Dry Weather Impacts Latest Crop Reports from USDA

USDA’s latest crop progress report shows the impact continued dry weather is having on the corn crop. USDA Meteorologist Brad Rippey has the updated numbers…

“We have seen the percentage of good to excellent corn fall six points during the last week to 66%”
 

Rippey says cotton producers have nearly completed planting. Cotton planted now stands at 96-percent. The five-year average is 92-percent. He goes on to say cotton squaring is also advancing at a rapid pace in many parts of the country…
 

“Nineteen percent squaring, while the five year average is just eleven percent. “
 

USDA economist Joe Glauber explains this report has some changes in the price forecast for cotton:
 

“We have brought our cotton price projections down again for next year. There is weaker demand and a lot of competitions overseas.”
 

As of June 10 – 92-percent of the winter wheat crop was headed. USDA Meteorologist Brad Rippey says that’s ahead of the five-year average pace of 87-percent and last year’s pace of 83-percent…
 

“Only Idaho, Montana and Washington have an appreciable acreage not yet headed. At the bottom of the list Idaho is at just 27% headed. But that is still ahead of the five year average.”
 

Rippey says winter wheat harvest has passed the one-third mark at 35-percent
 

Oil Prices Should Stabilize, if not Fall throughout 2012
 

Saudi Arabia, the world's biggest crude exporter and one of the so called OPEC doves- wants oil prices to stay below $100 a barrel according to price analyst Tom Kloza
 

Restaurant visits rebound, but outlook tempered
 

Consumer visits to restaurants in the first quarter increased by just 1 percent from a year ago – but it was the strongest gain in four years as unusually mild winter weather drew people out of the house, according to a large survey by market research firm The NPD Group.
However, NPD cautioned that the economic environment would remain a challenge for the sector.
 

Pits Will Open Early for USDA Reports
 

The Chicago Board of Trade received the okay to start open-outcry grain trading early on the days major agricultural reports are issued. After a 10-day review of the CME Group’s plan to begin pit trading at 7:20 Central time when USDA issues major reports – rather than the traditional opening time of 9:30 – the Commodity Futures Trading Commission did not object to the change. The change took effect Tuesday morning. USDA released a crop production report at 7:30 Central time. It marked the first time the markets are open for a key USDA report.