Headlines:

  • Monsanto Terminates Precision Planting Acquisition With Deere
    Nearly two years after it initially agreed to sell Precision Planting to John Deere, Monsanto has announced it is terminating the 2015 agreement.
  • Wheat markets await crop tour results, amid debate over cold damage
    The US is poised for a thaw, after the weekend storms some estimate have cost more than 2.5m tonnes in wheat production – and which is placing extra stress on results of a high-profile crop tour. Weather service MDA said that in the central US “temperatures will moderate over the course of this week”, after weekend storms which brought rains of up to 6 inches to parts of the Corn Belt, and snows reported at 20 inches in parts of the central Plains. The warm-up will “limit additional damage” to crops hurt by the weekend tempests, which also brought high winds which MDA said “led to some lodging of the wheat crop” – i.e., the snapping of wheat stalks. The improved conditions and snow melt – albeit likely to be accompanied by fresh rains in many areas – will also allow a better assessment of the extent of crop damage, in particular in the Plains hard red winter wheat belt, but with some losses expected in Midwest soft red winter wheat too. According to MDA, the “cold temperatures, particularly in Kansas, caused damage to about a third of the crop, especially in areas where snow cover was minimal, with about 10% of the crop potentially facing irreversible damage”.

Summary:

The 6 to 10-day forecast is showing above average temperatures in the central Midwest, with precipitation shifting to below normal. Yesterday’s Crop Progress report showed that the largest 18 Corn producing states are 34% planted as of Sunday versus the 17% from the previous week and 43% last year. The 5-year average for this time of year was also 34%. A window in the weather forecast will might allow planting to proceed. The Crop Progress report showed Soybeans at 10% planted for the 18 largest producing states versus the 5-year average of 7%. The Crop Progress report for Wheat showed that 42% of Winter Wheat is headed and that 66% of crop is rated at the good or excellent category.

The newly appointed Secretary of Agriculture, Sonny Perdue is already singing the praised of the current administration, citing that from President Trump down, the administration recognizes the importance of farm exports. He also asserted that he expects to make frequent trips overseas to promote sales. “I think the president is a great negotiator,” Perdue said during a YouTube Live forum with FFA members in Indiana, Iowa, Wisconsin, Colorado, New Hampshire, and Virginia. “I’ve got a lot of confidence” that Trump understands that exports are vital to farm income.