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April 1, 2010
Pork Quality Grading System and Wholesale Pork Price Reporting
Conversely, the propor-
tions of other primal cuts (loins, butts … mandatory reporting, several
other considerations are worth … reporting system in place is meeting
its intended goals. This …
April 1, 2010
Conversely, the propor-
tions of other primal cuts (loins, butts … mandatory reporting, several
other considerations are worth … reporting system in place is meeting
its intended goals. This …
April 13, 2020
Ag Law Issues
estates, corporations, and other noncorporate tax filers … are not prescribed do
not meet the definition. Likewise … respect to menstruation or other genital-tract secretions …
April 13, 2020
Ag Law Issues
distinction between hemp and other cannabis plants. They were … manner available to farmers of other commodities. Indeed, the … than is
the production of other crops due to the effect of …
May 23, 2024
Ag Law Issues
veterinary inspection or other documentation.
Note: The … official identification and that meet this
requirement with eartags … and accompanying ICVIs and other paper
documentation work …
October 16, 2020
Animal ID & Traceability
14.2%
Seedstock 17 5.4%
Other 10 3.2%
Total 317 100.0 … Carcass basis 12 3.8%
Other 16 5.1%
Total 316 100.0 … buyer orally 100 47.8%
Other 11 5.3%
Total 209 100.0 …
September 1, 2015
Grain Market Outlook
s occur in late 2015‐2016, grain markets could be volatile, with price direction uncertain to predict.
The development of volatile weather patterns in 2015 such as “El Nino” may cause production problems for
corn and other coarse grains in parts o … ame day the USDA World Agricultural Outlook Board (WAOB) released its
August 2015 World Agricultural Supply and Demand Estimates (WASDE) report – containing U.S. and World
corn supply‐demand and price projections for the 2013/14, “old crop” 2014/15, as well as the “new crop”
2015/16 marketing years. The “new crop” 2015/16 marketing year for U.S. corn began on September 1, 2015
and will last through August 31, 2016.
I‐B. CME DEC 2015 & MAY 2016 Corn Futures Trends
The CME DECEMBER 2015 corn contract is now the “lead” corn futures contract – representing “new crop”
2015 corn market price prospects. Local basis adjustments are now being made off DEC 2015 corn futures for
spot cash corn and grain sorghum price bids in North America as well as other World grain markets. The “new
crop” DECEMBER 2015 corn futures market contract initially responded in a “very negative” manner to the
information in the August 12th USDA reports, but in the days afterward have trended “first higher then
sideways”. The USDA report findings were publicly released at approximately mid‐session, i.e., 12:00 noon
eastern time (11:00 a.m. central) that day.
On the day of the report – Wednesday, August 12th – Chicago Mercantile Exchange (CME) DECEMBER 2015
corn futures prices opened at $3.87 ¾ per bushel, and traded in a range of $3.57 ½ ‐ $3.93 ½ during the
session, before settling at $3.68 – down $0.19 ½ for the day (Figure 1). Since then, DECEMBER 2015 Corn has
traded from a low of $3.65 ½ on Monday, August 24th to a high of $3.86 ¾ on Tuesday, August 25th to before
closing at $3.75 ¼ on Monday, August 31st.
Figure 1. DECEMBER 2015 & MAY 2016 CME Corn Futures Price Charts …
May 19, 2017
Grain Market Outlook
then 2017 U.S. corn production could be in the range of 13.500 to 13.750
billion bushels (bb) instead of the USDA projection of 14.065 bb or the record high of 15.148 bb in 2016.
Forecasts by the USDA and other market analysts that endi … nd for corn in
Kansas and nationwide. While the “large supply and tight storage availability” situation still predominates in
local Kansas grain markets, it is a positive market signal that corn usage has not declined, and that Kansas cash
corn prices have enough support to have avoided falling down to USDA loan rate levels.
Other factors that could affect …
October 25, 2017
Grain Market Outlook
corn market to 2017 summer‐early fall production risks that occurred. The
corn market has been less responsive to any 2017 U.S. corn production threats since beginning stocks for “new
crop” MY 2017/18 have been projected to be near 2.340 bb rather than down to 1.000 bb. If this “large stocks
situation” persists through summer 2018, this mitigating and limiting affect will likely hamper future 2018 corn
crop forward pricing prospects as well.
Second, the grain market continues to anticipate that low prices for U.S. corn will help maintain strong
usage for domestic U.S. ethanol and wet milling production, as well as livestock feeding through at least spring
2018 if not into the summer months.
Third, at least “moderate” continued strength is expected in U.S. corn exports due to low U.S. corn prices
and also to a moderate weakening of the U.S. dollar against other World currencies. Export …
March 15, 2018
Grain Market Outlook
prices to date, b) expectations of significantly
tighter foreign stocks and percent (%) stocks‐to‐use for corn, and c) the eventual “using up” of competing
South American corn exports in spring 2018.
Current forecasts are for 2018 Brazilian corn production to be 94.5 million metric tons (mmt) in this
marketing year – versus 98.5 mmt last year ‐ with harvests lasting from February through May. However,
forecasts are for 2018 Argentina corn production to be 36.0 mmt in this marketing year – versus 41.0 mmt a
year ago ‐ with harvests lasting from March through May. The Argentina production figure is at risk to falling
further. To the degree that 2018 corn production in Argentina and southern Brazil is limited by crop weather
issues, there will likely be subsequent support U.S. corn export prospects.
Fourth, a continuing threat exists of U.S. and Foreign economic and/or financial system disruptions that
could impact grain, energy, and other commodity markets in 2018. World geo‐political events could provide
“shocks” to U.S. and World energy and grain markets which could in turn impact grain prices in either direction
depending on the circumstances, the countries involved, and their role in global corn export trade.
