Surging supplies of U.S. corn and soybeans coupled with higher revenue for specialty crops will boost farm incomes to a record this year even after grain prices fell, the U.S. Department of Agriculture said.
A deal was finally struck within just hours of the deadline for a U.S. budget meltdown. Unfortunately it represents a short-term fix and the problem, as described by the media ad nauseum of "kicking the can down the road" applies.
Pete Nessler, CEO of FCStone Group, was raised in Chicago but earned his stripes in the grain fields of Iowa. Working with elevators and farmers, he helped turn Farmers Commodities Corp. from a group of co-ops into the international brokerage firm INTLFCStone that it is today.
It was widely expected that the USDA would slash its estimate for planted corn acreage in its June 12 monthly crop report. It was quite a surprise then when the USDA left the acreage estimate virtually unchanged from the May estimate, at 97.3 million acres.
On Friday we saw a large drop in corn with Sept 2013 down $0.25. This was caused by the USDA Acreage report released that day confirming the U.S. corn acreage planted at 97.4 million acres, the highest planted since 1936 when an estimated 102 million acres were planted.
CME Group Inc., the world’s largest futures-exchange owner, is closing its wheat-trading pit in Kansas City today, ending a 157-year run, before shifting transactions next week to the Chicago Board of Trade.