News

NIOP News Flash: July 7, 2016

Next Up on GMO Labeling: The House
The Senate’s successful cloture vote on the GMO labeling compromise measure, brokered by Agriculture Committee Chairman Pat Roberts and ranking member Debbie Stabenow, sets up an endgame today. Cloture limited debate to 30 hours, so a final vote on passage could come after 10 p.m., though lawmakers could agree to move it up a few hours. The cloture vote’s 65-32 tally showed a promising level of support for the measure – the final vote requires only a simple majority. Attention now turns to the House of Representatives to follow suit. The lower chamber’s GOP majority has long backed voluntary labeling, as put forth in Rep. Mike Pompeo’s bill (H.R. 1599) that passed last July. Politico

 

Soybean Output Likely to Witness 11 Year Low
  India’s soybean output is estimated to be the lowest in 11 years in crop year 2015-16 , after two years of drought, resulting in crop damage and a fall in yield. Data compiled by the Soybean Processors’ Association of India showed output at 7.5 million tonnes this time, against 10.4 mt the previous year, a decline of 27%. There has been a delay in sowing, as the monsoon was delayed in some parts of Rajasthan, Madhya Pradesh and Maharashtra. Business Standard

 

USDA Report Shows Corn Use in Feed Down in Q3
Higher US corn and soybean inventories than anticipated, finds the latest analysis from the UUSDA. Two recently released reports, the updated grain stocks and planted acreage reports, highlighted bigger US corn and soybean stocks than expected and a growth in planted acres for those feed crops. The data included several bearish surprises like a decline in the usage of corn, said Scott Irwin, Laurence J. Norton Chair of Agricultural Marketing at the University of Illinois in a FarmDoc webinar on the two reports. Feed Navigator

 

 UK: Warnings Over High Levels of Light Leaf Spot in Rape Realized
With predictions earlier this spring to expect high levels of Light Leaf Spot infection ringing true, growers are urged to strongly consider the role of genetic defense when it comes to making variety choices for next year. The wet spring has provided ideal conditions for Light Leaf Spot (LLS) to flourish in winter oilseed rape crops as the disease is spread by rainy conditions. The implications of these high infection levels for next season’s crops are considerable, as the fungus which causes LLS can continue to cycle in the crop for the whole season providing that weather conditions are conducive. The fungus survives on debris after harvest and then is ready to infect nearby crops emerging in the autumn. Seedquest

 

 Reports Show Increase in Corn Planting, Adding Volatility to Ag. Markets
U.S. farmers are planting more corn and soybeans even as the nation’s stockpiles swell, according to government reports that are set to stoke more volatility in agriculture markets. If Midwest weather cooperates, farmers this year are expected to raise one of the largest corn crops on record after switching fewer acres than expected to soybeans. The move heaps more pressure on an agricultural sector already grappling with lower farmer incomes and sales of farm equipment and supplies. Corn futures fell almost 4% by Thursday’s market close and have slid by 18% from their peak earlier this month, while soybeans continue to rally. The latest updates on crop planting and supplies from the Agriculture Department sets up a potentially volatile summer for agricultural markets. Yields could be damaged if hotter weather appears later in the growing season. Wall Street Journal 

 

 Palm Oil Stockpiles in Malaysia Seen Climbing as Demand Weakens
  Palm oil inventories in Malaysia probably expanded for the first time since November as demand for the world’s most-used vegetable oil slackened and production rebounded from the impact of a drought triggered by El Nino. Stockpiles climbed 4.2 percent to 1.72 million metric tons by the end of June from a month earlier, according to the median of eight estimates in a Bloomberg survey of planters, traders and analysts. Production of crude palm oil jumped 10 percent to 1.49 million tons, picking up pace from a 4.9 percent rise a month earlier. Exports dropped 5.5 percent to 1.21 million tons, the weakest for June since 2008. Bloomberg