June Outlook Report by Prof. Cropp is Available
Thu, 19 Jun 2008 11:46:00 GMT
Prof. Bob Cropp’s June Dairy Situation and Outlook report is available in the Dairy Situation section of this website.
Summary of the Tax Provisions of 2008 Farm Bill Available
Wed, 18 Jun 2008 12:34:00 GMT
Prof. Phil Harris of the Department of Agricultural and Applied Economics has created a 2-page summary of the Tax Provisions of the 2008 Farm Bill. This summary is available in our dedicated 2008 Farm Bill web page.
Corn Futures Prices Near $8 on Fears of Reduced Crop
Tue, 17 Jun 2008 15:25:00 GMT
Corn prices reached another record Monday, closing in on $8 a bushel, as devastating Midwest floods raised fears of a sharply smaller U.S. corn crop and another spike in world food prices.
Other commodities traded mostly higher, with gold, silver, copper and wheat futures all climbing. Crude oil surged to a record near $140 a barrel and then fell in volatile trading.
Corn prices have shot up 11 percent in the last week as floodwaters continue to ravage the Midwest, swallowing corn fields just before the crucial growing season. The U.S. government will report June 30 on how many acres have been lost to flooding, but a survey in Farm Futures magazine estimated that flooding could claim 3.3 million acres – or nearly 4 percent of the expected crop.
The Overall May CPI for Dairy Products is Up 10.9% from 2007
Mon, 16 Jun 2008 13:50:00 GMT
The May CPI for the overall Dairy Products category is 207.8, a 10.9% increase over May, ‘07. For the All Fresh Milk category, the CPI was 146.9, a 10.2% increase from May ‘07. For the Cheese and Related category, the May CPI was 209.9 which represents a 14.1% increase from the 2007 value.
Average California July Class I Price is $22.52
Fri, 13 Jun 2008 19:48:00 GMT
The Minimum July Class I price in California increases to $22.52 (based upon production).
Commodity Prices Continue Their Increase
Fri, 13 Jun 2008 13:50:00 GMT
Commodity prices continued to rise on Thursday, with the price of corn remaining above $7 a bushel. Soybeans also moved higher. Wheat, which rose on Wednesday, fell on Thursday. Corn prices, which have been hitting new highs for a week, are reacting to six weeks of heavy rains and cool weather in the Midwest. That prevented planting in some areas, leading some farmers to abandon the crop in the last few days. It is still raining. The bad weather comes as supplies of corn, wheat and other staples are already tight thanks to soaring global demand. The higher commodity prices are likely to add to a worldwide inflationary picture that seems to worsen by the day. Prices of many grocery items in the United States have been rising briskly, with some goods like eggs and milk — produced from animals fed with corn — up by 13 to 30 percent in the past year.
Nass Cheddar Cheese Price for the Week of June 7th Averaged $2.16
Fri, 13 Jun 2008 12:40:00 GMT
Cheddar Cheese prices received for US 40 pound Blocks averaged $2.16 per pound for the week ending June 7. The price per pound increased 9.1 cents from the previous week. The price for US 500 pound Barrels adjusted to 38 percent moisture averaged $2.22 per pound, up 7.8 cents from the previous week.
Corn Harvest Forecast is Cut by 3.2%
Thu, 12 Jun 2008 17:14:00 GMT
Keeping the heat under food prices, the Agriculture Department trimmed its one-month-old forecast of the U.S. corn harvest by 3.2% because of a rain-delayed planting season in parts of the Midwest.
The USDA said in a flurry of monthly crop-related reports released Tuesday that it expects U.S. farmers to harvest 11.7 billion bushels of corn this year, based on early June conditions.
Since May, when the department forecast a 12.1-billion-bushel crop, heavy and persistent rain across Iowa, Illinois, Missouri and Indiana have prevented many farmers from getting all of their crops into the ground. Most Midwestern farmers try to finish planting by mid-May so their crops reach full maturity before autumn temperatures could kill the plants.
Block-Barrel Spread Series Added to the Website
Thu, 12 Jun 2008 12:53:00 GMT
A new data series has been added to the website that shows the difference between the CME Block and Barrel prices. This difference is calculated on a daily, weekly and monthly basis.
Latest WASDE Report Added to the Website
Tue, 10 Jun 2008 14:32:00 GMT
The latest World Agricultural Supply and Demand Estimates report has been added to our website database.
