Market Recap
Updated: February 16, 2007
Q: Last Friday USDA released its monthly World Supply & Demand estimates
Report. Were there any surprises?
-sort of a ho hum report with no shifts in US corn balance sheet
-soybean carryover rose on a cut in exports
-also saw global production shifts on corn with Brazilian soy unchanged
Q: We have had an up & down week in the grain market. What was
Influencing the market this week?
-soybeans saw strength for five straight days up before running out of gas
-heavy rains in Brazil may cause harvest delays and quality concerns
-their soy crop is still pegged about 56.1 mmt
-cold weather & snow slowed grain movement plus ice is slowing river traffic
Q: USDA Secretary Johanns spent Wednesday exchanging Valentines with the
House Ag. Committee. How did the meeting go?
-like the Senate ag. committee, concern over payment limts for producers
with AGI over $200,000 and changes in loan programs
Q: Former Senate Ag, Committe Chair Chuck Grassley told an Iowa audience
that the 2007 Farm Bill allocates $18 billion less than the 2002 spending
baseline. Why is that?
-higher commodity prices
-more $ will be allocated to conservation programs and biofuels development
Q; Trade is an important componet to the 2007 farm bill. Any news this
week on the trade front?
-US Trade Representative Susan Schwab expressed concern that Presdient
Bushs fast track trade authority expires June 30.
-Congress has only 90 days to approve or reject any trade agreement
-Democrats are asking for stronger language on labor issues
Q; was there any movement on the beef trade issue with South Korea?
-South Korea rejected US proposals so beef trade remains on hold
Q; U Of I Extension Has a busy week next week with a variety of programs.
What are they?
-Tuesday, Feb. 20 there is a state wide teleconference on state & federal
conservation programs from 9-12
-The Two day FAST training workshops are Wednesday & Thursday (Feb 22 &23)
at the Holiday Inn. Wednesday covers crop insurance & marketing. Thursday
covers financial management & analysis. These programs will have laptop
computers for each participant
Q: Next week is one of the last opportunities for pesticide license
Renewal. When is the training?
-Thursday evening, Feb 22 at the Park Inn in Urbana training & testing for
private pesticide license
- commercial training & testing will be Feb 26 & 27 at Holiday Inn
Q: Several marketing meetings are on the horizon. When & where are they?
-WILL AM 580 all day outlook conference is next
Tuesday, Feb 27 at The Beefhouse
in Covington, IN
-Champaign Marketing Club will host Gary Schnitkey discussing 2007 crop
insurance on March 5
-March 12 is the WILL AM 580 spring marketing outlook at Parkland.
