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Nine of the 11 Crop Watch corn fields should be tasseling within the next 10 days or so. Although cool July weather generally supports big crop yields, a couple of the Crop Watch producers mentioned that their fields could benefit from some heat and sun. The weekly increase was Crop Watch corn’s largest since late June 2021, when much-needed rain finally fell in the central Corn Belt. Soybean conditions jumped to 4.05 from 3.73 in the prior week, Crop Watch beans’ biggest-ever weekly improvement but similar to that same week in June 2021. Photos of the Crop Watch fields can be tracked on my Twitter feed using handle @kannbwx.
Persons: Karen Braun, Matthew Lewis Organizations: Crop, Crop Watch, U.S . Department of, Watch, Southeastern Illinois, Nebraska, South, Reuters, Thomson Locations: NAPERVILLE , Illinois, Ohio, North Dakota, Nebraska , Kansas, Indiana, Illinois . North Dakota, Nebraska, Iowa, Minnesota , Kansas, Illinois, North Dakota , Kansas , Indiana, Dakota, Minnesota, South Dakota, Kingsbury , South Dakota, Freeborn , Minnesota, Burt , Nebraska, Rice , Kansas, Audubon , Iowa, Cedar , Iowa, Warren , Illinois, Crawford , Illinois, Tippecanoe , Indiana, Fairfield , Ohio, The North Dakota, Griggs County, Stutsman County
This set of reports is associated with the largest average CBOT corn and soy moves of the 15 major USDA report days per year. Directionally, corn and soy futures on June 30 tend to react to acres far more often than stocks, though U.S. weather forecasts often add to the chaos. In the six sessions ended Thursday, CBOT December corn futures plunged 15.9%, June’s biggest six-session loss in at least three decades. Analysts basically nailed both corn acres and June 1 corn stocks last year, which was unprecedented, but December futures fell more than 5% on report day. Trade biases for June 30 U.S. stocks, acres versus pricesTrade biases on June 30 U.S. soy stocks, acres versus pricesKaren Braun is a market analyst for Reuters.
Persons: Corn, Karen Braun, Matthew Lewis Organizations: U.S . Department, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S
That caused some offsetting of Crop Watch conditions in the latest week, though a small decline was observed overall. Crop Watch conditions are intended as more of a visual assessment than a yield indicator. Crop Watch condition averages are not weighted due to the sample size, though USDA’s conditions are weighted by acreage estimates. Photos of the Crop Watch fields can be tracked on my Twitter feed using handle @kannbwx. Crop Watch Conditions: June 25, 2023Karen Braun is a market analyst for Reuters.
Persons: Karen Braun, Matthew Lewis Organizations: Crop Watch, U.S . Department of, South Dakota, Nebraska, Crop, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S, Nebraska, Illinois, South Dakota, Iowa, North Dakota, South, Kansas, Ohio, Minnesota, Indiana, Kingsbury , South Dakota, Freeborn , Minnesota, Burt , Nebraska, Rice , Kansas, Audubon , Iowa, Cedar , Iowa, Warren , Illinois, Crawford , Illinois, Tippecanoe , Indiana, Fairfield , Ohio, The North Dakota, Griggs County, Stutsman County
Up to five of the 11 Crop Watch locations received no rain over the last week, and only one tallied 1 inch or more. Each week the Crop Watch producers assign condition scores to their fields on a 1-to-5 scale. Crop Watch conditions do not incorporate yield assumptions, which will come later in the season. Eight of the 11 Crop Watch corn fields carry a condition score of 4 or better as do seven of the soybean fields, though there are no perfect 5s. Photos of the Crop Watch fields can be tracked on my Twitter feed using handle @kannbwx.
