UnitedSoybean

Export inspections under estimates, down from prior week

Wheat inspections for the week ending February 19 came out at 10.025 million bushels, down 579,000 from the previous week and 9.344 million lower than a year ago.

Corn was reported at 26.386 million bushels, 8.136 million under the week ending February 12 and 25.419 million below last year.

Soybeans were placed at 27.490 million bushels, 21.060 million less than the week prior but 1.01 million more than a year ago.

Sorghum totaled 2.912 million bushels. That's up 1.336 million from the week before but down 8.416 million from the week ending February 21, 2008.

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USB says this is not the time to slow down on product investment

The Soybean Checkoff says soy product innovation is going strong even in this tough economic environment. Marty Ross, United Soybean Board vice chairman of new uses, says 28 new soy products hit the market in 2008, representing a steady increase in new products each year.

Brownfield story with audio

Corn exports top a million tons for the fifth straight week

Soybean sales were larger than expected, also above a million tons, and bean oil beat pre-report estimates. Wheat and soybean meal sales were within projections.

Wheat for the week ending February 12 came out at 433,500 tons (15.9 million bushels), up 5% from the previous week and 48% higher than the four week average.

Corn was reported at 1,332,300 tons (52.4 million bushels), 14% less than the week ending February 5 but 9% more than the four week average.

Soybeans were placed at 1,094,200 tons (40.2 million bushels), 2% above the prior week and 34% larger than the four week average.

Soybean meal came out at 142,600 tons, 28% below both the week before and the four week average. Expectations ranged from 125,000 to 225,000 tons.

Soybean oil hit a marketing year high at 43,100 tons, above the 10,000 to 30,000 ton range of estimates.

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BP takes next step towards cellulosic ethanol

British Petroleum—BP--has taken the next step in what it calls “our real commitment to making cellulosic ethanol a reality in the U.S. fuels market in the near term.”

BP has announced the formation of a 50-50 joint venture with Verenium Corporation to develop and commercialize cellulosic ethanol from non-food feedstocks. The companies define non-food feedstocks as dedicated energy crops, agricultural waste and wood products.

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More states voice support for ASA

The Illinois Soybean Association and Mid-Atlantic Soybean Association are expressing their support for the American Soybean Association. Both groups have passed resolutions recognizing ASA as the sole national policy representative for American soybean farmers.

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Ag groups urge Vilsack to keep safety net

American Farm Bureau Federation and 10 national and regional ag groups sent a letter to Ag Secretary Tom Vilsack this week urging him to uphold farmer safety nets in the 2008 Farm Bill, specifically direct payments. Vilsack told Cotton Council members earlier this week, essentially, that there are no guarantees,

In their letter, the groups point out that commodity prices have dropped greatly since the farm bill passed just seven months ago while many input costs are still rising. And, net farm income this year is expected to go down 20 percent.

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Southeast Missouri wheat largely spared from major ice storm

The devastating ice storm of late January that shut down southeast Missouri for weeks has caused some agricultural damage as well. But, Missouri Farm Service Agency conservation specialist Gerald Hrdina tells Brownfield that the winter wheat crop appears to have escaped major damage.

“At this point in time at least they can’t see any appreciable damage to the wheat crop. They said there may be a small amount of loss due to heaving, you know they because it got quite cold down there a couple days after they had the ice storm.”

Brownfield story with audio

Allendale expecting fewer cattle on feed

Allendale Inc. sees the total number of cattle on feed as of January 1 at 93.8% year ago. That'd be the smallest January total in five years. Marketings are expected to drop 8.4% as smaller placements from past months get sold. Placements are pegged at 98.5%, which would be the sixth straight month with a decline.

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NOPA January bean crush a bit larger than expected

Overall demand for soybeans and products is stronger than it was a month ago, but it’s softer than it was a year ago. The National Oilseed Processors Association reports that member firms crushed 139.100 million bushels of soybeans during January. That's compared to 134.787 million bushels for December 2008 and 152.349 million in January 2008.

Soybean oil stocks were pegged at 2.394 billion pounds, compared to 2.176 billion a month ago and 2.840 billion a year ago.

Soybean meal exports came out at 600,823 short tons. That's 6,882 short tons fewer than last month and 144,331 less than last year.

Brownfield story

Corn, wheat export inspections trail year ago pace

The most recent USDA export inspections report shows that demand for U.S. corn and wheat is behind a year ago. That's at least partially due to ample available supplies and comparatively high prices. Soybeans are ahead of last year's pace thanks to generally tight stocks.

Wheat inspections for the week ending February 12 came out at 10.464 million bushels, down 8.817 million from the week before and 13.11 million lower than a year ago.

Corn was reported at 33.856 million bushels, 4.053 million more than the week ending February 5 but 19.566 million less than the week ending February 14, 2008.

Soybeans were placed at 47.637 million bushels, 796,000 lower than the prior week but 12.808 million higher than a year ago.

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