Karl's Feed
Mar 26, 2014

Illinois governor’s budget would make tax hike permanent

, March 26 (Reuters) – In an effort to keep
the state budget afloat, Illinois Governor Pat Quinn on
Wednesday proposed making permanent a once-temporary hike in the
state’s income tax, a key issue in the 2014 gubernatorial
election campaign,

Quinn, who is facing a tough re-election campaign against
wealthy Republican venture capitalist Bruce Rauner, sought to
soften the move to lock in the higher tax rate by also offering
a property tax refund to homeowners and increasing the earned
income tax credit for low-income workers.

Mar 25, 2014

Oil spills into Lake Michigan from BP refinery

Whiting, Indiana, March 25 (Reuters) – Oil leaked from BP
Plc’s Whiting refinery in Indiana into Lake
Michigan after a malfunction at a recently upgraded processing
unit on Monday afternoon, the company confirmed on Tuesday.

Between 10 and 12 barrels, or around 500 gallons, of crude
oil spilled into the lake, according to a local CBS report
citing a source. That would make this a relatively small
discharge; last week, a pipeline owned by Sunoco Logistics
Partners spilled 240 barrels into an Ohio nature preserve.

Mar 20, 2014

China buys first U.S. corn in two months despite unresolved GMO spat

March 20 (Reuters) – China bought its first U.S. corn in
more than two months last week, the U.S. Agriculture Department
said Thursday, despite an unresolved dispute over a biotech
variety that has not been approved for import by the country.

The purchase, which followed seven consecutive weeks of
cancellations by the world’s third-largest corn importer,
puzzled traders as the risk for rejection was high and China’s
corn stocks were ample.

Mar 11, 2014

Agriculture companies launch effort to standardize, secure farm data

CHICAGO, March 11 (Reuters) – Purdue University researchers
and a group of agricultural companies on Tuesday announced an
open source project to standardize farm data formats and improve
communication between farm equipment and farm management tools
made by different companies.

The Open Agriculture Data Alliance, or OADA, will also seek
to set standards on data privacy and security, among the top
concerns of farmers gathering and sharing increasingly deep
pools of data from high tech farm machines armed with global
positioning technology and wireless data transfer capability.

Mar 5, 2014

Grain markets recall past, brace for volatility amid Ukraine crisis

CHICAGO, March 4 (Reuters) – The crisis in Ukraine is
roiling grains markets, but with wheat already harvested and
shipped and global stockpiles of corn that can substitute for
Ukrainian maize, it appears unlikely, at least for now, that
there will be major global supply shocks.

Some traders are even seeking lessons from the 1986 disaster
that hit the nuclear plant at Chernobyl in northern Ukraine.
When the plant exploded and sent radioactive particles across
the western Soviet Union, fears of widespread radiation
contamination disrupted grain shipments from the region, and
caused significant price volatility, before markets returned to
normal.

Feb 27, 2014

Farmers and exporters: handle new Syngenta GMO corn with care, USGC says

CHICAGO, Feb 27 (Reuters) – U.S. farmers should closely
consider the markets they serve when choosing to plant a new
genetically modified Syngenta AG corn variety as it is
not approved by all major importers, including China, the U.S.
Grains Council said on Thursday.

Grain exporters also need to be keenly aware of the
varieties they handle to prevent further disruptions to
international trade, said USGC, which helps develop foreign
markets for grain.

Feb 21, 2014

U.S. corn sinks on profit taking, weak export sales

CHICAGO, Feb 21 (Reuters) – U.S. corn futures fell for the
first time in six sessions on Friday in a profit-taking setback
ahead of the weekend and as weekly export sales data came in
well below trade expectations.

Soybeans shrugged off the lightest week of export sales this
season and edged higher, supported by concerns about tight U.S.
supplies.

Feb 18, 2014

Soybeans surge to 5-month high on S.American crop concern

CHICAGO, Feb 18 (Reuters) – U.S. soybean futures surged to a
five-month high on Tuesday as adverse weather in South America
fuelled concerns about smaller crops in key exporters Brazil and
Argentina.
Wheat rose for a third consecutive session, underpinned by
technical momentum from recent gains and worries that a harsh
winter may cut production in the United States.
Corn prices firmed on spillover support from rallying
soybeans, but abundant supplies following a record-large U.S.
harvest anchored the market.
“The U.S. grain trade has been behind in reacting to the
weather situation in South America,” said Rich Nelson, chief
strategist with consultancy Allendale Inc.
Analysts at Brazilian consultancy AgRural shaved 1.8 million
tonnes off their estimate for Brazil’s 2013-14 soybean crop on
Monday, saying drought in much of the country in recent weeks
had reduced yields.
AgRural now expects a crop of 87 million tonnes, down from
88.8 million tonnes previously and well below the U.S.
Department of Agriculture estimate for 90 million tonnes.
“After the decline in AgRural’s soybean production estimate
over the weekend, we’re wondering if we maybe have to start
taking a bit off the expectations we’ve been talking about over
the last couple of weeks,” Nelson said.
In Argentina’s main soybean-growing region, weeks of heavy
rain have encouraged the spread of caterpillars that are eating
into the 2013/14 season’s crop yields, a climate expert said on
Monday.
The less favourable conditions in South America added to
concerns about tight U.S. soybean stocks, which have been
whittled down by record-strong export demand. Meanwhile,
cancellations of U.S. purchases by China and switching of orders
toward South American supplies have been below expectations.
Chicago Board of Trade March soybeans jumped 22-3/4
cents, or 1.7 percent, to $13.60-1/4 per bushel by 10:30 a.m.
CST (1630 GMT), the highest for a spot-month contract since
Sept. 19.
CBOT March wheat rose 9 cents, or 1.5 percent, to a
six-week peak of $6.07-1/2 a bushel. CBOT March corn added
2-1/4 cents, or 0.5 percent, to $4.47-1/2 a bushel.

Prices at 10:35 a.m. CST (1635 GMT)

LAST NET PCT YTD
CHG CHG CHG
CBOT corn 447.50 2.25 0.5% 6.0%
CBOT soy 1360.00 22.50 1.7% 3.6%
CBOT meal 456.90 6.90 1.5% 4.4%
CBOT soyoil 40.14 0.99 2.5% 3.4%
CBOT wheat 607.75 9.25 1.6% 0.4%
CBOT rice 1563.00 4.50 0.3% 0.8%
EU wheat 199.00 0.75 0.4% -4.8%

Feb 12, 2014

ADM tightens barge corn moisture guidelines from August-trade

CHICAGO, Feb 12 (Reuters) – U.S. agribusiness Archer Daniels
Midland is tightening its grain moisture guidelines for
corn shipped on barges to U.S. Gulf Coast export terminals
beginning in August to better meet export standards, trade
sources said on Wednesday.

From Aug. 1, ADM will discount yellow corn barges with grain
moisture above 14.5 percent, versus 15 percent previously, they
said.

Feb 12, 2014

Mix of farm innovations could take a bite out of world hunger -study

CHICAGO, Feb 12 (Reuters) – A tailored mix of farming
technologies could significantly improve global food security by
mid-century as the world’s population swells to a projected 9
billion and the risk of adverse weather from climate change
threatens crops and disrupts trade, according to a study
published on Wednesday.

Global corn yields could jump by as much as 67 percent by
2050, while wheat and rice yields may rise around 20 percent if
certain innovations are paired, the International Food Policy
Research Institute said in a study titled “Food Security in a
World of Natural Resource Scarcity.”