3 BIG THINGS TODAY, MARCH 22

SOYBEANS, CORN RISE OVERNIGHT; ALLENDALE SEES RECORD BEAN AREA, WHEAT ACRES DOWN.

1. SOYBEANS, CORN HIGHER ON BARGAIN HUNTING AFTER RECENT DECLINES

Soybeans and corn were higher in overnight trading as bargain hunters jump into the markets after several days of declines.

Soybeans yesterday fell for the seventh straight session to the lowest level since November, according to data from CME Group.

Corn rose yesterday after six straight declines, gaining back just over a penny. The price had fallen to the lowest in more than two months before rebounding.

Wheat futures rose overnight, finding support on extremely dry weather in much of the Southern Plains where the bulk of U.S. winter wheat is grown. Little or no rain has fallen in most of Kansas and the Oklahoma and Texas panhandles in the past 30 days, according to the National Weather Service.  

Soybean futures for May delivery rose 7½¢ to $10.06¾ a bushel overnight on the Chicago Board of Trade. Soy meal added $1.70 to $328.90 a short ton, and soy oil gained 0.38¢ to 32.68¢ a pound.

Corn added 2¼¢ to $3.64½ a bushel in Chicago.

Wheat futures rose 5¾¢ to $4.36¼ a bushel, and Kansas City wheat for May delivery gained 6½¢ to $4.49 a bushel.

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2. SOYBEAN SEEDING SEEN AT RECORD BY ALLENDALE, WHEAT AREA AT LOWEST IN 98 YEARS

Soybean seeding will rise to a record this year, while wheat acreage will be the smallest in 98 years, according to planting estimates from researcher Allendale Inc.

Soybean growers are expected to plant 88.825 million acres, which, if realized, would be the most ever and an increase of almost 5.4 million acres from the prior year, Allendale said in a report. The U.S. Department of Agriculture pegged soybean acreage at 88 million.

Production is seen at 4.141 billion bushels on 87.955 million harvested acres and yields of 47.08 bushels an acre.

Farmers are forecast to seed 90.018 million acres with corn this year, the seventh largest in recent history, according to the company’s report. That’s down almost 4 million from last year but mostly in line with the USDA’s projection of 90 million acres.

Output is pegged at 13.879 billion bushels on 82.529 million harvested acres on yields of 168.17 bushels an acre.

All wheat acres will drop by 4.2 million to 45.967 million this year, the lowest since 1919 and in line with the USDA forecast, Allendale said. Winter wheat area will fall 3.46 million acres to 32.677 million, durum planting will fall by 367,000 acres to 2.045 million, and spring wheat seeding will drop 360,000 acres to 11.245 million, according to the researcher.

All wheat production was estimated at 1.856 billion bushels on 39.237 million harvested acres on yields of 47.3 bushels an acre, Allendale said.

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3. STORM CONTINUES TO HAMMER NORTHEAST, FREEZE IN MISSOURI, SOUTH THREATENS PLANTS

The large storm in the northeast continues to move offshore, though several states are still seeing snow and strong winds, according to the National Weather Service.

A large patch of land that includes Pennsylvania and upstate New York north into Maine are still under a winter storm warning. Another 4 inches of snow may fall in the area, along with temperatures from 10˚F. to 20˚F., and winds gusting up to 40 mph are expected today, the NWS said.

A very large cold front is hitting much of the southeaster fourth of the U.S. Temperatures were expected to drop into the 20s in much of Missouri overnight, threatening plants including winter wheat.

A freeze warning is in effect for all or parts of at least a dozen states from northern Missouri east to the Atlantic Ocean and south to the Gulf of Mexico, encompassing the southeastern quarter of the country, according to the NWS.

AGELESS IRON: COCKSHUTT PLOW

Tavel to Yoder, Indiana to see a restored Cockshutt plow. Part of the Allen Adams collection. From Successful Farming show #1009, originally aired March 16, 2017.

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Lead Limited hosts export forum

In line with efforts to enhance farm produce exportation in Nigeria, Lead Unique Ventures Limited is organising the Organic Agricultural Produce Export Forum.

The event seeks to discuss new export opportunities and the attractive marketing in the organic agricultural sector aimed at enhancing in farmer’s earnings, as well as returns of investors and stakeholders in the sector.

Speaking at the event is a Consultant to United State Department of Agriculture (USDA) from United State and off-taker of Farm Produce to US, Mr. Micheal Griffin, who is also the Chief Executive Officer, Ashanti Produce Int’l Inc. Other speakers include the President, Organic Produce Practitioners of Nigeria, Director General of Nigeria Export Promotion Council, and other stakeholders in the industry.

