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T. Marc Schober

 
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  • Corn Exports For The 2013/14 Fail To Reach Expectations
    Fri, Sep. 5 CORN, SOYB, WEET Comment!

    Summary

    • Annual U.S. corn exports for 2013/14 increased 161% year-over-year.
    • The 2013/14 marketing year for soybeans came to a close last week, U.S. soybean exports for the year were reported at 44,477,900 MT, a 23% increase from last year.
    • Wheat sales for the week ending August 28th in the 2014/2015 marketing year were 168,800 MT.
  • Crop Conditions End August At 20-Year Highs
    Tue, Sep. 2 CORN, WEAT, SOYB Comment!

    Summary

    • Fall frost remains the final major threat to corn and soybean crops whose conditions remain at 20-year highs.
    • Corn conditions were estimated by the USDA at 74% in “Good” or “Excellent” condition, a 1% increase from last week and an 8% increase from last year.
    • Soybean conditions were reported as 72% of the crop in “Good” or “Excellent” condition, a 2% increase from last week and an 18% increase from last year.
  • Jack Frost; Last Major Risk To Record Crops
    Tue, Sep. 2 CORN, WEAT, WEET Comment!

    Summary

    • Ideal crop weather continued in the month of August, supporting expectations for a record corn crop weighing on commodity prices.
    • Farmer income is expected to decrease by 13.8% in 2014, the lowest since 2010 due to the second straight bumper corn crop, according to the USDA.
    • At this point in the growth stage, an early frost is the largest, and nearly last, major risk to the crops.
  • Soybean Exports Increase 116% Week Over Week
    Thu, Aug. 28 CORN, WEAT, SOYB Comment!

    Summary

    • U.S. soybean exports increased, eclipsing its 10-week average for only the third time since the end of February.
    • Soybean sales reported a reduction for the second consecutive week.
    • Corn sales also reported a reduction for the second time in three weeks. Wheat sales increased after three weeks of decline.
  • August Weather Supports Crop Conditions
    Mon, Aug. 25 CORN, SOYB, WEAT 1 Comment

    Summary

    • The USDA corn conditions were estimated 73% in “Good” or “Excellent” condition, a 1% increase from last week.
    • Soybean conditions were reported with 70% of the crop in “Good” or “Excellent” condition, a 1% decrease from last week.
    • Spring wheat conditions were reported with 66% of the crop in “Good” or “Excellent” condition, a 2% decrease from last week.
  • Rural Bankers Expect Weaker Farmland Values
    Mon, Aug. 25 DBA, RJA, DAG 2 Comments

    Summary

    • RMI levels are short of where they were last year, but this should be expected with crop prices significantly lower than this time last year.
    • The farmland price index decreased to 41.4 from 48.3, falling to the lowest level since February.
    • The farm equipment sales index decreased to 25.5 from 33.4, a record low for the index.
  • Land Values Increase Steadily Due To Easing Drought Concerns In Great Plains
    Tue, Aug. 19 MOO, WEAT, SOYB 2 Comments

    Summary

    • Double digit year-to-year increases in farmland values were reported in select regions of the Great Plains.
    • The Tenth Federal District estimated that irrigated and nonirrigated crop land increased 6.3% and 6.9% respectively from the second quarter last year.
    • Credit conditions across the District were healthy despite low grain prices.
  • Favorable August Weather Continues To Support Healthy Crops
    Mon, Aug. 18 CORN, SOYB, WEAT 3 Comments

    Summary

    • The USDA corn conditions were estimated 72% in “Good” or “Excellent” condition, a 1% decrease from last week.
    • Soybean conditions were reported with 71% of the crop in “Good” or “Excellent” condition, a 1% increase from last week.
    • Spring wheat conditions were reported with 64% of the crop in “Good” or “Excellent” condition, unchanged from last week.
  • Damaged European Wheat Crop Raises Expected U.S. Wheat Exports For 2014/15
    Thu, Aug. 14 CORN, WEAT, WEET Comment!

    Summary

    • Wheat exports were increased by 25 million bushels for 2014/2015 in Tuesday’s World Agricultural Supply and Demand Estimates released by the USDA.
    • A reduction in weekly corn sales was reported for the first time since the 2012/2013 Marketing year.
    • Exports for soybeans and wheat both increased, while corn exports declined.
  • Record Corn Yield Expected For 2014 Due To Favorable Weather
    Tue, Aug. 12 CORN, WEAT, SOYB 2 Comments

    Summary

    • The USDA expects the 2014 corn crop to average a record 167.4 bushels per acre, although the yield estimate was below what analysts were expecting.
    • Demand for U.S. corn this summer has picked up in the most unlikely place, ethanol.
    • The August WASDE is special in regards to data retrieval as the USDA switches from a weather input model to a survey-based model.
  • Crop Progress: Near Record Conditions Continue To Hold
    Mon, Aug. 11 CORN, WEAT, SOYB 3 Comments

    Summary

    • The USDA corn conditions were estimated 73% in “Good” or “Excellent” condition.
    • Soybean conditions were reported with 70% of the crop in “Good” or “Excellent” condition.
    • The winter wheat crop was reported 95% harvested.
  • USDA Weekly Exports: Soybean Exports Fall To Marketing Year Low
    Thu, Aug. 7 WEET, SOYB, CORN Comment!

