The Farmer's Weblog
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Monday, June 9, 2003 |
The first U.S. Department of Agriculture (USDA) cotton forecast for 2003/04 indicates an expected rebound in global production as the rise in prices over the past year is encouraging area expansion. World cotton production is projected at 96.5 million bales, 10 percent above the current season and the second highest on record behind 2001/02?s 98.4 million bales. The growth is forecast to occur outside the United States, however, as U.S. cotton production is expected to remain near the 2002/03 level.
4:40:02 PM
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With cotton prices relatively favorable during Northern Hemisphere planting season, world cotton production is expected to increase almost ten percent from last year to 96.5 million bales in the marketing year beginning August 2003. However, rebounding production is not expected to overshoot world consumption, currently forecast to grow just over one percent to 99 million bales. World cotton consumption growth is expected to slow from the impressive 3.5-percent growth rate witnessed in marketing year 2002/03. The slowdown would reflect a return towards the historical relationship with economic and population growth rates as well as higher cotton prices, both in absolute terms and relative to other textile fiber prices. China will remain the major driver of world cotton consumption growth and is expected to increase its share of the world total. The downward trend in U.S. domestic use will continue, and total consumption in the rest of the world excluding China will grow slightly. Cotton moving in international trade is forecast higher next year at 31 million bales, due to tight foreign stocks and the persistence of large exportable supplies in the United States.
4:19:59 PM
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Spot cotton trading of upland cotton continued inactive in the Desert Southwest (DSW). Supplies were light to moderate. Demand was very light. No local trading was reported. Agents for mills in India and Pakistan purchased light amounts of cotton for prompt and late June shipments. No forward contracting was reported. Ninety-six percent of the New Mexico and far west Texas crops had been planted as of June 1, according to the New Mexico Crop-Weather report. High temperatures in Arizona provided needed heat units conducive for vigorous plant growth. Growers turned their attention to water management for optimal plant growth.
4:15:15 PM
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A cotton breeder claims to have beaten scientists in the race to develop a new cotton hybrid that produces a greater quality and quantity of cotton.
2:11:04 PM
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A plan is in the works to build the West's largest cow town, a nearly 2,000-acre gated community in the Mojave Desert where 600 dairy farmers and their families would live alongside about 90,000 cattle.
2:03:45 PM
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As such, California -- the nation's largest agricultural producer -- is poised to take center stage in the ongoing debate over use of biotech crops. With $28 billion annually in farm products, the state is being looked to as a bellwether for the future of genetically engineered fruits and vegetables.
The hotly contested topic will take shape in Sacramento on June 23-25, when agriculture ministers from more than 100 countries gather for a U.S.-sponsored conference on using agricultural technologies to reduce world hunger.
1:46:40 PM comment []
1:23:51 PM
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BONNER SPRINGS, Kan. - The U.S. Department of Agriculture is setting up incentives for farmers to help reduce greenhouse gas emissions in the battle against global warming, U.S. Agriculture Secretary Ann Veneman said.
Veneman said the USDA will provide an unspecified amount of financial incentives for farmers, as well as technical assistance and training in management practices to increase the removal of harmful carbon dioxide and other gases from the atmosphere, a process called "carbon sequestration."
1:16:47 PM comment []
In the ?Why did you miss this price decline?? category, one of you suggested a line from the movie, The Patriot. It was suggested that, ?I have long worried that my past sins would catch up to me.? The simple answer, however, is from the real life movie and event, Watergate. And that is, ?Follow the money!?
1:08:15 PM comment []
The events of the past two weeks have many in the cattle business wondering whether they should dare enjoy the soaring live cattle and beef prices or be bracing for the next ?boot? to fall. The expected seasonal decline in slaughter cattle prices, which would have put prices in the low to mid $70s, has not yet materialized. In fact, fed cattle are likely to trade at or above $80 this week. This is noteworthy in that fed cattle prices during the first week of June have only traded above $75 five times in the last thirty years. Prices have never surpassed $80 during the first week of June.
Both positive supply and demand factors are supporting current high price levels. Year-to-date beef production is about 1% lower than last year, carcass weights are 3% lighter than a year ago, and feeders are aggressively marketing cattle (year-to-date marketings as a percentage of the cattle on feed inventory are 5.6% higher than last year). The ban on Canadian beef imports for the past two weeks has also been supportive to U.S. cattle prices. On the demand side, retail choice and all fresh beef demand was up about 1.3% and 0.9%, respectively, in the first quarter of 2003 compared to first quarter 2002. Wholesale beef demand was also up 3.7% during the first three months of the year. Both have remained strong in recent months, and early indications are that the BSE case in Canada has not caused beef demand to falter in the last two weeks.
1:04:32 PM comment []
