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Marge carry-overs predicted as stocks accumulate
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NEWARK, Del. -
Predicted U.S. soybean
plantings for 1980 are vir
tually unchanged from last
year. This, together with
record world oilseed sup
plies and expanding soybean
output in South America,
means the price outlook for
old crop beans this sprmg
and summer isn’t too bright,
reports University of
Delaware crops marketing
specialist Carl German.
Local farmers still holi
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Dealer Inquiries Invited
on to some of last year’s
beans have several
marketing options.
First, you can continue to
store them, if you think
soybean pnces will go high
enough to more than cover
the higher cost of storage.
The direction prices take
will depend heavily on
weather conditions through
the end of July.
You also have the option of
selling now for cash, if you
think prices aren’t likely to
Accepts 26” logs
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Large firebox
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EFFICIENCY THE PRIMARY DESIGN CRITERION
go any higher. On May 28
cash beans were going for
$5.95 a bushel. On June 6
they were selling for $5.77.
You should also consider
forward selling your
soybeans, since future prices
are better than cash prices
right now for both old and
new crop beans.
National planting in
tentions for the 1980 crop are
one of the factors influencing
this outlook, explains
German. It looks like 71.3
million acres will go into
soybeans-down less than
one percent from 1979. Given
the uncertainties about
actual plantings and yield
this early m the season, a
crop of between 1.9 and 2.2
billion bushels is projected.
The 1979 output was a record
2.3 billion bushels.
Prospects are for 82
million acres of com to be
planted—up two million
from last year. National
com production has set
records every year smce
1975. While it’s too early to
speculate on this year’s
crop, early-season con
ditions seem mostly
favorable.
As of the first week of
June, the soybean/corn
price ratio was running 2.2/1
m favor of com.
Expanded soybean output
in Brazil and other South
American countries,
suspension of soybean and
product sales to Russia, and
increased costs to farmers,
processors and others
carrying large oilseed stocks
are other factors putting
pressure on current bean
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Lancaster Farming, Saturday, June 21,1980—C27
prices.
On April 1, U.S. soybean
stocks totaled 1.2 billion
bushels compared with only
.9 billion a year ago. About
half were stored on farms.
Soybean producers also
control some of the beans off
farms. With high storage
costs, processors and ex
porters are holding in
ventories to working
minunums.
On the international scene,
further expansion of U.S.
exports this season could be
stymied, predicts the
marketing specialist. The
reason: South American
soybean production appears
headed for a record. It could
exceed 20 million metric
tons—about five million tons
or one-third above 1979.
The federal government
continues its efforts to offset
price effects on farmers of
the Russian export
suspension last year. These
efforts include isolating
grain from markets through
the reserve program and
through direct purchase of
com by the Commodity
Credit Corporation.
But many farmers had to
sell gram this spring to get
cash to plant their 1980
crops, so farm marketings
have been large. To some
extent, complam govern
ment analysts, these sales
have offset federal efforts to
isolate gram from markets
and have contributed to
current weakness m prices.
Locally, Maryland and
Delaware farmers produced
a combmed total of 75.9
million bushels of com m
1979, compared to 74 million
the year before.
Maryland farmers
reported plans to plant a
record 760,000 acres of com
in 1980—an increase of 10
percent over last year.
Delaware farmers ex
pected to plant 178,000 acres
of com—2ooo bushels or
slightly more than one
percent less than a year ago.
Combmed Maryland-Del
aware production of
soybeans for 1979 was 19.5
million bushels as compared
to 17.8 million in 1978.
Maryland farmers intend to
plant 390,000 acres of
soybeans, unchanged from
last year. Delaware growers
said they intend to plant
286,000 acres of beans—six
percent more than last
year’s record high.
Com stocks in all positions
m Maryland on April 1 stood
at 27.2 millions bushels—lB
percent more than a year
ago. Com stocks in all
positions in Delaware stood
at 6,9 million bushels—up 35
percent from April 1979.
Soybean stocks stored on
Maryland farms at 1.4
million bushels April 1 were
down 10 percent from a year
ago. In Delaware, farm
stored soybeans totaled one
million bushels—the largest
carry-over ever recorded on
this date.
Delaware grain prices
have been declining
recently, says German. He
expects any price im
provement this summer to
be heavily dependent on 1980
production developments,
including the weather.