The event scheduled for the 16th March, 2017 at the LCCI Conference, Ikeja, Lagos State also had in attendance, State Commissioners for Agriculture, Farmers Cooperative Society Representatives, Captains of Agricultural Industry, Investors and Exporters of Agro-Commodities.

FG slashes fertiliser price by half

President Muhammadu Buhari has authorised the payment of the outstanding N22bn that is meant for dealers of agricultural inputs, popularly known as agro-dealers,  to ensure the smooth  distribution of fertilisers at an approved rate of N5,500 for 50kg.

The National Chairman, Agro-dealers Association of Nigeria, Mr. Kabiru Fara, revealed this to  journalists in Abuja . He noted that Buhari had to approve the payment of the balance of N22bn out of the N66bn that was owed the agro-dealers by the previous government.

According to him, “The presidential initiative on fertiliser distribution is too important. We are happy with it because it will help the farmers get inputs at affordable prices and we are the ones who serve as a link between the farmer and the supplier”.

“The presidential initiative on fertiliser distribution is too important. We are happy with it because it will help the farmers get inputs at affordable prices and we are the ones who serve as a link between the farmer and the supplier” he said

“However, our bankers and suppliers are not happy in dealing with us for now, because we have their money hanging, as well as some of our money that are still not paid. This liability was not incurred by the present administration, but we are happy that they have agreed to pay. We understand that Mr. President has approved expressly that the liability be paid. ” he noted

“The total amount is about N62bn, a first payment of N20bn was made, another payment of N20bn followed, which was about a year ago, and the balance now is N22bn, which the President has approved that it be paid to agro-dealers expressly. We are grateful for that.”

Fara urged the government to ensure that fertilisers were sold at the approved price of N5,500 across the country through proper coordination of the exercise.

“Our recommendation is that the presidential initiative team should look at the issues of logistics and factor how fertilisers are to be delivered to centres where they are needed at N5,000 per bag. For they say agro-dealers’ money should be N500, but when you check the distances to transport the commodity, N500 won’t be enough in many instances”.

AgroNigeria recalls that the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, earlier this year announced that the Federal Government was working out bring down the price of fertiliser by 50 per cent.

OGBEH VISITS SYMPLI, PLEDGES FG’S SUPPORT FOR LOCAL FOOD PRODUCERS

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has pledged the federal government’s support of local food producers to meet the growing challenge of feeding the nation.

Ogbeh gave the assurance in Lagos after his familiarisation visit to the production facilities of Sympli, pioneers of Individually Quick Frozen (IQF) fruits and vegetables in Nigeria.

The IQF technology helps to deliver farm-fresh products in ready-to-cook state through a process that involves peeling, chopping and fresh-freezing local foods and vegetables to retain all the flavour, texture and natural goodness of the foods. This not only reduces food preparation time by at least 40per cent, it also reduces post-harvest loss of foods and vegetables by about 40 per cent.

The minister noted that value addition in the agricultural sector, as exemplified by Sympli, would help to meet the challenge of feeding the people, which has been exacerbated by the country’s ‘exploding population.’

“I am very happy to see this type of innovative thinking in Nigeria; what Sympli is doing is revolutionary and this kind of value addition is exactly what we need at a time that government is working seriously at addressing the food issue in the country,” Ogbeh said.

While acknowledging inadequate financing, high interest rates, constant power outages and double taxation as some of several challenges that beset food producers in Nigeria, Ogbeh commended the long-term commitment of the PRIMLAKS Group, producers of the Sympli brand, to creating value in the food chain, saying: “We are very happy with what we have seen here and really congratulate PRIMLAKS Group for their many years of resilience and commitment to Nigeria’s growth.

We pledge our support as a government because what they are doing is what we want to see,” adding, “We shall intensify efforts at supporting local food producers and we are hoping that we can keep the interest rates low in the Bank of Agriculture, which we are restructuring.”

He lauded Sympli as an ‘innovative contribution’ to encourage the consumption of Nigerian foods at home and in the Diaspora and enjoined consumers to patronise the products.
“I like the taste of this, it’s still fresh; I’m sure all Nigerians will be excited about Sympli. The convenience is necessary as people get very busy. Keep working at it; we’ll give you our support and we’ll use the Diaspora Office to see how we can propagate this.”

While conducting the Agric Minister round the Sympli plant, the Chief Executive Officer, Mr. Ravi Hemnani, said: “Our goal is to make it easier than ever to cook family favourites and we are getting very positive responses from our customers, both here in Nigeria and in the UK.”

The Sympli line comprises a range of products, including yams, plantains, and chillies. Sympli is available at Shoprite, Spar, and The Fish Shop in Nigeria and at Tesco, ASDA and Morrison’s in the UK, along with independent stores in both countries.

SOURCEDaily Trust