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Articles by Midwest Corn
DTN Livestock Close: Cattle Fall Lower While Deferred Hogs Capture Mild Gains
Heading into Friday’s trade, the livestock contracts will likely continue to feel the pressure of the volatility in the marketplace. GENERAL COMMENTS: It was another day where most of the livestock complex focused on war, fear and the unknown. Heading into Friday’s market, it’s likely the lower doggish tone is kept through the week’s end. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.36 with a weighted average of $105.83 on 8,748 head.
Drought Monitor Weekly: Southern Plains, South Continue to Dry Out
Drought stricken pasture. Photo: Kay Ledbetter, Texas AgriLIfe Extension Summary Several storm systems from the northern Rocky Mountains to the Midwest brought with them rain, snow, and even some severe weather this past week. Temperatures for the week were cooler than normal over the northern Plains and into the West. The coldest readings were in the northern Plains and upper Midwest, with departures of up to 9 degrees below normal.
DTN Livestock Midday: Downward Pressure Continues
©Debra L Ferguson Stock Photography When the markets are war focused, there’s little that can change the from a lower trajectory. GENERAL COMMENTS: Thursday’s export report was noteworthy for both cattle and hogs, although it didn’t help either of their markets trade higher. Meanwhile, the feeder cattle contracts are continuing to drift lower as the market stomachs another rally in the corn complex. May corn is up 25 1/4 cents per bushel and May soybean meal is up $12.10.
DTN Grain Close: Corn Surges, Soybeans Rise on Huge Sales
©Debra L Ferguson Stock Photography May soybean meal jumped to a new contract high Thursday and soybeans again challenged the $17.00 level on May, as total export sales last week (old and new crop) totaled a monstrous 3.1 mmt (114 mb). Corn export sales set a marketing year high of 2.14 mmt (84.2 mb), sending that market sharply higher, while wheat markets continued to correct, led by Chicago May. GENERAL COMMENTS: May corn closed up 22 3/4 cents per bushel and December corn was up 15 cents.
©Debra L Ferguson Stock Images Pre-6 a.m. Globex Prices: May corn is up 8 1/2 cents, May soybeans are up 17 cents, and July KC May wheat is up 14 cents. CME Globex Recap: Weather in South America featured rains that were mostly below expectations for Mato Grosso and Parana, but better chances are on tap for the next week. Wednesday’s March WASDE report was mostly neutral for corn and beans, and bearish for wheat. CONAB will be out with their revised South American estimates early on Thursday.
DTN Livestock Open: Choppy Trading Expected
The livestock complex took it on the chin again Wednesday. There were hopes of follow-through strength, but such was not the case. Cash weakness was the overriding factor for cattle. Hogs felt the pressure from cattle and other commodity markets. Cattle: Lower. Futures: Lower. Live Equiv: $190.40 +0.02* Hogs: Lower. Futures: Mixed. Lean Equiv: $115.24 +$2.34** *Based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv.
DTN Cotton Open: Mixed in Mostly Neutral Trade
©Debra L Ferguson Stock Images The cotton market is neutrally digesting Wednesday’s monthly supply-demand report. That data kept domestic cotton numbers unchanged but did reflect a 1.74 million-bale cut to the world ending stocks. The peace talks held in Turkey between Ukraine and Russia abruptly ended with no resolution. Thursday morning metals and energies are higher, while the Dow Jones is markedly lower. USDA issued slightly better business for last week.
Michigan Soybeans: Seed Quality Considerations
A sample of poor quality soybean seed from central Missouri with evidence of drought stress and infection by fungi responsible for Purple seed stain. Photo: University of Missouri Soybean producers may be planting lower quality seed this spring due to last year’s challenging harvest conditions. Seed should be harvested as close to physiological maturity as possible.
DTN Cotton Close: Lower Despite Decent Export Sales
The cotton market was lower Thursday despite seeing decent export sales and a higher CPI Thursday morning. Thursday’s weekly sales actually exceeded last week’s tally, and China was the top buyer. Meanwhile, the Commerce Department reported Thursday that, month-over-month and year-over-year, inflation pressures were increasing. However, those reports could not stir cotton northward. Of course, dominating all news is the Ukrainian-Russian War, which currently shows no end in sight.
Missouri: Top 3 Pesticide Safety Updates
1. Increased Protection for Endangered Species The US EPA implemented a new policy on January 11, 2022. Prior to registering any new conventional active ingredient (AI), the US EPA will evaluate potential effects of the AI on federally threatened or endangered species and their designated critical habitats. In the past, ESA analysis was not required for all applications of new AI’s. Over 1,300 species are listed as either endangered or threatened in the US under the Endangered Species Act.