Persons: Karen Braun, Robert Birsel Organizations: Crop, U.S . Department of Agriculture’s, North Dakota, Nebraska and, Reuters, Thomson Locations: FONTERUTOLI, Italy, United States, South Dakota , Nebraska, Illinois, Iowa, North Dakota, Nebraska, Indiana, Nebraska and South Dakota, Ohio, Minnesota, Kansas, Kingsbury , South Dakota, Freeborn , Minnesota, Burt , Nebraska, Rice , Kansas, Audubon , Iowa, Cedar , Iowa, Warren , Illinois, Crawford , Illinois, Tippecanoe , Indiana, Fairfield , Ohio, The North Dakota, Griggs County
New York CNN —Sausage company Johnsonville is voluntarily recalling more than 42,000 pounds of its “Beddar With Cheddar” sausages because of possible contamination. The ready-to-eat pork links may include very thin black, fibrous strands of plastic, according to the US Department of Agriculture’s Food Safety and Inspection Service. Johnsonville noted that if the fibers are consumed, the USDA believes they likely pose a low risk of adverse health effects. packages of Johnsonville Beddar with Cheddar Smoked Sausage links were produced on January 26, 2023 and have the best by 07/11/2023 C35 code date along with an establishment number of EST 34224 on the front, lower right corner. At least one incident of the plastic threads being found in the sausage has been reported but otherwise there have been no illnesses or injuries, according to Johnsonville.
Organizations: New, New York CNN —, US Department of Agriculture’s, Inspection Service, USDA, “ Consumers Locations: New York, Johnsonville, Colorado , Iowa , Kansas , Missouri , Nebraska, North Dakota , Oklahoma, Texas
SUPPLY AND DEMANDLast month, the U.S. Department of Agriculture’s initial stab at 2023-24 U.S. corn supply and demand got people talking. U.S. corn demand has been lousy lately and has struggled to compete with plentiful Brazilian supplies. But USDA’s 2023-24 corn demand assumptions are actually conservative by comparison. Year-on-year changes in U.S. corn supply and useCROP COMPARISONSThe corn harvest was record-large in 2013, and 2023 is expected to feature another high. U.S. corn conditions week 23 versus yieldKaren Braun is a market analyst for Reuters.
Persons: Karen Braun, Matthew Lewis Organizations: U.S . Department, USDA, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S, Chicago, Iowa, Illinois
Each week the Crop Watch producers assign condition scores to their fields on a 1-to-5 scale. Crop Watch conditions do not incorporate yield assumptions, which will come later in the season. The North Dakota corn is in Griggs County and the soybeans are in Stutsman. Photos of the Crop Watch fields can be tracked on my Twitter feed using handle @kannbwx. Crop Watch 2023 ProducersKaren Braun is a market analyst for Reuters.
Persons: Karen Braun, Matthew Lewis Organizations: Crop, U.S . Department of Agriculture’s, South, Kansas, Indiana, Producers, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S, North Dakota, Illinois, Indiana and Ohio, South Dakota, Minnesota, Iowa, Indiana, Ohio, Nebraska, Indiana , Illinois , Iowa, Kingsbury , South Dakota, Freeborn , Minnesota, Burt , Nebraska, Rice , Kansas, Audubon , Iowa, Cedar , Iowa, Warren , Illinois, Crawford , Illinois, Tippecanoe , Indiana, Fairfield , Ohio, The North Dakota, Griggs County
That is the lowest initial corn rating since 59% GE in 2019 and below the five-year average of 71%. The timing of initial corn conditions depends on emergence and has spanned May 24 to June 9 in the latest five years. Since crop conditions began in 1986, all but one of the strong U.S. corn yields coincided with initial ratings above 70% GE. Initial U.S. corn conditions and yieldHigher crop ratings have not always led to success. The highest-ever initial corn rating of 81% in 1991 preceded a very poor crop as the critical months of July and August were much too dry.