4. USDA Supply‐Demand & Price Forecasts
In the March 8th WASDE report, the USDA left unchanged its projections of a) 2017 U.S. corn production of
14.604 bb – down from the record high of 15.148 bb in 2016, and b) “old crop” MY 2017/18 total supplies of
16.947 bb – up marginally from a year earlier. Total use is forecast at 14.820 bb – raised 225 mb from the
February WASDE on prospects for a) higher ethanol use of 5.575 bb (raised 50 mb), and b) higher exports of
2.225 bb (raised 175 mb). Ending stocks are projected to be a 2.127 bb (14.35% Stocks/Use) – down 225 mb
from February, and down from 2.293 bb (15.65% S/U) in MY 2016/17. United States’ corn prices are projected
to average $3.35 /bu (range of $3.15‐$3.55). This is down $0.01 /bu from $3.36 /bu from MY 2016/17.
At the Agricultural Outlook Forum in Arlington, Virginia on February 23, 2018, the USDA forecast that a)
2018 U.S. corn production would be 14.390 bb – based on 90.0 million acres (ma) planted, 82.7 ma harvested,
and a yield of 174.0 bu. Total use is forecast at 14.520 bb – with projections of ethanol use at 5.650 bb (a
record high), non‐ethanol food seed and industrial use at 1.495 bb (also a record high), exports of 1.900 bb
(down 325 mb from the current marketing year), and feed and residual use of 5.475 mb (down 75 mb from this
year). After a KSU‐adjustment for lower beginning stocks based on the March 8th WASDE report, ending stocks
are projected to be a 2.047 bb (14.10% Stocks/Use) – with both being down moderately from “old crop” MY
2017/18 levels. United States’ corn prices are projected to average a KSU‐adjusted $3.45 /bu (up $0.05‐$0.10
Page | 3
from this year). It is probable that the export projection for “new crop” MY 2018/19 may be raised in coming
months due to South American production problems – causing these ending stocks and % stocks‐to‐use
estimates to tighten further. This scenario is given a 50% likelihood of occurring by KSU Extension
Agricultural Economist D. O’Brien.
5. Alternative KSU Supply‐Demand & Price Forecast for “New Crop” MY 2018/19
Two alternative KSU‐Scenarios for U.S. corn supply‐demand and prices are presented for “new crop” MY
2018/19. These projections are to show how varying 2018 U.S. corn production outcomes could affect U.S.
corn supply‐demand and price outcomes in “new crop” MY 2018/19.
A ‐ KSU “Higher 2018 U.S. Corn Production” Scenario for “new crop” MY 2018/19: (25% probability):
Assumptions are as follows: 90.000 ma planted, 82.700 ma harvested, 176.6 bu/ac record yield (equal to
2017 record high), 14.605 bb production, 16.782 bb total supplies, 14.600 bb total use, 2.182 bb ending
stocks, 14.95% S/U, & $3.30 /bu U.S. corn average price;
B ‐ KSU “Lower 2018 U.S. Corn Production” Scenario for “new crop” MY 2018/19: (25% probability):
Assumptions are as follows: 90.000 ma planted, 82.700 ma harvested, 164.4 bu/ac yield (equal to 2009
yield), 13.596 bb production, 15.773 bb total supplies, 14.315 bb total use, 1.458 bb ending stocks, 10.19%
S/U, & $4.20 /bu U.S. corn average price;
6. World Corn Supply‐Demand – With & Without China
World corn production of 1,041.7 million metric tons (mmt) is projected for “old crop” MY 2017/18, down
3.1% from the record of 1,075.2 mmt in MY 2016/17, but still up 7.0% from 973.45 mmt in MY 2015/16. World
corn total supplies of 1,273.6 mmt in “old crop” MY 2017/18 are forecast to be down moderately from the
record high 1,290.2 mmt in MY 2016/17, but up from 1,183.2 mmt in MY 2015/16.
World corn exports of a 155.9 mmt are projected for “old crop” MY 2017/18, down 2.4% from the record
high of 159.8 mmt in MY 2016/17, and up 30.2% from 119.7 mmt in MY 2015/16. Projected World corn ending
stocks of 199.2 mmt (18.5% S/U) in “old crop” MY 2017/18 are down from the record high 231.9 mmt (21.9%
S/U) in MY 2016/17, and from 215.0 mmt (22.2% S/U) in MY 2015/16. Projected Foreign (Non‐U.S.) corn
ending stocks of 145.1 mmt (17.0% S/U) in “old crop” MY 2017/18 are down from 173.6 mmt (21.9% S/U) in
MY 2016/17, and from 170.9 mmt (23.1% S/U) in MY 2015/16.
An alternative view of the World corn supply‐demand is presented if Chinese corn usage and ending stocks
are isolated from the World market. “World‐Less‐China” corn ending stocks are projected to be 119.6 mmt
(14.35% S/U) in “old crop” MY 2017/18, down from 131.1 mmt (15.9% S/U) in MY 2016/17, but up from 104.2
mmt (13.9% S/U) in MY 2015/16. These figures show that World stocks‐to‐use of corn less China’s direct
influence are projected to be approximately 22% lower (i.e., 14.35% S/U for the “World‐Less‐China” versus
18.5% S/U for the “World” overall in “old crop” MY 2017/18).
At the same time, these figures also show that Chinese ending stocks of corn as proportion of the World
total are declining – down from 51.5% in MY 2015/16, to 43.4% in MY 2016/17, and down to 39.9% in “old
crop” MY 2017/18. The deliberate actions in recent years ‐ taken by the Chinese government to reduce
feedgrain stockpiles – is impacting the relative amount of World total corn stocks they hold. These actions
may eventual increase Chinese import demand for U.S. corn and grain sorghum.
…