3 BIG THINGS TODAY, MARCH 29

SOYBEANS LOWER IN OVERNIGHT TRADING; ETHANOL OUTPUT, STOCKS DOWN SLIGHTLY WEEK-OVER-WEEK

1. SOYBEANS LOWER OVERNIGHT AS RAIN IN BRAZIL IMPROVES PROSPECTS

Soybeans were lower in overnight trading as rainfall in parts of South America boosts crop prospects.

Mato Grosso and Goias states in Brazil are expected to see regular showers and thunderstorms in the next several days, forecasters said. While that may slow fieldwork, it will improve soil moisture for the second-season corn crop.

Growers in Brazil are expected by the U.S. Department of Agriculture to produce a record 108 million metric tons of soybeans this year. That's up from an outlook for 104 million tons just a month earlier. 

Soybean futures fell 4 ¼ cents to $9.95 ½ a bushel on the Chicago Board of Trade. Soymeal lost 90 cents to $322.60 a short ton and soy oil declined 0.23 cent to 33.29 cents a pound.

Corn futures fell ¾ cent to $3.58 a bushel on the CBOT.

Wheat futures for May delivery rose ¼ cent to $4.22 ½ a bushel in Chicago, and Kansas City wheat was unchanged at $4.32 ½ a bushel.

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2. ETHANOL PRODUCTION, STOCKPILES FALL WEEKLY, STILL AT LOFTY LEVELS

Ethanol production in the week that ended on March 17 fell modestly, according to the Energy Information Administration.

Output totaled 1.044 million barrels a day, on average, down from 1.045 million a week earlier, the EIA said in a report. Though it’s down week-over-week, output is up from the prior four-week average.

Ethanol production has backed off from the record high of 1.055 million barrels a week set in early February but are still at historically lofty levels.

Stockpiles of the biofuel also declined, falling to 22.6 million barrels from 22.8 million a week earlier, according to the EIA. As with production, the weekly decline belies the fact that inventories are at high levels historically.

Still, the week-over-week drop in production and large amounts of stockpiles isn’t good news for corn growers in the Midwest who rely on ethanol plants to buy more than a third of their crop each year.

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3. STORM FORECASTS IFFY ON SOUTHERN PLAINS RAIN SET TO START THURSDAY

Storms are expected to bring rain and lightning to much of southwestern Kansas and the Oklahoma and Texas panhandles starting today, but the outlook is somewhat fuzzy.

The National Weather Service, on one map, shows storms are expected from 4 p.m. this afternoon until 1 a.m. tomorrow morning. Along with thunderstorms, hail and strong winds are expected.

Interestingly, much of the region is in a red flag warning – when wildfires spark easily due to overly dry conditions – high wind watches or fire-weather watches.

The NWS said thunderstorms are possible but the threat of severe weather is low, so rain will likely miss most counties in the region.

MAXIMIZE NITROGEN EFFICIENCY, UPTAKE AND PROFITABILITY

Spring rain can dramatically increase nitrogen loss through leaching by pushing nitrogen lower into the soil profile. 

Instinct® and N-Serve® nitrogen stabilizers reduce leaching and extend nitrogen availability in the soil for up to eight weeks. By lengthening the time nitrogen is in the soil, Instinct and N-Serve can help your customers achieve an average revenue increase of $21 per acre.*

In most cases, these two products extend nitrogen availability six to eight weeks during critical growth points in a corn plant’s development.  

In addition to the yield and economic benefits of using Instinct or N-Serve, there are also important environmental advantages of keeping nitrogen in the soil and out of waterways. Field trials show that the active ingredient in Instinct and N-Serve effectively increase soil nitrogen retention by 28 percent while decreasing leaching into groundwater by more than 16 percent.** 

N-Serve has been used with confidence to maximize anhydrous ammonia applications for more than 40 years. Instinct, introduced in 2007, provides growers with a versatile alternative by effectively stabilizing other forms of nitrogen, including urea, UAN and liquid manure. 

To calculate the profit your customers can achieve with an application of Instinct and N-Serve, visit MaxInMaxOut.com or contact your Dow AgroSciences sales representative.  

