Market Shift Hits All Commodities
This past week was a roller coaster with Thursday's breathtaking market plunge; it was a correction across all commodities, not just grains. Read more in the "Markets" section, below.
2018 Farm Bill - The conference I referenced in the last update featured Mary Kay Thatcher as one of the guest panelists and speaker. I've known Ms Thatcher for most of my career in crop insurance, she is a friend for agriculture, a strong supporter of crop insurance and also knowledgeable of the inner workings on Capitol Hill in Washington DC. Here's an article summarizing her thoughts...
Crop insurance support is strong - A story from a grower stating how critical and import crop insurance is to their farming operation. Read about it here...
Precision Farming - Although this proposed M&A does not impact most growers in the PNW directly, it certainly will as technology evolves and said technology is a component of equipment operated on the farm.
Markets - This past week was a roller coaster with Thursday's breathtaking plunge; it was a correction across all commodities, not just grains. The HRW wheat tour found ample bushels in their appraisals conducted during the annual event across the Southern Plains. Forecast yields are about 3 bushels less than 2016's crop, which was a swing and a miss - production averaged significantly more than what the tour estimated. Darin Newsom, DTN analyst said "We won't know what the wheat crop is, good or bad, until the combines roll through the fields and bushels are hauled to town." Keep in mind that any damage from the snowstorm that blanketed the region last weekend, will take a minimum of 7/10 days to show itself. The damage from the cold and lodged grain won't begin to show itself until the end of this week.
Progress on field work and corn planting was slowed this past week due to the cold and significant rainfall that was received in the corn belt region. This is anticipated to continue again this week across much of the corn belt, with warmer temperatures expected next week. If we weather continues for this week, that means corn planting will be delayed beyond the 5/15 magical date. If the delay is prolonged, corn will gain some weather trading at the expense of beans - corn acres switched to beans due to later planting and maturity issues. Read about it here and stay tuned for more.
If you've not heard or read, the extreme drought has switched coasts; Florida is in some dire straits with areas at 50% or less of normal rainfall received thus far this year...
Road Conditions - You're correct, roads locally are in poor health, though thankfully, not the worst...
State Farm - More fallout from the losses the company has suffered through their auto business unit and the steps being taken to right the ship. It's all about the balance sheet at the end of the quarter/fiscal, this story shares the significant drop in net income for the company.
Be safe out there and let us know how we can help you.
Until next time...
"Failure is not failure to meet your goal. Real failure is failure to reach as high as you possibly can..." ~Dr Robert Schuller
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