USDA Lowers Wheat, Corn Exports for Ukraine; Fertilizer, Food Security Worries Escalate
Bloomberg writer Megan Durisin reported yesterday that, “The U.S. Department of Agriculture lowered its estimate for Ukraine and wheat and corn exports due to the attack by Russia. “Grain: World Markets and Trade.” USDA- Foreign Agricultural Service (March 9, 2022). Click Image to Enlarge “The USDA in its monthly World Agriculture Supply and Demand Estimates report cut Ukraine wheat exports by 4 million tons to 20 million in 2021-2022. Other wheat exporters will only partly offset those losses.
Moving Grain: Diesel Prices Reach Record Leve
Diesel, gas pump. ©Debra L Ferguson U.S. Average Diesel Fuel Prices Reach Record Level During the week ending March 7, U.S. average diesel fuel prices increased 74.5 cents from the previous week to a record $4.849 per gallon—$1.706 above the same week last year. Current diesel fuel prices outpace by 8.5 cents the previous record set in 2008. Diesel prices are closely tied to crude oil prices.
DTN Grain Midday: Corn and Soybeans Higher, Wheat Lower
©Debra L Ferguson Stock Images Corn futures are 16 to 18 cents higher at midday Thursday; soybean futures are 20 to 22 cents higher; wheat futures are 32 to 98 cents lower. CORN: Corn futures are 16 to 18 cents higher at midday, bouncing back towards the upper end of the recent range with good export sales and firmer spread action providing support.
USDA Reports: Ukraine Exports Slashed, Ending Stocks Neutral to Slightly Bearish - DTN
Corn stocks at an elevator location. ©Debra L Ferguson Stock Images In its March global and domestic supply and demand report, USDA factored in the war in Ukraine by slashing exports from the country, even as Ukraine implemented its own ban on exports on Wednesday. Just hours before USDA released its World Agricultural Supply and Demand Estimates (WASDE) report, Ukraine announced an export ban on wheat, corn, sunflower oil, oats, rye, barley, sugar and cattle.
DTN Grain Close: Wheat, Crude Oil See Big Drops
Photo by William Harrison All three U.S. wheats were limit down Wednesday and April crude oil was sharply lower after the United Arab Emirates said it would support higher oil production. May corn and soybeans were also lower with little impact from USDA’s latest WASDE estimates. GENERAL COMMENTS: May corn closed down 20 cents and December corn was down 7 cents. May soybeans closed down 18 cents and November soybeans were up 1/2 cents.
DTN Livestock Close: Losses Across the Board
Heading into Thursday’s market, cattle are praying for a strong showing and the hog market is anxious to see if China was a buyer again or not. GENERAL COMMENTS: Wednesday’s WASDE report was encouraging, but the market didn’t seem to care. The futures contracts closed lower all throughout the livestock complex and the cash cattle market sold cattle for as much as $4.00 lower compared to last week.
DTN Fertilizer Trends: Prices Resume Climb
Fertilizer application. ©Debra L Ferguson Stock Photography After a week in which half of the average retail fertilizer prices were lower, prices for most fertilizers moved higher the first week of March 2022 compared to a month earlier, according to sellers surveyed by DTN. Seven of the eight major fertilizers were higher looking back a month, though none were up a significant amount. DTN designates a significant move as anything 5% or more.
DTN Cotton Close: Ends Lower Amid Crude Collapse
©Debra L Ferguson Stock Photography The cotton market finished down Wednesday, despite a slightly positive supply/demand report. However, a massive meltdown in crude oil and related markets kept speculators at bay. USDA issued its March World Ag Supply/Demand Estimates on Wednesday with zero changes to the U.S. data but another reduction in global cotton stocks. In fact, world carryout dropped some 1.74 million bales to 82.57 million.
Iowa Senators Introduce Biofuels Bill - DTN
As the Biden administration banned Russian oil and gas imports into the United States, Iowa Republic Sens. Charles Grassley and Joni Ernst introduced legislation to replace the lost imports with biofuels, including ethanol and biodiesel.