    Summary

    • Soybean exports reported a marketing year low, wheat exports fell slightly and corn exports increased.
    • Corn, soybeans, and wheat sales decreased from last week.
    • Growing global tensions have begun to impact global trade as sanctions against Russia increase.
  • Crop Progress: Drier Weather Fails To Significantly Lower Crop Conditions
    Mon, Aug. 4 CORN, SOYB, WEAT Comment!

    Summary

    • The USDA corn conditions were estimated 73% in “Good” or “Excellent” condition, down 2% from last week, but a 9% increase from last year.
    • Soybean conditions were reported with 71% of the crop in “Good” or “Excellent” condition, unchanged from last week, but a 7% increase from last year.
    • The winter wheat crop was reported 90% harvested, up 7% from last week, and 5% ahead of the five-year average.
  • USDA Weekly Exports: Wheat Sales Increase To Highest Level Of The Year
    Thu, Jul. 31 WEAT, CORN, SOYB Comment!

    Summary

    • Wheat sales increased significantly over the past week, reaching their highest mark since October 2013.
    • Corn and soybean sales declined.
    • Exports fell for corn, soybeans and wheat, the first time that has happened since the beginning of June.
  • Crop Progress: Drier Forecasts May Damage Soybean Potential
    Mon, Jul. 28 CORN, SOYB, WEAT Comment!

    Summary

    • The USDA corn conditions were estimated 75% in “Good” or “Excellent” condition, down 1% from last week, but a 12% increase from last year.
    • Soybean conditions were reported with 71% of the crop in “Good” or “Excellent” condition, down 2% from last week, but an 8% increase from last year.
    • The winter wheat crop was reported 83% harvested, up 8% from last week, and 3% ahead of the five-year average.
  • USDA Weekly Exports: High Temperatures May Put Pressure On Soybean Conditions
    Thu, Jul. 24 CORN, SOYB, WEET Comment!

    Summary

    • Forecasts for the coming weeks suggest above average temperatures and below average rainfall.
    • Exports were up for corn, soybeans, and wheat last week. Soybean exports have increased the last two weeks and wheat exports have increased the last three.
    • Soybean and wheat sales also increased, while corn sales decreased.
  • Crop Progress: Temperatures Rise As Pollination Gets Into Full Swing
    Mon, Jul. 21 CORN, WEAT, SOYB 1 Comment

    Summary

    • Warmer weather is forecasted for this week, with highs to be above average throughout the Corn Belt after last week's below-average temperatures. That is conducive to corn pollination.
    • The USDA corn conditions were estimated 76% in “Good” or “Excellent” condition, unchanged from the previous week, but a 13% increase from last year.
    • Soybean conditions were reported with 73% of the crop in “Good” or “Excellent” condition, up 1% from last week, and a 9% increase from last year.
  • Crop Progress: Forecasts Show Excellent Weather For Pollination
    Mon, Jul. 14 CORN, WEAT, SOYB Comment!

    Summary

    • Temperatures are expected to cool down this week across much of the Corn Belt.
    • The USDA corn conditions were estimated 76% in “Good” or “Excellent” condition, up 1% from the previous week, and a 10% increase from last year.
    • Soybean conditions were reported with 72% of the crop in “Good” or “Excellent” condition, unchanged from last week, but a 7% increase from last year.
  • WASDE: No Longer Record Corn Production
    Fri, Jul. 11 CORN, WEAT, SOYB Comment!

    Summary

    • Record corn production is no longer expected for the 2014/15 marketing year due to a reduction in total harvested acres.
    • Projected average U.S. corn yield is expected to break 2009's record of 164.7 bushels per acre by 0.36%.
    • Cooler than average temperatures are expected in July and August, which match trends seen in years with above trend line yields.
  • USDA Weekly Exports: Decreasing Prices Prompt Sales Of Corn And Soybeans
    Thu, Jul. 10 CORN, SOYB, WEAT Comment!

    Summary

    • Corn and soybean sales increased for the week ending on June 26th, while wheat sales fell.
    • Exports of corn and wheat increased, while soybean exports fell to their lowest level of 2014.
    • Tomorrow’s WASDE report will show if the USDA believes the flooding, hail and strong wind across the Midwest had any significant impact on the overall corn and soybean yields.
  • Crop Progress: Milder Weather Leaves Conditions Unchanged
    Mon, Jul. 7 CORN, WEAT, SOYB Comment!

