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USDA released its latest projections for old-crop corn, soybeans and wheat usage. (Logo courtesy USDA)
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| USDA Crop Reports Summary |
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Fri May 9, 2008 08:23 AM CDT
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USDA Sees More '08 Corn Stocks
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At the end of 2008/09, there will be more corn but fewer soybeans on hand than analysts were expecting, USDA reported early Friday. With a demand-driven, 45-percent year-over-year drawdown in U.S. corn ending stocks, however, that market's bullish trend is expected to continue, according to DTN Analyst Elaine Kub.
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Bush Veto Could Plow Under Farm Bill
Schafer: Farm Bill 'Wasteful and Irresponsible'
Thu May 8, 2008 05:58 PM CDT
House and Senate negotiators on Thursday declared they have a farm bill that could see a final vote next week, but President Bush's key men on the farm bill declared the president will veto the legislation.
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Brazil Update: Outlook
Winter Corn Crop Lucrative, But Still Risky
Thu May 8, 2008 08:46 AM CDT
Brazil's winter corn crop is expected to reach a record 17 million metric tons this year compared to 5 million tons just a few years ago. While total corn production there remains one-tenth the size of the U.S. crop, Brazil holds the potential to go head-to-head with the U.S. in export markets.
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Scouts Expect Above-Average Crop
Wheat Tour Estimate Second Highest in a Decade
Fri May 9, 2008 07:37 AM CDT
Scouting for the annual hard winter wheat tour came to an end Thursday and the results were tallied and announced at the Kansas City Board of Trade. The final estimate for the 2008 crop was 43.3 bushels per acre based on stops in 388 fields.
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DTN Blogs & Forums
DTN Market Matters Blog
Cash Markets Push for Bargains Before USDA Reports
Thursday may have been the last day this week that traders could expect anything like "normal" intraday volatility levels. USDA will weigh in with new crop supply and demand estimates Friday morning, and the December corn contract surged through the last known potential resistance level at $6.50 during the electronic overnight session.
DTN Ethanol Blog
Texas Comptroller Opposes Favoring Ethanol
A report written by Texas Comptroller Susan McCombs asks state lawmakers not to pick ethanol as a favored alternative-energy industry, the Dallas Morning News said. "Federal subsidies for the corn-based fuel have boosted the price of food, the report says," according to the Morning News.
DTN Ag Weather Forum
Add NOAA To The Bandwagon
Latest official Pacific analysis goes along with our call for neutral summer ocean temps.
DTN Production Blog
JumpStart
Jumped the gun on applying JumpStart and my corn seed remains unplanted as the 30-day window is exceeded.
DTN Ag Policy Blog
Republicans Key to Farm Bill
Republican support for the farm bill will be key in getting this bill past a veto by the White House. Republicans are going to be divided, but how many are willing to vote against the interests of their district on this bill?
Minding Ag's Business
The Profit Gulf Widens
Garrison Keiller was wrong. Higher grain prices gave many growers a windfall last year, but not every Minnesota farmer can be above average.
In Other Media Blog
Ethanol Byproduct Bill Sought in North Dakota
North Dakota State Sen. Tim Flakoll has proposed a bill for the state's 2009 legislature that would fund research to develop food-grade products from coproducts of ethanol plants. Currently, North Dakota doesn't have enough livestock in the state to use the huge amounts of distillers grains it produces.
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Today's Markets
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DTN Early Word Grains
6:05AM
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Grains, Soybeans to Open Higher
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(DTN Illustration by Steve Negus)
Corn futures opened 6 to 8 higher; soybeans 9 to 16 higher; wheat 15 to 20 higher. Solid gains were posted in overnight trade as weather and outside markets dominated trade. USDA reports Friday morning are not expected to alter that call, but they could.
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| Contract |
Month |
Last |
Chg |
High |
Low |
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CORN [10]
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May-08
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618'6s
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17'2
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621'0
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606'0
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Dec-08
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646'2s
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15'6
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649'0
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634'4
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ELECTRONIC CORN [10]
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May-08
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627'0
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8'2
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627'0
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617'4
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Dec-08
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654'4
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8'2
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655'0
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645'0
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SOYBEANS [10]
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May-08
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1298'2s
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1'0
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1305'0
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1292'0
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Nov-08
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1245'6s
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0'2
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1250'0
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1237'0
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ELECTRONIC SOYBEANS [10]
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May-08
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1309'0
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10'6
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1309'0
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1301'0
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Nov-08
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1260'0
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14'2
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1260'6
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1244'6
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WHEAT [10]
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May-08
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809'0s
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14'0
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825'0
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807'0
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Dec-08
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856'2s
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13'6
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876'0
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843'0
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HARD RED WINTER WHEAT [10]
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May-08
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900'0s
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1'0
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920'0
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900'0
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Dec-08
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897'0s
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9'0
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912'0
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889'0
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HARD RED SPRING WHEAT [10]
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May-08
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1210'0s
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15'0
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---
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---
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Dec-08
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916'6s
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13'6
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927'0
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905'0
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LIVE CATTLE [10]
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Jun-08
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93.650s
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1.825
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94.150
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91.850
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Aug-08
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99.300s
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1.675
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99.700
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97.650
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FEEDER CATTLE [10]
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May-08
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106.775s
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1.050
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106.900
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105.875
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Aug-08
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109.475s
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1.200
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109.800
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108.275
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ELECTRONIC COTTON # 2 [30]
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Jul-08
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71.60
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0.75
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71.65
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70.85
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Fri, May 9, 2008 8:26 AM CDT
*Quotes are in market time.
Delay is indicated in brackets.
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| Contract |
Last |
Chg |
High |
Low |
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NATIONAL CORN INDEX [15]
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5.8346
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0.1596
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5.8346
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5.8346
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NATIONAL SOYBEAN INDEX [15]
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12.2446
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-0.0021
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12.2446
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12.2446
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SOFT RED WINTER WHEAT INDEX [15]
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6.8526
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0.1261
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6.8526
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6.8526
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HARD RED WINTER WHEAT INDEX [15]
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8.3246
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0.1083
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8.3246
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8.3246
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HARD RED SPRING WHEAT INDEX [15]
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10.8177
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0.3075
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10.8177
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10.8177
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Fri, May 9, 2008 8:26 AM CDT
*Quotes are in market time.
Delay is indicated in brackets.
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Today's Weather
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Online Weather
6:08AM
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Southern Midwest Sees Rain Friday
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Light to moderate rain, up to an inch precipitation, will move across the southern half of the Midwest Friday -- south of Interstate 80.
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