*Assuming $3/bu. corn and based on 20 Dow AgroSciences internal field trials from 2015, resulting in an average of 7 bu./A yield increase.

**Wolt, J.D. 2004. A meta-evaluation of nitrapyrin agronomic and environmental effectiveness with emphasis on corn production in the midwestern USA. Nutr. Cycl. Agroecosyst. 69:23–41. doi:10.1023/B:FRES.0000025287.52565.99.

®Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow. Instinct is not registered for sale or use in all states. Contact your state pesticide regulatory agency to determine if a product is registered for sale or use in your state. Do not fall-apply anhydrous ammonia south of Highway 16 in the state of Illinois. Always read and follow label directions. 

Face the future with courage -Adesina counsels graduands

President of the African Development Bank Group, Dr. Akinwumi Adesina has urged graduating students of Federal University of Technology Akure (FUTA) to face the future with courage and determination.

He gave this advice at the Institutions’ 28th convocation ceremony which held last weekend. Adesina encouraged the students while making mention of some of the difficulties he encountered with respect to the choice of a career path.

He went further to buttress the importance of agriculture in the scheme of things in the country and the world at large “agriculture is more important than medicine. My Father called my son who was a doctor. He does call me doctor so when he mentioned the name, I answered but he said, ‘not you, I mean the real doctor.’ Then I told him, ‘even as a doctor, you will still have to eat three times a day before taking your medications’” he said.

The AfDB boss enjoined the graduating students to imbibe the spirit of simplicity, servanthood and resilience. “Whatever you have set your heart to do, close your ears, pray to God and forge ahead. Always, be a billboard that God can advertise himself through” he enjoined.

Dr. Akinwumi was awarded an honorary doctorate degree by the University at the convocation ceremony.

Abakaliki rice is the best in the world – US Ambassador

United States Ambassador to Nigeria, Stuart Symington has endorsed Abakaliki rice as one of the best brands in the world.

The Ambassador who paid a visit to Abakaliki Rice mills in Ebonyi state had commended the efforts of the state government on the level and quality of production while also encouraging the good work.

”Your rice is the best anywhere in the world and we commend the governor for putting his government to work in Ebonyi state”, he said.

Symington however called for sustained developmental efforts in the state to promote greater Agricultural and mining activities.

“The first critical step involves upgrading economic fortune of the state and also setting up opportunities in the area that would welcome investors to the place thereby making it possible for investment” he noted.

He also advised the government to sustain the current peace and security in the state as no meaningful development can flourish in a rancour environment.

The Governor of Ebonyi state, David Umahi commended the Ambassador for his visit and also solicited his assistance in attracting investors to the state,

Umahi assured the investors of a very healthy environment.

NIMET PREDICTS LIVESTOCK DISEASE OUTBREAKS

Livestock population especially in the northern part of the country may suffer water stress and outbreak of heat-related diseases this year, particularly in the early months due to the expected warmer-than-normal conditions predicted by the Nigerian Meteorological Agency (NiMet) in the 2017 Seasonal Rainfall Prediction (SRP).

The new Director-General (DG) of NiMet, Prof. Sani Abubakar Mashi, said the expected heat stress is likely to persist throughout the year.

Prof. Mashi advised farmers to arrange for alternative sources of water for their livestock during the period.

“The relevant authorities should also encourage farmers to adopt international best practices in animal husbandry through provision of ranches and fodder for livestock as well as ensuring controlled grazing of animals to reduce clashes among farm owners and herdsmen,” the DG noted.

He, however, pointed out that this year, herders may be able to take to grazing in the northern part of the country and may have feed available for longer time due to higher than normal rains.

It was also predicted that “food production is expected to be less than normal due to shorter growing season length over large parts of the country.”

Crop farmers across the country, especially in the north, were advised to plant early maturing and drought resistant varieties to avoid the dangers of the predicted longer days of dry spells.

The Special Adviser to Katsina State Governor on Agriculture, Dr. Abba Y. Yakubu, advised farmers, state governments and other stakeholders to heed the veritable scientific predictions of NiMet to ensure food security in the nation.

SOURCEDaily Trust