AgFax Soybean Review: Brazil Ports Backed Up; New Research Helps Fight Soybean Root Rot
- DTN analyst Darin Newsom reports that U.S. soybean futures posted a strong rally, carrying the other grain markets up with them.
- MoneyControl.com reports that Indian soybean futures are expected to remain positive, though prices are marginally down lacking cues from the futures market. Soyoil is also down on weakness in the Rupee vs. the U.S. dollar.
- Isis Almeida & Whitney McFerron report on Bloomberg that a record soybean harvest in Brazil is entering ports while corn is still being shipped out, creating a backlog of ships up to 35 days long.
- Dianne Fetterly writes at BetterFarming.com that a Canadian research team has discovered an unusual characteristic of the pathogen responsible for soybean root rot that could help in battling the disease. The pathogen breaks normal genetic laws, allowing it to bypass most soybean resistance genes. More research is required to determine how it does this, but the discovery can be used immediately in helping to facilitate the creation of more resistant varieties.
- The Banner-Press reports that the Nebraska On-Farm Research Network research update program will be held February 11 at the University of Nebraska-Lincoln near Mead and February 12 at the York County Fairgrounds in York. Sponsored by UNL, the program will provide an opportunity to hear corn and soybeans growers who conducted on-farm research share their results from the 2012 growing season.
EARLIER THIS WEEK
- Barry Mundson of TriStateNeighbor.com writes that the soybean market is watching the South America soybean crop for new direction. While prices and export numbers remain high, it might be time to lock-in as a higher expected South America crop could cause prices to drop.
- Tony Dreibus reports on Bloomberg that broker Allendale Inc. forecasts a 12% increase in U.S. soybean production in 2013. Planted acres are expected to increase by 1.5 million, while average yields are forecast improve by approximately 4 bushels per acre. Exports are also expected to jump 1.4%.
- KLJB FOX 18 News reports that the Iowa Soybean Association has joined with other farm groups in Iowa to push for an increase in the state’s fuel tax. The additional funds from the tax increase would be used to repair rural roads and bridges which haven’t seen funding and are costing farmers time and money in detours and damaged equipment.
The ICE Dec and Mar contracts gave back 160 and 87 points on the week, respectively, as last week’s inversion between the two contracts gave way to partial carry. Well,