Persons: Corn, Beans, Karen Braun, Matthew Lewis Organizations: U.S . Department of, GE, Nebraska, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S, Iowa, Illinois, Indiana, Nebraska, , Minnesota, North Dakota
The Beltsville Agricultural Research Center (BARC) near Washington D.C. is the largest research facility owned by the U.S. Department of Agriculture (USDA) and has long been the flagship of U.S. farm research. “Our employees’ health and well-being is our top priority," a spokesperson at USDA’s Agricultural Research Service (ARS), which oversees BARC, told Reuters. STAFF CUTSFounded in 1910, the BARC facility spans nearly 7,000 acres in Prince George’s County, Maryland, near the nation’s capital. The unreliable conditions are affecting research outcomes, making it at times impossible to complete experiments or replicate their findings, said two research employees. On February 22, several BARC employees met with Thomas Shanower, the director of USDA’s Northeast Area, a division that oversees 15 research centers, including BARC.
The Kansas wheat tour and its findings always prompt these questions: How does the tour yield compare with USDA’s May forecast? Since 2005 and including 2023, USDA’s May estimate for Kansas winter wheat yield was lower than the tour yield in all but three years: 2010, 2018 and 2019. USDA's May Kansas wheat yield vs tour yieldBefore 2021, the tour was always held before USDA’s May report, but it now takes place after. Compared with final Kansas winter wheat yields, the tour yields have been streaky. Kansas winter wheat yield: tour versus finalFinal Kansas wheat yield has come in higher than USDA’s May forecast in 11 of the last 15 years.
Plenty of uncertainty around global wheat production and trade remains, especially in the Black Sea, since 2023-24 grain crops are far from settled. Wheat SU among major exporters in May 2022 was pegged at a 15-year low of 13.5% for 2022-23, expanding to 13.75% by February 2023. This SU trend in major wheat exporting countries is not exclusive to 2022-23. USDA has 2023-24 Ukraine wheat production at 16.5 million tonnes with exports at 10 million, down from 20.9 million and 15 million in 2022-23, respectively. OTHER HOTSPOTSIn top exporter Russia, USDA shows 2023-24 wheat production down 11% from last year's record, though exports are seen edging up 2% to a new high.
Crop Watch follows 11 corn and 11 soybean fields across nine U.S. states, including two each in Iowa and Illinois. As of Tuesday, four Crop Watch fields had been planted and a fifth, the Indiana soybeans, was in progress. Since 1980, U.S. corn planting progress has matched or exceeded 10% by April 16 only five times, most recently in 2016. Some notable corn planting progress by state as of Sunday include Illinois at 10%, Iowa 7%, Kansas 17% and Missouri 30%. The five-year average corn planting is 11% for April 23 and 26% for April 30.
However, the trade’s recent track record with March corn acres suggests the possibility of a big miss on corn should stay on the table. On average, analysts peg 2023 U.S. corn plantings at 90.88 million acres and soybeans at 88.24 million acres, up 2.6% and 0.9%, respectively, from last year. The five-year average range is 4.5 million acres, including 6.2 million last year and 5.5 million in 2021. USDA’s Outlook Forum last month tentatively pegged 2023 U.S. corn and soy acres at 91 million and 87.5 million, respectively, combining for 178.5 million. USDA’s wheat area would be a seven-year high and up more than 8% from last year, the biggest year-on-year rise in wheat plantings since 1996.
The agency slashed Argentina’s 2022-23 soybean crop to 33 million tonnes from 41 million last month, well below the average trade guess of 36.65 million. USDA's Argentina soybean productionUSDA chopped Argentina’s corn harvest to 40 million tonnes from 47 million last month, below the trade guess of 43.4 million. As of now, USDA’s Argentina soy crop estimate is 35% below the agency’s original peg of 51 million tonnes. USDA’s Argentina corn number is down 27% from its initial forecast, compared with initial-final losses of 34% in 2009 and 20% in 2018. In the past five marketing years, global corn SU averaged 23.9% and soybean SU 19.9%.
