Mainly 2 discussion points this morning….first is
numbers from USDA Feb Outlook meeting in D.C. Corn planted acreage
projected at 96.5 Mln and resulting crop size a whopping 14.530 Bln bu.
Obviously they are using a very good yield number
to arrive at that production.
Soybean acreage estimated at 77.5 Mln and
resulting crop size of 3.405 Bln.
These sort of numbers would not be
entirely unexpected from this outlook meeting…they always use pretty
good yields (citing genetics, farming practices,
etc) this early in the year. Never mind the current drought monitor
maps. The full balance sheets will be out tomorrow.
Other issue is weather….parched areas in the west
to get a lot of rain/snow with this current system, and also talk of
another less potent precip event early next week. Maybe the weather
pattern is shifting??
Outside market factors has crude oil down again
this morning (when will gas prices follow?) and the US $ slightly
higher. Weekly export sales will be out tomorrow and weekly ethanol
data should be out this morning. This will be looked
at closely since some idled ethanol plants have come back on line
recently.
Jon Setterdahl
Farmers Cooperative Company
Ames, Iowa, USA
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