“We ran into some farmer selling above $4 today,” said Greg Grow, the director of agribusiness for Archer Financial Services in Chicago. “Farmers are making progress harvesting this week.”
Corn futures for December delivery fell 0.5 cent, or 0.1 percent, to $3.94 a bushel on the Chicago Board of Trade. Earlier, the price reached $4.03, the highest level for a most- active contract since Oct. 23.
Russia harvested 101.4 million metric tons of grain in the year to Nov. 11, down 12.5 million tons from the same date last year, the agriculture ministry said Wednesday.
The U.S. is still on track to produce its second-largest corn crop in history, even as the government lowered the projected size of the crop. The U.S. Department of Agriculture on Tuesday cut its estimate of the U.S. corn crop to 12.9 billion bushels, down 1% from its October estimate, based on a slightly smaller national corn yield estimate. Only in 2007 did the U.S. grow more corn. Tuesday’s estimate for the current corn crop is also 7% above 2008’s crop size.
U.S. 2009 soybean production is expected to reach a record high 3.32 billion bushels, as the U.S. Department of Agriculture on Tuesday raised its crop size and yield estimates. In its monthly crop production report, the USDA said the 2009 crop estimate is 2% above its October forecast and 12% above 2008’s level. Yields are also seen up from last month and last year, at 43.3 bushels per acre, which, if realized, would be the largest ever. The USDA raised yields by 0.9 bushels from October’s estimate, which itself would’ve been a record, and 3.6 bushels from last year.
The Agrarian Fund of Ukraine stocks 2.4 mln tonnes of grains, including the volumes given to agrarians as collateral for receiving of budget lend, declared Yuri Lusan, the First Deputy Minister of Agrarian Policy of Ukraine, on November 6. Such grain volumes will completely cover realization of interventions during the whole marketing year.
In the current year, sunflower harvest in Ukraine will total 6.5-6.6 mln tonnes, as opposed to nearly 6 mln tonnes of the previous forecast, declared Yuri Lusan, the First Deputy Minister of Agrarian Policy of Ukraine, on November 6.
The realization of the governmental policy, which will provide favorable conditions for existence and development of the domestic grain production, which the basis of the agro industrial complex of the country, is main task of the state regulation of the market of grains. To date, the market of grains faces the problem of insufficient development of infrastructure and high infrastructural charges. Russia needs advance development of own infrastructure for the normal functioning of the market of grains.
From the beginning of the current marketing year (MY, July 2009 – June 2010), and as of November 6, Ukraine exported 9.5 mln tonnes of grains, declared Yuri Lusan, the First Deputy Minister of Agrarian Policy of Ukraine. The rates of grain exports became higher compared to the previous year.
The Crimea almost completed the autumn field works, declared Pavel Akimov, the Minister of Agrarian Policy of the Autonomous Republic of Crimea (Ukraine), on November 6. Agrarians sowed winter crops throughout 527 thsd ha for the harvest-2010, or 79% from the planned areas.
In the current year, grain harvest in Ukraine will total nearly 47 mln tonnes, declared Yuri Lusan, the First Deputy Minister of Agrarian Policy of Ukraine, on November 6. Previously, the Minister expected for grain production volumes at the level of 42.9 mln tonnes in clean weight.