U.S. corn export sales for 2022-23, which ends on Aug. 31, totaled 29.2 million tonnes (1.15 billion bushels) through Feb. 23. Through Feb. 23, China had booked about six U.S. corn cargoes since late January for delivery in the current marketing year. Since July, Brazil has shipped over 45 million tonnes of corn, well above the prior record of 36.4 million set three years ago. Preliminarily, Brazil shipped 2.3 million tonnes of corn last month, down sharply from January’s 6.2 million and the lowest monthly volume since June. USDA’s latest predictions show Japan’s 2022-23 corn imports flat on the year around 15 million tonnes, which suggests Japanese buyers still have substantial corn needs to cover.
Musk’s missed deadlines for FDA approval of Neuralink July 2019:Musk says Neuralink is aiming to receive regulatory approval for human trials of brain implants by the end of 2020. “Everybody in the industry was saying: ‘Oh my God, they’re going to run straight into a brick wall,’” Ludwig said of Musk’s bid for FDA approval. For example, NeuroPace, which makes the brain implant to treat epilepsy, received final FDA approval in 2013 – 16 years after the company’s launch. The FDA’s concerns about the battery are also potentially serious, experts in brain devices said. Still, that proposal disappointed Neuralink because it could delay progress toward final FDA approval, one of the sources said.
Companies are now working to measure how soil stores carbon as they encourage farming techniques that reduce emissions across their sprawling supply chains. Regenerative practices can increase soil nutrients and yields while also absorbing carbon dioxide from the air, scientific studies say. PREVIEWMany of the world’s biggest food companies, including General Mills Inc. and Nestlé SA, are working with farmers to promote the practices. The company aims to have 20% of its key ingredients sourced from regenerative agriculture by 2025 and half by 2030. General Mills is now working to include the soil carbon and emissions data into its annual footprint.
Recent price trends imply better profitability for U.S. farmers to plant corn over soybeans this year, and both analysts and USDA agree corn acres will rise above the year-ago levels. USDA’s 91 million corn acres were nearly identical to the trade’s 90.9 million and above last year’s 88.6 million. I polled Twitter on Wednesday for the most likely surprise in this year’s intentions, offering choices of corn acres high or low or soybean acres high or low. Those long-term tables also had 2023 wheat plantings at 47.5 million acres, soybeans at 87 million and corn at 92 million. USDA’s trend corn yield is calculated with planting progress and summer weather assumptions.
USDA’s views of Argentina’s corn and soybean crops landed below trade guesses by more than 1 million tonnes each. Applying those losses to 2023 would yield 34 million tonnes, still much below the current forecast. Rosario also reduced its corn crop outlook to 42.5 million tonnes from 45 million, and USDA made a 10% cut to 47 million from 52 million. Ukraine’s corn exports also increased 2 million tonnes to 22.5 million, well above the grim sub-10 million ideas from mid-last year. USDA took Argentina’s corn exports down with the smaller crop, but it does not ship corn to China.
Export inspections, a proxy for actual exports, totaled a preliminary 8.2 million tonnes in January 2023 compared with 6.5 million a year ago and 8.9 million in January 2021. January 2022 soy shipments totaled 6.4 million tonnes, a couple of cargoes above the five-year average. U.S. soy export sales were decent last month as Brazilian farmers have been stingy sellers of their huge impending harvest. Trade estimates ahead of the U.S. Department of Agriculture’s Wednesday supply and demand report suggest analysts are mostly content with the agency’s latest forecast for 2022-23 U.S. soybean exports of 1.99 billion bushels (54.2 million tonnes). Weekly U.S. soybean export inspectionsKaren Braun is a market analyst for Reuters.
