Saturday Morning Ag Wrap on Prices, Planting, Pigs, and Grain Stocks

PRICES

The average price received by farmers for corn during February in Iowa was $3.39 per bushel according to the latest USDA, National Agricultural Statistics Service – Agricultural Prices report.  This was up $0.05 from the January price, but $0.09 below February 2016.

The February 2017 average price received by farmers for soybeans, at $9.71 per bushel, up $0.13 from the January price, and $1.35 above the February 2016 price.

The February average oat price per bushel was $3.08, up $0.08 from January, and $0.67 above February 2016.

All hay prices in Iowa averaged $87.00 per ton in February. This was down $2.00 from the January price, and $15.00 less than February 2016.  The February 2017 alfalfa hay price averaged $90.00, down $4.00 from January, and $17.00 below February 2016. The average price received for other hay during February was $76.00 per ton. This was down $4.00 from the January price, and $7.00 lower than last year.

The average price was $19.20 per cwt for milk, unchanged from the January price, but $3.60 above one year ago.

HOGS & PIGS

On March 1, 2017, there were 21.8 million hogs and pigs on Iowa farms, according to the latest USDA, National Agricultural Statistics Service – Hogs and Pigs report.  The March 1 inventory was down 3 percent from the previous quarter but up 8 percent from the previous year.

The December 2016-February 2017 quarterly pig crop was 5.70 million head, down 7 percent from the previous quarter but 7 percent above last year.  A total of 530,000 sows farrowed during this quarter.  The average pigs saved per litter was 10.75 for the December-February quarter, down from 10.90 the previous quarter.

As of March 1, producers planned to farrow 520,000 sows and gilts in the March-May quarter and 525,000 head during the June-August quarter.
GRAIN STOCKS
Iowa corn stocks in all positions on March 1, 2017, totaled 1.71 billion bushels, up 12 percent from March 1, 2016, according to the latest USDA, National Agricultural Statistics Service – Grain Stocks report. This is the largest amount of corn in storage on March 1 since 1988.  Of the total stocks, 58 percent were stored on-farm. The December 2016-February 2017 indicated disappearance totaled 690 million bushels, 5 percent above the 655 million bushels used during the same period last year.

Iowa soybeans stored in all positions on March 1, 2017, totaled 310 million bushels, down 6 percent from the 328 million bushels on hand March 1, 2016.  Of the total stocks, 37 percent were stored on-farm.  Indicated disappearance for December 2016-February 2017 is 148 million bushels, 16 percent more than the 127 million bushels used during the same quarter last year.

Iowa oats stored on-farm totaled 960 thousand bushels, down 4 percent from March 1, 2016.

PROSPECTIVE PLANTINGS

Iowa farmers intend to plant 13.3 million acres of corn for all purposes in 2017 according to the USDA, National Agricultural Statistics Service – Prospective Plantings report.  This is a decrease of 600,000 acres from 2016 and, if realized, would be the lowest planted acreage since 2008.

Producers intend to plant 10.1 million acres of soybeans in Iowa this year.  This is a 600,000 acre increase from 2016.  If realized, this would be the largest planted acreage since 2006.

Iowa farmers intend to plant 135,000 acres of oats for all purposes, up 15,000 acres from last year.

Farmers in Iowa expect to harvest 1.00 million acres of all dry hay for the 2017 crop year. This is 90,000 acres more than harvested in 2016.

Planted acres of winter wheat, at 25,000 acres, is unchanged from last year.

The Prospective Plantings report provides the first official, survey-based estimates of U.S. farmers’ 2017 planting intentions.  NASS’s acreage estimates are based on surveys conducted during the first two weeks of March from a sample of more than 84,000 farm operators across the United States with more than 2,900 from Iowa.  Actual plantings will depend upon weather, economic conditions and the availability of production inputs at the time producers make their final planting decisions.

Leave a Reply

*