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Weather taking a toll on Indiana crops

June 28, 2010 By Leave a Comment

Another week of severe storms, heavy rain and high winds has taken a toll on the Indiana corn and soybean crop. In fact, in some areas, it’s just not very pretty.

In its weekly crop and weather update the Indiana field office of the National Ag Statistics Service (NASS)reports 65 percent of the corn crop is in good to excellent condition, but 24 percent of the crop is only rated fair. The same for soybeans, 62 percent good to excellent, 26 percent reported in fair condition.

There are some areas where farmers have decided to take “preventive plantings” on unplanted acreage, due to it being so late in the season.

Wheat harvest made some progress during the week ending Sunday, June 27, 37 percent is now harvested. First cutting alfalfa is 88 percent complete.

79 percent of the state’s pastures are in good to excellent condition.

Filed Under: Crops, News, USDA/Government Tagged With: , , , ,

Deferred soybeans rally while corn, wheat fall

June 28, 2010 By Leave a Comment

Soybeans were mostly higher Monday. The two nearby months were weaker, but deferred contracts finished higher because of concerns over planting delays and an anticipated decline in soybean crop conditions, according to DTN. Meanwhile, old-crop soybeans were pressured by bearish export inspections. Weekly inspections were below both expectations and what is needed to stay on pace with USDA projections. There was also support from tight soybean and soybean meal supplies, but gains were limited because of spillover pressure from corn and wheat. 

Corn followed through on last week’s sell-off by closing below the support level in both the July and December contracts. As a result, DTN says the long-term trend appears to have turned lower. Good crop weather through the balance of this week combined with bearish export inspections Monday morning brought additional pressure. Traders are focused on potential record-setting yields and a jump in corn acreage when USDA releases their Planted Acreage report Wednesday morning. 

In spite of a late rally, winter wheat contracts finished lower on a lack of buying interest. Wheat still endures a negative technical picture near-term, according to DTN. Wheat was also under pressure in both Minneapolis and Chicago due to abundant global supplies and a poor export inspections. Harvest pressure from the Plains will limit buying the balance of the week.

Filed Under: Closing Futures & Livestock Briefs, News Tagged With: , , , , , , ,

Cattle futures were higher but hogs were down

June 28, 2010 By Leave a Comment

Cattle country was at standstill on Monday afternoon following the distribution of the new show lists. The supply of ready cattle appears to be smaller in all major feeding regions. Asking price are around 93.00 in the South and 148.00 to 150.00 in the North. The kill totaled 128,000 head, 1,000 below last week, but the same as last year. Boxed beef cutout values closed steady to firm on light demand and offerings. Choice beef was up .60 at 154.29, and select was .16 higher at 146.21.

Chicago Mercantile Exchange live cattle contracts settled mostly 12 to 32 points higher with only a couple of 2011 contracts in the red.  There was some buying late in the session by specs on the front of the pits bullish priced discounts to last week’s cash business. Spreading was the main feature in a slow session with the buying of August contracts and selling October. June settled .25 higher at 91.20, and August was up .30 at 89.67. Boxed beef cutout values were steady to firm on light demand and offerings. The choice boxed beef was .80 higher at 154.89 and the select was up .16 at 146.21.

Feeder cattle settled 62 to 77 points higher as they were able to hold onto early gains in a lightly traded market. Expectations of increased long term beef demand and stable overall cattle numbers helped to push prices higher in the deferred issues. Additional support came from the big drop in corn prices. August was up .77 at 113.97, and September was .75 higher at 114.07.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 7900 head. Feeder steers were steady with a lower undertone. Feeder heifers were steady. Steer and heifer calves steady to 2.00 higher. Demand was moderate for feeder cattle, good for calves. Feeder steers medium and large 1 weighing 500 to 600 pounds traded from 127.00 to 132.25. 550 to 6 weight heifers brought 113.00 to 117.00.