Load up on wings and guacWing fans will like this: A pound of chicken wings is down 22% from January 2022 because of more supply. Last year at this time, the retail price for whole chicken wings was $3.38 per pound for the week of Super Bowl LVI, according to the US Department of Agriculture’s weekly retail price report. “Chicken wings were so expensive last year that consumers were looking for alternatives to serve at the party. “The dollar amount per person at this year’s Super Bowl party ultimately depends on what they drink and consume,” said Swanson. The 57th Super Bowl will take place on February 12, 2023, at State Farm Stadium in Glendale, Arizona.
More than 40 million egg-laying hens have been culled in the U.S. alone, causing the price of eggs nationwide to skyrocket, Lorenzoni said. Months earlier, the “bird flu” outbreak drove the cost of turkey meat to record highs. Poultry can become infected through direct exposure to wild birds but more likely from fecal matter that contaminates the ground around farms or yards. Many migrating birds are not sickened by bird flu, which means it’s not well understood just how widespread it is in the wild, Lorenzoni added. The sun can, for instance, naturally disinfect surfaces while gloomier days help viral particles survive on surfaces contaminated by infected bird poop, Lorenzoni said.
110 30% 50 70 90 150 200 300 400 Short-term view: Past month Long-term view: Past 3 years Redding Redding Sacramento Sacramento San Francisco San Francisco Fresno Fresno Los Angeles Los Angeles San Diego San Diego 110 30% 50 70 90 150 200 300 400 Short-term view: Past month Long-term view: Past 3 years Redding Redding Sacramento Sacramento San Francisco San Francisco Fresno Fresno Los Angeles Los Angeles San Diego San Diego 110 30% 50 70 90 150 200 300 400 Short-term view: Past month Long-term view: Past 3 years Redding Redding Sacramento Sacramento San Francisco San Francisco Fresno Fresno Los Angeles Los Angeles San Diego San Diego 110 30% 50 70 90 150 200 300 400 Short-term view: Past month Redding Sacramento San Francisco Fresno Los Angeles San Diego Long-term view: Past 3 years Redding Sacramento San Francisco Fresno Los Angeles San Diego 110 30% 50 70 90 150 200 300 400 Short-term view: Past month Redding Sacramento San Francisco Fresno Los Angeles San Diego Long-term view: Past 3 years Redding Sacramento San Francisco Fresno Los Angeles San Diego 110 30% 50 70 90 150 200 300 400 Short-term view: Past month Long-term view: Past 3 years Redding Redding Sacramento Sacramento San Francisco San Francisco Fresno Fresno Los Angeles Los Angeles San Diego San Diego Source: PRISM Climate Group at Oregon State University Note: Data from the past six months is preliminary. California has built its water infrastructure — reservoirs, wells and irrigation systems — in part to account for the imbalanced timing in precipitation. California has a naturally variable climate: Periods of drought are punctuated by periods of wetter weather. A chart shows average snow water equivalent levels for each water year from 2003 through Jan. 17, 2023. Atmospheric rivers don’t always bring more snow; storms can actually shrink the snowpack if precipitation falls as rain instead of snow at high elevations.
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Most-active CBOT corn futures had declined more than 2% through Jan. 10, and CBOT soybeans fell fractionally. Corn and soybean futures both rose about 3% from Wednesday through Friday. However, strength in corn and soy, along with much lighter-than-predicted Dec. 1 U.S. wheat stocks, allowed CBOT wheat to rise 1.6% in the last three sessions. The managed money net short in Minneapolis wheat futures and options decreased slightly through Jan. 10 to 2,704 contracts. wheat futures and optionsKaren Braun is a market analyst for Reuters.
Harvested corn acres were primarily lost in western states including Nebraska, Kansas and South Dakota, where drought hit hard this summer. Corn yield came in 0.8 bushel above the average trade guess, which is analysts’ worst performance in the 2022 season. The best analog for 2022 corn production may be 2002, which also featured a western drought. WHEAT AND SOY MISSESDec. 1 U.S. soybean and wheat stocks were both the most bullish versus market predictions since at least 2005. Wheat stocks came in 5% below trade guesses and soybean stocks were 3.6% below.
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