Here’s what’s making ag news this morning:
- In a reversal from how things were going a couple weeks ago, we’re now seeing spring planting in Texas starting to fall a little behind what five-year averages suggest should be the normal pace for corn and cotton. Wet weather has been a factor as USDA says – on a statewide basis – there were just 4.1 days suitable for field work last week.
- Texas A&M cotton economist John Robinson says, with the recent collapse in prices, cotton farmers could be looking at losses of as much as 15 cents a pound come harvest time.
- The recent slump in cattle prices in the futures market has been steep. This morning, June live cattle began the day almost twelve dollars lower than where that contract was at back on April 12th while May feeder cattle were fifteen dollars lower than that April 12th reference point.
- Spot market prices for cattle took some heavy falls last week. Local analyst Ed Czerwien tells us the average price for steers sold out of feedlots was down $3.42 for the week while feeder cattle sold at auction suffered losses in the three-to-five dollar range.
- Ag Secretary Sonny Perdue describes as “hopeful” the outlook for ongoing trade negotiations with Japan. Perdue says the Japanese should recognize that the U.S. is a good customer, as we run an annual trade deficit with their country of approximately $70 billion.