteria or triggers for further action,” he said.
(Reporting by Mark Felsenthal and Pedro Da Costa; Editing by Chizu Nomiyama)
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1:17pm
Tuesday, August 17th, 2010
Crop Tour-Central Indiana corn yield below 2009, soy pods up
* Indiana corn yield above average but down from year ago
* Soy pod counts higher than 2009, some fields yellowing
* Corn, soy maturity ahead of normal; early harvest seen
By Michael Hirtzer
VEEDERSBURG, Indiana, Aug 17 (Reuters) - Corn yields in
central and west-central Indiana were down slightly from a year
ago, but soybean pod counts were up considerably, suggesting
better-than-average yield potential, scouts on an annual crop
tour said on Tuesday.
Both crops were progressing much more quickly than last
year and some fields will be ready for harvest a month earlier
than normal, they said during the second day of the four-day,
seven-state Pro Farmer Midwest Crop tour.
“After last year farmers will be very happy they can
harvest early. Drying costs will be minimal,” said Joe Wise, a
scout on the Pro Farmer Midwest Crop Tour and a farmer from the
southern part of Indiana, the No. 5 U.S. corn state and No. 4
soybean state.
Corn yield was estimated at 165.40 bushels per acre, down
from last year’s average in the area of 170.08 bpa but up from
the three-year tour average of 161.85 bpa in six fields scouted
in Boone, Fountain, Montgomery and Tippecanoe counties.
The average soybean pod count was 1,444.80 pods, up from
last year’s 1,258.05 and the three-year average of 1,288.88.
“This is a crop, both corn and beans, that is a lot further
along than it was a year ago,” said Roger Bernard, director of
the eastern leg of the tour.
The tour’s findings will be weighed against the U.S.
Agriculture Department’s forecast for record-large corn and
soybean production.
Soybean crops planted after corn and are further behind in
development so the tour does not project soybean yields.
Instead, scouts calculate the number of soybean pods in a
3-foot by 3-foot square to gauge yield potential.
On another leg of the tour, in the same part of the state,
corn yields ranged from 165 to 200 bpa — better than the
heat-stressed and nitrogen-deficient crops observed on the
first day of the tour in Ohio. Soybean pod counts were also
better, said scout Peter Meyer, agriculture products specialist
at J.P. Morgan.
“Variability has been nowhere near what we saw yesterday,”
Meyer said.
A handful of soybean fields were already turning yellow,
indicating that they soon will be ready for harvest.
However, the sudden death syndrome fungus was also apparent
in other fields as plants dropped leaves and died prematurely.
Outside of limited ear rot in corn, little additional
disease or insect pressure was noted in either crop.
On Monday, scouts on the eastern leg of the tour estimated
Ohio corn yields up 3.7 percent and soybean pod counts down 5.3
percent, noting excessive heat stress in both crops.
The eastern leg of the crop tour pushed off on Monday from
Columbus, Ohio, and the western leg from Sioux Falls, South
Dakota. Both legs convene in Austin, Minnesota, where Pro
Farmer will release its U.S. corn and soybean crop estimates on
Aug. 20.
(Writing by Karl Plume; Editing by Lisa Shumaker)
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11:25am - Comments from Crop Tour
Monday, August 16th, 2010
S.Dakota corn hurt by excess rain; soy looks good
Eastern S.Dakota corn yields variable amid wet fields
Corn more mature than normal, frost risk limited
Soybean yields potential appears more consistent
FREEMAN, South Dakota, Aug 16 (Reuters) - Heavy rains this
spring and summer appeared to be taking a toll on corn yield
potential in eastern South Dakota, but soybean yields looked
above average, scouts on an annual crop tour said Monday.
“As expected, there are a lot of water holes. That will
decrease the average yield because of acres affected by
standing water,” said Gary Wietgrefe, a certified crop adviser
with Syngenta Seeds who is on the Pro Farmer Midwest Crop
Tour.
