UK: Winter Bean Plantings To Increase
Following two difficult years, the winter bean crop is making a comeback, says the Farmer's Guardian. Reports of high yields from this harvest and a significant increase in the planned area for planting this autumn, means winter beans could provide growers with fresh opportunities for a break crop, they say.
Whilst this season’s crop has, like the cereal harvest, been delayed by rain, there are promising signs of high yielding and good quality crops being taken across the country. Coupled with this, with the rising cost of farm inputs and difficulties in drilling oilseed rape currently being experienced by many growers, there could well be a resurgence in the area of winter beans to be planted this autumn, they conclude.
Friday night wrap-up, US grains reverse Thurs losses
Chicago grains & oilseeds closed firmer across the board Friday, effectively reversing Thursday night's heavy losses. Crude oil had a bad case of the jitters Thursday which dragged everything else down with it. Having stabilised Friday, grains followed suit.
Nearby beans closed around 40c firmer with new crop months around 30c higher. Old crop/new crop spreading was a feature as a strong crush and nearby export demand served as the catalyst that allowed the front end of the market to gain at the expense of deferred-month futures. Nevertheless futures remain in a sideways pattern as a glance at the chart to the right shows.
Corn closed around 17c firmer, rallying strongly in the last half hour of the session (see chart below) on damage limitation ahead of the weekend. Heavy rainfall in the western U.S. corn belt, particularly Iowa, was raising concerns about continued emergence delays, and the likelihood that many farmers will have to replant, which at this late stage would likely result in lower yields. As well as it's normal planting progress report Monday will see the USDA's first crop condition ratings of the season for the emerging corn crop. The portion of the crop rated good-to-excellent is expected to be well below the average of 70% for the first report of the season.
Wheat closed around 18c firmer, dragged higher by beans & corn late in the session (see chart below). Whilst the hotter, drier forecast for the US across the weekend & into the next week is seen as being largely beneficial for corn & beans hotter temperatures in the Plains during the next five days could increase stress to wheat.
Futures close sharply lower - just for a change
Beans closed locked in limit down as did oil Thursday night. Meal was a bit strange with nearby months only slightly lower, but with new crop Oct08 onwards down around $10-14.
Outside influences continue to have a large degree of bearing, but didn't they also on the way up. There is some talk of China defaulting on some soy purchases, and with large South American crops around the corner poised to provide competition for U.S. exports that was enough in the current climate to send futures scurrying lower.
Wheat futures opened in negative territory and remained under heavy selling pressure throughout the session. Even bullish news of a larger-than-expected purchase from Egypt failed to lift the market into positive territory.
Nearby May closed with losses of 86 1/2c.
Corn finished at or around limit down (-20c) whilst other commodities such as gold, crude, copper, sugar, cocoa, cotton & sugar also finished with big losses on the week.
Acreage battle
Been doing some reading on various US farmer message boards that I frequent. Not surprisingly there is a lot of talk on the topic of "what are you gonna plant this spring".
The general consensus from most is a shift towards beans. Sure there are plenty saying "same as last year", there are even a few saying 100% beans. But the general consensus seems to be "in 2007 I was 60:40 corn:beans, in 2008 I'm going 40:60."
Also interestingly there was quite a lot of 2009 planting talk with the majority suggesting a bigger switch away from corn & into beans then due to even more increased input concerns.