Weather: Could This Week’s Arctic Blast Be the Last Before Spring? - DTN
Last week, temperatures rose well-above normal for a good portion of the country. Highs in the 70s and 80s Fahrenheit were common from the Plains to the Southeast. It may have been enough to awaken more of the winter wheat crop out of dormancy as soil temperatures rose. But that came crashing down in the Plains as a couple of systems moved through and pulled the front to the Gulf of Mexico during the weekend and into early this week where it currently sits.
2021 National Wheat Yield Contest Winners - DTN
Wheat harvest. Photo: Kansas State University Editor’s note: The top four yield winners from the National Wheat Foundation’s 2021 National Wheat Yield Contest give a quick view of their winning field and the 2021 season, followed by a full list of the contest’s national winners.
Western Kansas: Irrigation Boosts Land Values by $3.8B
Irrigation pivot sprinklers. Photo: Josh Wickham, University of Florida A recent report of the value of water in western Kansas by two Kansas State University agricultural economists has concluded that land values in that part of the state are $3.8 billion greater today than they otherwise would be without access to the Ogallala Aquifer.
WASDE Rice: Higher U.S. Ending Stocks, Reduced Exports
Rice being harvested in Prairie County, Arkansas. Photo: Fred Miller, University of Arkansas The outlook for 2021/22 U.S. rice this month is for stable supplies, unchanged domestic use, reduced exports, and higher ending stocks. Exports are lowered by 1.0 million cwt to 86.0 million with the decline for medium- and short-grain on the continued weak pace of sales and shipments, particularly to the Middle East.
Russian Conflict - Wheat Price Swings Wildly, as Food Inflation and Hunger Concerns Mount
Young wheat. Photo: University of Kentucky David L. Stern, Ellen Francis, Ellen Nakashima and Joanna Slater reported on the front page of today’s Washington Post that, “The desperate effort to secure safe passage for civilians trapped in Ukrainian cities under attack by Russian forces remained deeply precarious on Tuesday: A single evacuation route opened, allowing thousands to escape safely, while Ukraine accused Russia of shelling another proposed corridor.
WASDE Coarse Grains: Larger Domestic Corn Usage, Increased Exports
Corn harvest. Photo: Kostic Dusan, 123rf This month’s 2021/22 U.S. corn supply and use outlook is for increased food, seed, and industrial use, larger exports, and smaller stocks relative to last month. Corn used for ethanol is raised 25 million bushels to 5.350 billion, based on data through January from the Grain Crushings and Co-Products Production report and weekly ethanol production data as reported by the Energy Information Administration for the month of February.
WASDE Oilseeds: Lower U.S. Ending Stocks, Increased Exports
U.S. soybean supply and use changes for 2021/22 include higher exports and lower ending stocks compared with last month’s report. Soybean exports are raised 40 million bushels to 2.09 billion with lower production and reduced exports for South America. Soybean ending stocks are projected at 285 million bushels, down 40 million from last month. With rising soybean oil prices, soybean oil used for biofuel is reduced this month.
WASDE Cotton: Numbers Unchanged from Last Month
Cotton harvest. ©Debra L Ferguson This month’s 2021/22 U.S. cotton supply and demand forecasts are unchanged relative to last month. The projected marketing year average price received by upland producers is also unchanged, at 90 cents per pound. In the world 2021/22 cotton balance sheet, ending stocks are 1.7 million bales lower than a month earlier.
DTN Grain Midday: Soybeans Higher; Corn, Wheat Lower
©Debra L Ferguson Stock Images Corn futures are 11 to 13 cents lower at midday Wednesday; soybean futures are 6 to 7 cents higher; wheat futures are 52 to 85 cents lower. CORN: Corn futures are 11 to 13 cents lower at midday with weaker spread action as trade has worked more sideways this week with some position squaring possible ahead of the WASDE report at 11 a.m. today. But this is possibly one of the least anticipated reports on record given other events ongoing.
DTN Livestock Midday: WASDE Report Focuses on Market Fundamentals
With Wednesday’s WASDE report sharing higher quarterly prices for cattle, feedlots are reminded that the market’s fundamentals do indeed matter. GENERAL COMMENTS: Coming in like a breath of fresh spring air, Wednesday’s WASDE report helped the market realize fundamentals are still critical market components and war isn’t the only thing the complex should trade off.
Texas Field Reports: Dry Spell, Drought Deepens
Soil moisture levels continue to decline in most areas of the state after a months-long dry spell as warm-season crop plantings and preparations increase. Texas A&M AgriLife Extension Service agents and specialists have reported critically dry conditions in many parts of the state over the last several weeks. The U.S. Drought Monitor shows more than 93% of the state is in abnormally dry to extreme drought and nearly 81% of the state dealing with moderate-to-extreme drought.
