Best Laid Plans...
My intentions were not to send an update for another week, yet a couple of noteworthy items I felt important to get in your hands - realizing what I share may not be 'new' due to information bombardment that comes at all daily. What's that about the best laid plans..
2017 projected harvest price - Here's the latest averages, with 2 trading days to go, these numbers will not change significantly. Prices are softer when compared to last week's averages. Next update will include final prices for all below, plus the prices for each dry pea type from RMA.
2017 Midwest planting intentions - Many 'experts' expect shift of corn acres to soybeans, some say not so fast...
Beef - Here's an 'attaboy' for a fast food burger chain and their promotion of fresh American beef. Wendy's love letter to beef producers
Feeder numbers are the highest they've been in 6 years -
Canola - The latest Agriculture and Agri-Food Canada (Canadian USDA equivalent) report shows the largest correction to carryover stocks of nearly 1mt to the lowest level in 4 years. The latest USDA report suggest canola meal imports by China skyrocketing. This news may be too late for impacting 2017 spring prices, but does suggest a strengthening market.
Crude oil - Surplus supplies and speculative betting are in opposition, what will give way. Frenzied betting...
Drones - From the 'anyone could have predicted this' department, drone safety violations have increased.
Fertilizer - A report regarding nitrogen supplies and expected usage.
Politics - Boris and Natasha are said to influencing the upcoming French election.
Pulses - Dan from Columbia Grain sent out this link late last week, of a potential change in the landscape of Indian imports.
Markets - Export inspections of all US grains remain brisk and above USDA projections. South American crop yields remain very high, however recent weather is preventing harvest of ready crops. Reports of quality issues are negatively impacting price and production, some analysts believe this is not priced the current market prices.
Meanwhile corn prices have tripled in African countries due to an invasion of an army worm.
Weather - Here's the latest drought monitor map showing no significant changes from last week and forecasts for precipitation and temperatures - an early spring is out the window...
7 day precipitation outlook...
Now, off to the Daytona 500 and a left turn at 200 mph for the next 3 hours...
"Confidence is a lot of this game or any game. If you don't think you can, you won't." ~Jerry West
McGregor Risk Management Services, LLC
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