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The CropSite Now Offers International Commodity Prices - 14 May 2013

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TheCropSite
Tuesday 14th May 2013.
Sarah Mikesell - TheCropSite Senior Editor

Sarah Mikesell
Senior Editor


5M

The CropSite Now Offers International Commodity Prices

Hello! I have another exciting feature to share that is new to TheCropSite before we jump into this week’s news.

We now offer international futures prices for the two largest commodity exchanges in China - Dalian Commodities Exchange (DCE) and Zhengzhou Commodities Exchange (CZCE). We also offer Argentina’s Mercado A termino De Buenos Aires Exchange (MATBA) and India’s National Commodity & Derivatives Exchange (NCDEX).

Within each of the markets, you’ll have contract chart info just like we have on the CME, KCBOT and ICE exchanges. If you’d like to take a look at our new international markets, just click here.

On Friday, USDA’s monthly Supply and Demand Report was deemed mostly bearish for corn and soybeans due to large stockpiles expected late this year and next year, especially for corn, according to Jim Wyckoff, grain analyst. The report predicted a record corn harvest this year and said corn stocks will double by next year.

USDA predicts US corn production at 14.1 billion bushels in 2013, up nearly one-third from last year. World corn stocks of 154.6 million metric tons next year were also seen as bearish.

USDA sees a record 2013 U.S. soybean crop of 3.39 billion bushels and a stronger re-building of stocks than expected. USDA's projection of higher-than-expected 2013-14 U.S. wheat ending stocks was bearish for that market.

Following are the 2012-13 world carryout numbers from USDA:

  • Corn: 125.43 million metric tons (MMIT), up from April’s projection of 125.29 MMT. Projects corn carryout of 154.63 MMT for 2013-14
  • Soybeans: 62.46 MMT; down from April’s number of 62.63 MMT. Projects soybean world stocks at 74.96 MMT for 2013-14.
  • Wheat: 180.17 MMT, down from April’s 182.26 MMT. Projects 186.38 MMT for 2013-14.

For coverage on the USDA Supply and Demand estimates, click here.

Monday’s USDA Crop Progress report came in at 28 per cent planted for the top 18 states. The market was looking for the planting progress report to show 29 per cent complete, up from 12 per cent last week which was the slowest pace since 1984. The estimated range was 25-38 per cent complete, and the wide range comes off highly variable planting due to precipitation and cool temperatures in the Midwest.

This week’s weather outlook favors good progress this week with dry conditions prevailing in the western Plains states, but the Corn Belt isn’t so lucky. The 6 to 10 day weather map looks wet for almost the entire Corn Belt which is likely to bring planting to a halt by the 18th of this month. The heaviest precipitation is expected in Iowa, Illinois, Minnesota and Indiana.

Many now expect that a modest amount of corn acres will be planted in June.

This past weekend, I traveled back home to Coshocton County, Ohio (60 miles east of Columbus), then up to Warren, Ohio (northeastern corner) and then back to Chicago across I-80 which covers northern Ohio and Indiana on Monday.

During my travels, I saw about 5 or 6 fields with emerged corn. In central Ohio, I saw a lot of very wet, muddy fields. But across the northern parts of Ohio and Indiana, the soil seemed drier. 

On Monday, it was pretty cool - in the upper 50s F - so I didn't see any planters rolling, but the fields were ready and waiting. Also note-worthy... I saw many healthy looking fields of winter wheat.  

Have a great week!


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This Week's Articles and Analysis

Calculator Helps with Soybean Seeding-rate Decisions
With less costly soybean seed and the wide range of which soybean plant populations produce similar yields, soybean seeding rates have not historically been as closely calculated as those for corn.

Affluence Drives Unsustainable Consumption of Land, Sea
Global demand for natural resources is rising at an unprecedented rate, putting pressure on finite resources, ecosystems and biodiversity.

More Food, Greener Farming with Specialised Transporters for Plants
To grow more food more sustainably we need to make plants better at recruiting nutrients and water from soil to seed, according to 12 leading plant scientists writing in Nature.

Fertilizers Provide Mixed Benefits to Soil in 50-year Kansas Study
Fertilizing with inorganic nitrogen and phosphorus definitely improves crop yields, but does it also improve the soil?