Alabama Soybeans: Risks, Rewards of Ultra-Early and Early Planting
Soybean seed in planter hopper. ©Debra L Ferguson Stock Photography Growers are planning to get every bushel out of their 2022 soybean crop as the current November soybean futures hover around $14.50 per bushel. Soybeans, a legume, also look attractive as farmers focus on cutting their fertilizer bills with nitrogen prices at record highs. Growers looking at increase yield potential with early-planted soybeans should be aware of the risks as well as the rewards.
DTN Cotton Open: Traders Edgy, Await Data
Photo: Tammi Arender/LSU The cotton market has been all over the place as traders position themselves for Wednesday’s crop report from USDA, as well as the volatility from the outside markets. Overnight, the energy and metals markets were sharply lower. USDA will issue its monthly crop update at 12:00 p.m. EST Wednesday. For that report, the average trade estimate for U.S. exports is 14.89 million bales, up from 14.75 million seen in the February update.
DTN Grain Open: Volatile Wheat Markets Plunge, Pressuring Corn; Soy Remains Strong
Young tillering wheat field. Photo: Justin Ballew, Clemson University Pre-6 a.m. Globex Prices: May corn is down 10 1/4 cents, May soybeans are up 17 cents, and July KC wheat is down 68 cents. CME Globex Recap: South American weather remains mostly neutral to bearish this week, with good rains expected to fall in southern Brazil and Argentina.
DTN Livestock Open: Further Follow-Through Strength Is Questionable
Cattle futures continued to rebound Wednesday as they correct from being oversold. Futures were overdone to the downside and corrected even though cash traded lower Wednesday. Hogs rebounded substantially as a reaction to strong cash with technical traders looking to close the chart gaps. Cattle: Lower. Futures: Mixed. Live Equiv: $190.38 -$2.24* Hogs: Higher. Futures: Higher. Lean Equiv: $112.90 -$1.25** *Based on formula estimating live cattle equivalent of gross packer revenue.
DTN Livestock Close: Cash Cattle See a $2 Dip
Heading into Wednesday’s trade, the market is anxious to see the newest WASDE Report. GENERAL COMMENTS: The livestock contracts rallied throughout Tuesday, looking to regain some ground. It’s important to make up for lost time and rally when given the chance; but the market knows it isn’t free and clear of war pressures. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.60 with a weighted average of $103.96 on 8,092 head.
DTN Grain Close: Wheat Trades in $2 Range
Jointing wheat. After Chicago May wheat had traded up six limits in a row, wheat finally resumed trading, first setting a new all-time high and then briefly falling to the expanded limit down but giving trapped shorts a chance to exit. As export demand continued to ramp up for U.S. beans and meal and bean oil rallied as crude oil jumped, the soy complex ended with solid gains.
Ag Trade: Commodity Markets Reaction to the Ukraine-Russia Conflict
The Russian invasion of Ukraine has been a major shock to agricultural commodity markets. Both Russia and Ukraine are major exporters of agricultural commodities, especially wheat and corn. War in Ukraine and international sanctions against Russia have already impeded the flow of agricultural commodities from the Black Sea region to world markets. This article describes crop price reaction to the conflict, including changes to the term structure of futures prices also known as the forward curve.
DTN Cotton Close: Ends Higher on Dow Recovery
Cotton planting in Texas Concho Valley. Photo: Haley Kennedy, TexasAgrilLife IPM agent The cotton market finished triple-digit higher Tuesday, as it awaits possible friendly supply-demand news Wednesday, but also with a sharp recovery in the Dow Jones. Earlier in the day, the U.S. elected to ban all Russian energy products, and that positive action took the Dow from 200 lower to 500 higher.
Chicago Wheat Sets Record High, as Markets Sort Out Supply Concerns
Hand full of mature wheat heads.
USDA: Weekly National Peanut Prices
The following prices are effective from Wednesday 03/09/22 at 12:01 am Eastern Time until midnight Tuesday 03/15/22. The next announcement is scheduled for Tuesday 03/15/22 at 3:00 pm Eastern Time. * $424.89 per ton for Runner peanuts * $413.05 per ton for Spanish peanuts * $427.70 per ton for Valencia peanuts * $427.70 per ton for Virginia peanuts These NPP are based on the loan rates for 2021-crop peanuts announced on July 30, 2021.