Scouts traveling one route through east-central South
Dakota calculated an average corn yield of 125.4 bushels per
acre (bpa) based on six fields by midmorning Monday. The figure
compares with the tour’s 2009 estimate for the same region of
148.18 and the tour’s three-year average of 139.85. The fields
were in Minnehaha, Moody, Lake, Miner and McCook counties.
The tour typically scouts about 45 to 50 corn and soybean
fields in South Dakota, so the six fields are a small sample.
Corn yields in two of the six fields were hurt by
drowned-out areas, and one of the six fields appeared to have
been planted late. But most plants unaffected by surplus
moisture looked to be in good health. The yield estimates from
the six fields ranged from 74.6 bpa to 192.7.
“You’ve seen a huge variability because of the excess
moisture,” said Brian Grete, senior market analyst with Pro
Farmer, who is on the tour.
The corn looked more mature than usual, a factor that
should help protect it against damage from any early-autumn
cold snap.
“The chance of getting hit by an early freeze is way low
this year,” Wietgrefe said.
Another car on the tour traveling further south through
Minnehaha, Lincoln and Union counties in southeastern South
Dakota found better and more consistent corn. The second car
calculated an average yield on five corn fields of 161
bushels/acre, with a range of 145 to 168.
SOYBEANS MORE CONSISTENT
Soybeans in east-central South Dakota were in better shape
than the corn in the area and looked more consistent, aided by
improved planting weather. Soybeans are typically planted later
than corn.
Because soybean crops are further behind in their
development than corn, the tour does not project soybean
yields. Instead, scouts calculate the number of soybean pods in
a 3-foot by 3-foot square.
The average soybean pod count in six fields in the same
counties was 1,227 pods. That compares with the tour’s year-ago
count in the same region of 972.93 pods, and the three-year
average of 980.92 pods.
“The beans are more consistent. Overall, the beans have
fared better than the corn,” Wietgrefe said.
Soybeans in four of the six fields were finished blooming,
although the other two still showed some flowers, indicating
the plants could add more pods.
The second route in southeastern South Dakota calculated an
average pod count in five fields of 1,167 pods.
Coming just a week after the U.S. Agriculture Department’s
own survey of nationwide conditions, the four-day, seven-state
tour will assess the impact of recent heavy rains and flooding
in parts of the western Corn Belt and scorching hot and dry
weather in parts of the eastern Belt.
The tour’s findings this week may help reinforce or cast
doubt on the USDA’s forecast for record-large corn and soybean
production.
By Julie Ingwersen, RTRS
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Market Talk 08/13
Friday, August 13th, 2010
Soybean rally linked to forecast of mostly dry weather over the central and South US Midwest over the next 2 weeks.
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Market Talk
Tuesday, August 10th, 2010
Grain futures are trying to balance conflicting news. August US southern
Midwest weather has been hot. This may have taken the top off the US
2010 corn crop. This plus higher export demand could offer support to
Prices. Still, the speculative long is near record high and historically
Could be tested going into the harvest. Some estimate US 2010 soybean
Crop outlook “best ever” but needs normal August rains to best last years
Record yield. Here again the speculative long going into the harvest is near
Record and World soybean stocks are record high. China record US soybean
new crop buying pace is supportive but may be linked to fact many feel US
Oct-Dec Gulf and PNW exports may reach available capacity. World wheat
Traders are concerned that the drop in FSU wheat supply could increase
US exports and lower US end stocks. This could increase wheat futures
From here.
Market is long(bullish) going into the USDA Aug crop report. Market could be
Set for a bearish reaction to a neutral report. Trade est the corn crop at 13,282
mil bu or a 164.1 yield. Trade est soybean crop at 3,366 mil bu or a yield of
43.2. Average trade guess for US 2010/11 corn, soybean and wheat end stocks
(in mil bu) vs USDA July is, corn 1307/1373, soybeans 334/360 and wheat 982/1093.
Can the near record speculative long continue through a near record US corn and
Soybean harvest? Most look to establish a short corn and soybean position into
the US harvest then buy the harvest low for a rally into 2011. Wheat could test
recent highs and even trade over the highs if US export demand increases
significantly because of the crop problems in FSU.
Freed, Steve ADMIS
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