    Summary

    • The condition of this year’s corn crop is drastically different across the Corn Belt.
    • The USDA estimated corn conditions at 75% of the crop rated “Good” or “Excellent," unchanged from the previous week.
    • Soybean emergence was reported at 98% in the last week it will be reported this year. That is a 4% increase from last week and 1% ahead of the five-year average.
  • USDA Weekly Exports: Rain And Severe Weather Summarize The 2014 Planting Season Thus Far
    Thu, Jul. 3 CORN, SOYB, WEAT 1 Comment

    Summary

    • In a continuing trend for this growing season, severe weather and rain continued to flood areas of Iowa, southern Minnesota, and Wisconsin.
    • Wheat sales increased after declining the past two weeks. Corn sales decreased slightly and soybeans sales decreased significantly.
    • Soybean exports increased, while corn and wheat exports both fell.
  • Record Yields, Acres And Rainfall
    Tue, Jul. 1 SOYB, CORN, WEET 1 Comment

    Summary

    • May concluded an excellent planting season for many farmers across the Corn Belt, but consistently wet conditions have raised concern about a majority of the U.S. corn and soybean crops.
    • Excess moisture problems are present in North Dakota, South Dakota, Nebraska, Minnesota, Iowa, Wisconsin, and Illinois in widespread and damaging effect.
    • On June 30th, the USDA estimated 91.4 million acres of corn were planted in the U.S. The estimated corn acres mark the smallest planted U.S. corn crop since 2010 and.
  • Crop Progress: Conditions Improve Despite Continued Severe Weather
    Mon, Jun. 30 CORN, SOYB, WEAT Comment!

    Summary

    • The USDA estimated corn conditions at 75% of the crop rated “Good” or “Excellent.”.
    • Soybean emergence was reported at 94%, a 4% increase from last week and even with the five-year average.
    • The winter wheat crop was reported 43% harvested, up 10% from last week, but 5% behind the five-year average.
  • Corn Vs. Soybeans, The Battle For Acreage
    Mon, Jun. 30 SOYB, CORN, WEET Comment!

    Summary

    • Soybean planted acreage was estimated 3.30 million acres more than the already record estimate from the March 31st Planting report.
    • Increased moisture and favorable economics have forced operators to plant soybeans at corn's expense.
    • Pockets of the Corn Belt, predominantly the northwest Corn Belt, have received over half their average yearly rainfall in just two short weeks.
  • USDA Weekly Exports: Soybean Sales Rise Sharply
    Thu, Jun. 26 SOYB, CORN, WEET Comment!

    Summary

    • Soybean sales increased to their highest level since February and have increased each of the last three weeks.
    • Corn sales and exports both saw increases, while soybean exports decreased.
    • Wheat sales decreased, but exports increased.
  • Rural Economy Continues To Grow Despite Decline In Grain Prices
    Tue, Jun. 24 DBA, RJA, JJG 4 Comments

    Summary

    • The growth in the rural economy was slowed by falling grain prices over the last month.
    • Farmland prices continue to decline according to the respondents, but they are expected to show signs of increasing by next month.
    • Investors are reportedly purchasing a smaller share of farmland compared to the same time last year.
  • Crop Progress Report: Severe Weather Does Little To Impact Crop Conditions
    Mon, Jun. 23 SOYB, WEAT, CORN Comment!

    Summary

    • The USDA estimated corn conditions at 74% of the crop rated “Good” or “Excellent,” a 2% decrease from the previous week and a 9% increase from last year.
    • Soybean planting continues to be slowed by rain as the USDA releases the final planting report of the season. 95% of acres were estimated planted.
    • The winter wheat crop was reported 96% headed, a 4% increase from last week and 2% ahead of the five-year average.
  • Crop Progress Report: Wet Conditions Frustrate Farmers
    Mon, Jun. 16 DBA, WEAT, CORN Comment!

    Summary

    • The USDA estimated corn emergence at 97%, a 5% increase from last week and 1% ahead of the five-year average.
    • Soybean planting was slowed by rains over the past week. 92% of acres were estimated planted, a 5% increase from last week and 2% ahead of the five-year average.
    • The winter wheat crop was reported at 92% headed, a 6% increase from last week and 2% ahead of the five-year average.
  • USDA Weekly Exports: China Continues Creating Market Uncertainty
    Thu, Jun. 12 CORN, SOYB, WEET Comment!

    Summary

    • The Chinese have suspended U.S. import permits for Dried Distiller Grains, a high-protein animal feed that is a by-product of ethanol production from corn.
    • Wheat and soybean sales increased significantly from last week's report, both increasing over 100%. Corn sales fell for the second consecutive week.
    • Exports were down for corn, soybeans, and wheat this week.
  • WASDE: Record Corn Crop Remains Predicted
    Thu, Jun. 12 CORN, JJG, GRU Comment!

    Summary

    • Domestic corn balance sheets were unchanged this month as reports continue to favor a record crop this year.
    • Favorable planting and growing weather at the end of May and beginning of June have operators optimistic for the upcoming crop.
    • The unchanged corn report comes as no surprise as the USDA has not amended their production or yield estimates in the month of June for several decades.
  • Crop Progress Report: Corn And Soybean Conditions Set High Expectations
    Mon, Jun. 9 CORN, SOYB, WEAT 2 Comments

    Summary

    • Grain prices continue to fall as the outlook for the 2014 crop continually improves due to favorable weather.
    • The major corn and soybean growing areas of the U.S. received anywhere from 2-8 inches of rain last week.
    • Analysts continue to forecast high planted corn acres due to the lack of farmers following through on switching to soybeans over feared planting delays.