Spotlight on Africa's Life Source - First 'Soil Atlas of Africa'
The European Commission has presented the first Soil Atlas of Africa, highlighting a vital natural resource which provides food, fodder, fuel wood, reduces flood risk and protects water supplies.

Market Reports

China Wholesale Prices - 10 May 2013
USDA WASDE - May 2013
USDA Oilseed: World Markets and Trade - May 2013
Irish CSO - Crops and Livestock Survey June Final Results
USDA Crop Production - May 2013
USDA Cotton Ginnings 2012 Summary - May 2013
USDA Grains: World Markets and Trade - May 2013
USDA Cotton: World Markets and Trade - May 2013
USDA World Agricultural Production - May 2013
Irish CSO: Consumer Price Index April 2013
China Wholesale Prices - 13 May 2013
USDA GAIN: Bulgaria Grains and Oilseeds Market Update - May 2013
USDA GAIN: Egypt Cotton and Products Annual 2013
USDA GAIN: Israel Grain and Feed Annual 2013
USDA GAIN: Senegal Cotton and Products Annual 2013
USDA GAIN: EU-27 Oilseeds and Products Annual 2013

Global Crop Industry News

   Russian Federation

Russian Feed Sector Continues to Expand
Full Conference Programme at VIV Russia

   Taiwan

Taiwan Remains Reliable US Grain Customer

   United States

Hay Your Freeze-Damaged Wheat To Minimise Losses
Farmers Hopeful Rain-soaked Soil will Wipe Out Corn Rootworm
CME: Corn Futures Closed Lower Tuesday
Grains: Where are the Stops? Wednesday, May 8
Jim Wyckoff's Wednesday Closing Grains: Corn Closes Lower
Study Shows Benefits of Sorghum Juice in Ethanol
CME: Corn Futures Closed Lower Wednesday
Grains: Where are the Stops? Thursday, May 9
Jim Wyckoff's Thursday Closing Grains: Corn Closes Higher Ahead of USDA Report
Senate Ag Committee Releases Farm Bill
Farmers Should Spray Fields to Control Weeds, have Better Crops
Payments by US Farm Safety Net Program: Differences by Crop
CME: Corn Futures Closed Higher Thursday
Grains: Where are the Stops? Friday, May 10
US Corn Futures Market Sees Selling Pressure in Wake of Bearish USDA Report
Wet Winter, Spring Make Nitrogen Carryover Unlikely
Agriculture, Livestock Remain Biggest GHG Sources
Wyckoff's Weekly Forecast: Changing Weather Continues
CME: Corn Futures Closed Lower Friday
Jim Wyckoff's Morning Report: US Dollar Surge Impacts Markets
Grains: Where are the Stops? Monday, May 13
Jim Wyckoff's Monday Closing Grains: Corn Sharply Higher
NFU: 2013 Farm Bill Gaining Momentum
Farmers Get Brief Break in Weather; Bigger One on Horizon
CME: Corn Futures Closed Higher Monday
Grains: Where are the Stops? Tuesday, May 14

   United Kingdom

Business Summit Aims to Help Farmers
NFU Joins European Coalition to Demand Fair Treatment
Developers Rush to Fit Biomass Projects Within 400MW Cap

   Global

Jim Wyckoff's Morning Report: Euro Given Boost
Jim Wyckoff's Morning Report: China Production Slows
FAO Announce Cereal Price Index Drop For April
Jim Wyckoff's Morning Report: US Dollar Surge Catches Attention
Another Rise for Global Food Price Index
FAO Reports Strong Cereal Production and Food Price Rise
Jim Wyckoff's Morning Report: Weather in Corn Belt Main Focus for Traders

   European Union

EC Adopts Smarter Rules for Safer Food
Seed Legislation Vital For Sustainable and Productive Farming
EU Food and Feed Regulations to be Revised

   Canada

Farm and Acreage Preparedness for Wildfires

   India

India Declares 2013 as 'Water Conservation Year'

   Korea, South

USGC Conference Reassures Korean Customers of US Partnership

   New Zealand

Bioenergy Conference Highlights NZ Opportunities

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