Market Trends / Ingredients

After droughts, world grain markets are closely watching corn, soybean crops

Last week’s annual Pro Farmer Midwest Crop Tour provided a detailed analysis on the likely outcome for 2012’s U.S. corn and soybean harvest. Given the drought and record-high corn and soybean futures prices, the world grain markets are paying extra close attention to the tour.

“Clearly, 2012 is shaping up to be an enormously painful year for most Midwest growers,” reports Chip Flory, Pro Farmer editor and founder of the crop tour. “We’re getting wild variations in reports from our members—everything from an ‘okay crop’ to ‘corn only 2-feet tall’ to ‘field’s a total loss–plowed under.’ The task of Crop Tour will be to peg numbers to these conditions.”

The tour deploys a team of around 200 growers, industry experts and media reporters who walk around some 2,000 fields in seven Midwestern states followed by a summary of the tour’s findings on the last evening, in this case, in Owatonna, Minn. Corn and soybean crop production estimates from the tour are released and the numbers will be heavily scrutinized by grain traders worldwide. Major agricultural companies, including Potash Corp., Monsanto, Agrium, Syngenta, Archer Daniels Midland and John Deere, will be watching the tour’s results and production estimates.

Predictions for U.S. corn and soybeans yields have been all over the board this year, as the extreme drought has enveloped nearly the entire U.S. Corn Belt. The U.S. Department of Agriculture recently estimated U.S. corn yields at 123.4 bushels per acre and soybeans at 36.1 bushels per acre. Those estimates are 15% to 20% below what would have been yielded during a year with normal precipitation and temperatures in the U.S. Corn Belt.

Source:www.forbes.com

Did you enjoy this article? Click here to subscribe to Snack Food & Wholesale Bakery Magazine 

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

Golden Boy Pies

For the complete story on Golden Boy Pies, see “The classic appeal of Golden Boy.”

4/14/15 2:00 pm EDT

Gluten Free: The Rising Growth Market

On April 14, Snack Food & Wholesale Bakery will launch its 2015 Editorial Webinar Series with a web event on how Gluten-Free is impacting the commercial snack and bakery market—the first of four scheduled web events.

Snack Food & Wholesale Bakery Magazine

sfwb march 15

2015 March

March's Snack Food & Wholesale Bakery publication features our cover report: "Canyon Bakehouse redefines gluten-free" Plus Much More!

Table Of Contents Subscribe

Sweet-Savory Flavor Combinations

When it comes to snacks, what’s your favorite sweet-savory flavor combination?
View Results Poll Archive

THE SNACK AND BAKERY STORE

organic-production-&-food-q.gif
Organic Production and Food Quality: A Down to Earth Analysis

Effects of Organic Production on Food Quality is the first comprehensive book on how organic production methods influence the safety and quality of foods, based on an unbiased assessment of the latest scientific findings.  The title is a 'must-have' for everyone working within the food industry.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

Facebook IconTwitter IconYoutube IconLinkedIn Icon

The Weekly Mix

Operations Weekly Logo

Written by Snack Food & Wholesale Bakery editors, our Operations Weekly weekly enewsletter provides bakers and snack food manufacturers with up-to-the-minute news, ideas and industry trends.

Sign up today!