Use the Brownfield listener discount code (BFDL) and save $100 off the retail price of $350 registration fee. With your Brownfield discount, just $250!

Closing Grain and Livestock Futures
Jul. corn closed at $6.20, up 22 and 3/4 cents
Jul. soybeans closed at $14.22, up 9 cents
Jul. soybean meal closed at $425.00, up $7.80
Jul. soybean oil closed at 50.43, down 104 points
Jul. wheat closed at $6.38 and 3/4, up 30 and 1/4 cents
Jun. live cattle closed at $116.87, up 45 cents
Jun. lean hogs closed at $86.50, up 10 cents
Jun. crude oil closed at $92.81, down $1.17
Jul. cotton closed at 76.97, down 219 points
Jun. Class III milk closed at $15.25, up 38 cents
Jun. gold closed at $1,536.60, down $20.50
Dow Jones Industrial Average: 12,598.55, down 33.45 points

Grain & Oilseed Market Briefs
Another strong session for wheat, corn
Soybeans were mixed on commercial buying in the nearbys and speculative selling in the deferreds. There was no fresh supportive news and planting weather looks good over the near term, with increasing talk of double crop acreage. Corn was higher on commercial and technical buying, along with spillover from wheat. Corn continues to see good export demand with China buying 900,000 tons of mixed U.S. old and new crop corn (180,000 tons for 2011/12, 720,000 tons for 2012/13, with all old crop and 480,000 switched from unknown destinations), and there’s talk of more sales in the coming days. The wheat complex was higher with Chicago and Kansas City up sharply on short covering and speculative buying. The trade’s watching world weather problems including dry conditions in the Southern U.S. Plains, Australia, and Russia.

Livestock Market Briefs
Big spread between cattle bids and asking prices
For the most part the cash cattle market remained quiet on Wednesday afternoon. Packer inquiry is light to moderate suggesting that short-bought packers need to buy cattle. Boxed beef cutout values were weak to lower on moderate demand and moderate to heavy offerings. Live cattle contracts on the Chicago Mercantile Exchange settled higher on Wednesday. Feeder cattle ended the session Higher in an extremely light trade with the boost in the live cattle futures helping to draw the nearby contracts higher. Higher corn values worked to limit the gains.

[Read more...]

News Briefs
2011 crop indemnity payments approching $11 billion
Losses paid out by crop insurance companies to farmers for 2011 crops have now exceeded $10.7 billion and are edging ever closer to the $11 billion mark, according to data from the Risk Management Agency (RMA).
###
Proposal to limit premium subsidies has Grassley’s attention
A call for a 40-thousand dollar payment limit to be imposed on crop insurance premium subsidies has garnered the attention of Iowa Senator Chuck Grassley.
###
Stabenow and Roberts talk Farm Bill
The 2012 Farm Bill moved out of the Senate Ag Committee with strong bipartisan support earlier this month.
###
7th Federal District farmland values up 19%
Farmland values increased 5 percent from the last quarter and 19 percent over a year ago in the Seventh Federal Reserve District.
###
Good 2nd quarter at Deere
A very good second quarter for Deere and Company.
###
Pioneer switching soybeans to seed-count bags
In response to customer demand, Pioneer Hi-Bred says it will start selling soybean seed units in North America by count rather than weight starting this fall.
###
Cheaper feed not enough for dairy profitability
The monthly Livestock, Dairy and Poultry Outlook from USDA says with the big corn crop being planted this year and expectations feed prices will go down, the benchmark 16% dairy ration should be cheaper later this year…and while that is good news for dairy producers dealing with declining milk prices, the milk-to-feed ratio will not be conducive for expansion until late in 2013.
###
May is National Egg Month
May is National Egg Month and Ashley Richardson with the American Egg Board says it’s an opportunity to highlight just how healthy eggs really are.
###
Profits down at JBS SA
JBS SA, the world’s largest beef producer reports first-quarter profits were $58 million down 21 percent from the first quarter last year.
###
Australia to approve raw milk hard cheeses
It looks like Australia is going to approve the sale of unpasteurized hard cheeses.
###
Illinois
IL Pork seeks applicants for IPLI
The Illinois Pork Producers Association is currently accepting applications for the 2012 Illinois Pork Leadership Institute June 26-28.
###
Indiana
Wrapping up planting in SW Indiana
Corn planting around the country is continuing its faster than average pace and Indiana is no exception.
###
Iowa
Branstad: Iowa schools sticking with LFTB
As the controversy over Lean Finely Textured Beef (LFTB) raged on earlier this spring, Iowa Governor Terry Branstad and Lt. Governor Kim Reynolds sent letters to all 359 Iowa school districts, urging them to continue using LFTB in their school lunch programs.
###
Ethanol savings are even greater in Iowa
A new report from the Iowa State University Center for Agricultural and Rural Development (CARD) shows that ethanol reduced wholesale gasoline prices by $1.09 per gallon nationally last year.
###
Ohio
LG Seeds partners with Greene Co Ag Research Center
At the ribbon cutting and dedication ceremony of the Greene County Agricultural Research Center on Tuesday, May 15, Greene County Career Center Superintendent, Dan Schroer announced a partnership with LG Seeds.

Weather
Dry, warmer conditions throughout most of the Corn Belt
On the Plains, warm, dry weather across the northern half of the region favors rapid development of winter and spring wheat.

*********************************
Subscribe to Agriculture Today
*********************************