DTN Livestock Midday: Modest Gains Livestock Contracts Higher
Texas A&M AgriLife Extension Service photo by Adam Russell It’s been a day of mild rallies as the entire livestock complex flirts with the idea of stronger trade. GENERAL COMMENTS: The livestock complex is met with modest support through Tuesday’s market and all the contracts are happy to trade higher regardless of how much the price jump amounts to. Just because the contracts are trading higher doesn’t mean all the world’s volatility has worked its way out of the market.
DTN Grain Midday: Soybeans Higher; Corn, Wheat Lower
©Debra L Ferguson Stock Images Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 32 to 34 cents higher; wheat futures are 60 to 111 cents lower. CORN: Corn futures are 5 to 6 cents lower at midday with active trade continuing as we look to see if the spillover from wheat stays negative through the full session with firmer spread action so far after reversing Monday’s action and basis pressure likely to continue.
DTN Cotton Open: Market Mixed Overnight
Cotton planting. ©Debra L Ferguson Stock Photography The cotton market continues to traverse Monday’s settlement as it keeps one eye on the Ukraine/Russian War and the other on its impending crop data. To the latter, March cotton will expire at Wednesday’s settlement, and at 12:00 p.m. EST USDA will issue its monthly crop data. Numbers-wise for Wednesday’s report, the average trade expectation for U.S. exports is 14.89 mb, up from 14.75 mb reported in the February update.
DTN Livestock Open: Cattle Futures May Struggle to Move Higher
Photo: Texas AgriLife Extension Cattle finally bounced after the brutal selloff and even in the face of stronger grain prices. That may continue today as corn futures are under pressure overnight. Hog futures just could not hold the strength it had during the day finally succumbing to more aggressive selling despite higher cash. Cattle: Lower. Futures: Higher. Live Equiv: $192.62 +$0.57* Hogs: Steady. Futures: Mixed.
DTN Grain Close: Wheat Finally Turns Lower; Soy Complex Firm Early
©Debra L Ferguson Stock Images Pre-6 a.m. Globex Prices: July corn is down 5 1/2 cents, May soybeans are up 25 3/4 cents, and July KC wheat is down 18 1/4 cents. CME Globex Recap: Early Tuesday Dow Jones futures are up slightly, with European markets mixed to higher and Asian markets lower. The bond market is higher. Russia continues to move toward key cities in Ukraine and don’t seem to be honoring the evacuation routes for civilians that they had proposed.
DTN Livestock Close: Cattle Look to Regain Some Ground
©Debra L Ferguson Stock Photography Monday may have been higher for the cattle contracts, but it’s unlikely smooth sailing will be found throughout the week’s entirety. GENERAL COMMENTS: Surprisingly enough, Monday treated the cattle futures kindly as both live and feeder cattle contracts closed higher. The lean hog market wasn’t as optimistic and looks to see how the pork cutout will perform throughout the week.
DTN Livestock Midday: Cattle Lean Into Week With Some Optimism
As the markets welcome the new week, the cattle contracts are — surprisingly — trading higher, while the lean hog market waltzes into the week with caution. GENERAL COMMENTS: Bouncing into the new week, the cattle contracts are trading surprisingly higher as the market seems to have found some support. Meanwhile, the lean hog complex isn’t as sold on the notion of trending higher as the war in Ukraine unfolds minute-by-minute.
Poultry: APHIS Reports More Avian Influenza Cases - DTN
The number of states impacted by highly pathogenic avian influenza continues ticking upward as USDA has reported at least three more commercial flocks have been infected. The growing number of cases comes as the spring migratory season is peaking in major flyways along rivers such as the Mississippi and Missouri rivers. Millions of geese and other migratory birds are moving through the region. Wild birds often carry HPAI but do not show symptoms.
Wheat: K-State Researchers Uncover New Clues for Improving Production
Kansas State University researchers continue to unlock the complexity of the wheat genome, recently publishing findings of a study that characterized numerous genes duplicated thousands of years ago to understand how they control wheat yield and other desirable traits.
DTN Cotton Close: Market Seesaws, Ends Mixed
©Debra L Ferguson Stock Images The cotton market traded on both sides of Friday’s settlement several times Monday, as it was essentially at the mercy of outside markets. On one hand, there were the bullish metals and energy markets, while on the other there, was a strong U.S. dollar and a weaker Dow Jones. Of course, to some degree, the market is awaiting this week’s supply-demand update. To that end, USDA will release its March crop report on Wednesday.
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