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Showing posts from April, 2019

It Still Takes Two Weeks to Plant the American Corn Crop

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Most people take for granted that the farmers can plant their crops way faster today than ever before. While it is true today’s equipment can plant a single acre of corn much faster, it still takes about the same amount of time to plant the whole crop.



It’s an illusion and pretty simple math says University of Illinois Agricultural Economist Scott Irwin, "This is a situation where your eyes can deceive you. So, you drive out in the countryside and you have a friend that is a farmer. They have a big planter and can plant their individual farm, in these particular cases, clearly much faster than they used to (be able to plant them). I don’t disagree with that individual anecdotal observation. The problem is that this doesn’t necessarily add up to the whole."



Sure, the equipment can get over a single acre way faster but each piece of equipment is going over way more acres than used to be the case. Consequently, it takes about the same time to plant the whole U.S. corn crop toda…

Good Yields! Yes but a Warning | an interview with Gary Schnitkey

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by Gary Schnitkey, University of Illinois
read farmdocDaily article

On a national basis, corn and soybean yields were near record-breaking levels in 2018, with exceptional yields in central Illinois and the eastern United States contributing heavily to those near-record U.S. yields. Other areas had below-trend yields. The county yields for corn and soybeans presented in this article illustrate these facts. Much higher U.S. yields are possible if all areas have exceptional yields. However, all areas including Illinois should not expect above-trend yields in every year.

Corn Yields

The 2018 corn yield for the United States was 176.4 bushels per acre, just .2 bushels below the record yield of 176.6 bushels per acre set in 2017 (all yields in this article are from QuickStats, a website maintained by the National Agricultural Statistical Service). From a national standpoint, corn yields were excellent in 2018.

Contributing to these high yields were counties having average yields above 220 …

Apr 10 | CONAB Updates Corn S&D Table

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@Conab_Oficial reports Brazil's second-crop corn acreage is expected to be up 6.1% from last year. An early soybean harvest and good weather are the contributing factors. The 2nd crop corn harvest is expected to be 26.4% larger than last season's climate hampered crop.



Brazil's 2018/19 ending stocks are expected to rise to 15.3mt or approximately a 2-month supply with total yearly demand at 93.5mt. @Conab_Oficial notes new crop corn supply may yet grow as production conditions are "very positive". Exports are set at 31mt.



On price - @Conab_Oficial is concerned domestic usage will not increase because the 62.5mt already includes livestock feed usage that has levelled off and it is not known if domestic corn ethanol increases will materialize as new plants have yet to come online.

...a good part of the 1st crop corn writes @Conab_Oficial has not been marketed. When taken with a big second crop corn harvest it cautions a low price scenario.

Brazil's counterpart …

USDA Reports Provide Surprises for Corn

Friday’s USDA reports surprised the corn market. Todd Gleason has more on how more corn acreage than expected this year coupled with more corn leftover from last year than expected will influence prices.

by Todd Hubbs, University of Illinois
read farmdocdaily article
watch post-USDA report webinar with Todd Hubbs and Scott Irwin

The USDA’s quarterly Grain Stocks report and annual Prospective Planting report delivered surprises to the corn market. A greater than expected corn stocks number combined with higher than expected planted acreage of corn gave very bearish news to corn prices. Soybean stocks and acreage came in neutral to slightly positive for soybean prices.

March 1 corn stocks came in at 8.605 billion bushels compared to an average trade guess of 8.335 billion bushels. The stocks estimate suggested feed and residual use of corn during the first half of the 2018–19 marketing year came in eight percent lower than last marketing year. Lower feed and residual use materialized desp…