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Has Corn Hit a Bottom? - 14th January 2014

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TheCropSite
Tuesday 14th January 2014.
Sarah Mikesell - TheCropSite Senior Editor

Sarah Mikesell
Senior Editor


5M

Wyffels

Has Corn Hit a Bottom?

Greetings! So much to talk about, I'll jump right in!

Grain analyst Jim Wyckoff said the market is still digesting the surprisingly bullish corn data from Friday’s USDA reports. He said March corn futures scored a bullish key reversal on the daily charts and a bullish weekly high close on Friday. The solid price gains indicated that the corn market has hit a bottom.

Jim said South American weather is being closely watched – all looks favorable at this time. However, rising temperatures are a concern.

To hear more from Jim about expectations this week on soybeans and wheat, click here.

New research has highlighted the huge risk to crops due to diminishing honeybee populations across Europe. Scientists believe that a boom in biofuels has sparked a massive increase in the need for pollination.

University of Reading researchers compared the numbers of active beehives to the demand for pollination services across 41 European countries and mapped the changes between 2005 and 2010.

They found:

  • In more than half of European countries - including the UK, France, Germany and Italy, there were not enough honeybees to properly pollinate the crops grown.
  • The problem was particularly acute in Britain, which has only a quarter of the honeybees it needs to pollinate crops.
  • Only Moldova - one of the continent's poorest countries, with an economy more than 300 times smaller than Britain's - has a bigger honeybee deficit than the UK.
  • Europe as a whole only has two thirds of the honeybee colonies it needs, with a deficit of more than 13.4 million colonies

The findings suggest that agriculture in many countries is increasingly reliant upon wild pollinators, such as bumblebees, solitary bees and hoverflies.

Researcher Dr Tom Breeze said, "The results don't show that wild pollinators actually do all the work, but they do show we have less security if their populations should collapse."

To read more, click here

Also of interest... fast food giant McDonald’s recent announcement that they will begin sourcing verified sustainable beef starting in 2016 with the goal to eventually only buy sustainably produced beef.

While no figures have been attached to volumes and timeline, VP for global sustainability Bob Langert was quoted in GreenBiz as saying: “Our vision is to buy verifiable, sustainable beef in the future for all of our beef.”

My personal comment is that the US beef industry had better figure out traceability or it’s going to be left behind.

To read more about McDonald’s announcement on our sister site – TheCattleSite.com, click here.

Have a great week!

Sarah


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Global Crop Industry News

   United States

Wyckoff's Weekly Grain Forecast: Traders Digest Friday's USDA Report
Sustainable Food Toolkit Launched
DuPont Pioneer Taps New Scientific Disciplines to Improve Yield Potential
Corn Rallies Sharply, Soybeans Up, Wheat Sinks Following USDA Reports
New Rice Competes with Weeds, Offers High Grain Quality to Boot
Cargill's CEO Reports Solid Second-quarter Performance
Grain Analysts Share Outlook of USDA Expectations
USDA Announces Speakers for 2014 Agricultural Outlook Forum
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Wyckoff's Closing Grains: Corn Closes Lower
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Corn Planting Options May Increase Silage Yields
National Farmers Union Celebrates International Year of Family Farming

   Global

Jim Wyckoff's Morning Report: Markets Mixed Overnight
World Food Prices Stay High, but Steady
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Private Exporters Report 110,000 Tons of Soybeans to China
Darling Completes VION Ingredients Acquisition
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Jim Wyckoff's Morning Report: Markets Mixed Overnight
Jim Wyckoff's Morning Report: Markets Weaker Overnight

   Ireland

Rising Input Costs Erode Price Gains for Irish Farmers
Irish Food and Drink Exports Approach €10 Billion

   Canada

New Canola Meal Website, Canolamazing.com, Launched
Bold Targets for Canada's Canola Sector
Support for Canada Canola Sector’s Strategic Vision
Help for Food Processors to Reach Export Markets
Harper Government Boosts Winter Wheat Research

   Australia

Plenty of Demand for Western Australia's Bumper Grain Crop

   European Union

Honeybee Declines Cause Huge Risk to EU Crops

   United Kingdom

New Renewable Energy Website Goes Live
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OFC: CAP Offers New Market Orientation for Farming Sector
Agriculture Needs Science Based Approach to Intensification
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Farmers Must Change Mind Set to Grow Food Sustainably
Right Policy 'Fundamental' to Food Security, says Kendall

   India

Chief Minister Seeks to Carry Crop Insurance Premium Burden

   China

Chinese Food Prices Stay Steady

   Turkey

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