Iowa/Minnesota hogs closed .17 lower at 77.03 on a carcass basis, the West was down .65 at 76.91, and the east closed 1.08 lower at 79.10. Monday’s hog slaughter was estimated at 399,000 head, 21,000 more than last week, but 11,000 less than last year. Pork production last week was cut by nearly 3 percent from the previous week, but carcass value gained no more than .11 from Friday to Friday. Processors are signaling little additional confidence in product demand given the fact several plants will be dark on Friday, and no one will be working Saturday.

Lean hogs finished the session 2 to 175 points lower on profit taking after Friday’s rally. Traders focused on the weakness in the nearby market fundamentals as well as the lack of unexpected news in the hogs and pigs report on Friday. The report was pretty much as expected and the numbers were already factored into the market. July settled 1.20 points lower at 79.52, and August was 1.75 lower at 82.17. Pork trading was very slow with mostly light demand and light to moderate offerings. Pork carcass cutout value was down .27 at 83.58.

Pork bellies settled steady to firm. July was .20 higher at 101.20, and August was up .15 at 96.95.

Filed Under: Closing Futures & Livestock Briefs, Livestock, Markets Tagged With: ,

Farm Bill timeline getting longer

June 28, 2010 By 1 Comment

Anymore, writing a Farm Bill is a lengthy process, but it hasn’t always been that way.

Chuck Conner, President and CEO of the National Council of Farmer Cooperatives (NCFC) remembers when writing a Farm Bill only took a few months.

“I’ve been involved in the writing of six Farm Bills,” said Conner. “The very first Farm Bill I worked on in 1981 we started the debate on the Farm Bill in March 1981 and we were done by the summer of ’81, it took just a few months.”

But Chuck Conner also understands things have changed since that 1981 Farm Bill.

“The process of getting any type of farm legislation through has just grown so much more difficult,” Conner said. “You just have to allow months, if not years worth of time for it to happen or else you’re going to be too late.”

Filed Under: News, USDA/Government Tagged With: , ,

Administration moving forward on Korea FTA

June 28, 2010 By Leave a Comment

The Obama administration is indicating that it’s ready to move forward with the long-stalled South Korea Free Trade Agreement. 

U.S. and South Korean officials met during the G20 summit in Toronto over the weekend. Following the meeting administration officials said that, if outstanding trade issues can be resolved in the next few months, they will ask Congress to ratify the FTA after the midterm elections in November.

Among those welcoming the news is the National Cattlemen’s Beef Association.  NCBA president Steve Foglesong says the Korea-U.S. FTA “could potentially be one of the most significant bilateral agreements in our history.”  And the National Pork Producers Council is also cheering the announcement, saying the Korea FTA could lift hog prices by ten dollars per animal when fully implemented.

If implemented, the agreement would reduce Korea’s current tariff from 40 percent to zero over 15 years.

Filed Under: Events/Organizations, Livestock, News, World Ag News/Trade Tagged With: , , ,

Iowa pork producers shooting for world record

June 28, 2010 By Leave a Comment

This Saturday will be a “big” day for pork producers in Humboldt County, Iowa.

July 3rd is the day they plan to grill the world’s largest pork burger as part of Humboldt’s 4th of July celebration.  The giant pork burger will be 240 pounds, 40 inches in diameter and 10 inches thick.  A 42 inch bun is being specially baked to hold the patty.  And the Humboldt County Pork Producers group is having a special grill built to cook the over-sized burger.  It’s expected to take up to 12 hours to fully cook the pork.

If successful, the pork producers would shatter the previous pork burger record of 125 pounds in the Guinness Book of World Records.  A Guinness representative is expected to be on hand to verify the new record.

In addition to helping promote pork, the producers hope the record-setting attempt will help the city of Humboldt attract area residents to the Independence Day celebration.  By the way, once the new world record pork burger is fully cooked, it will be shared with everyone attending the celebration that evening.

Link to news release on Iowa Pork Producers Association website

Filed Under: Events/Organizations, Livestock, News Tagged With: ,

Missouri seeing some struggle to finish beans

June 28, 2010 By Leave a Comment

Missouri Pioneer Area Agronomist Matt Prewitt says the corn is ahead of last year and is progressing nicely in the area and growers are almost to the halfway mark.  He says soybeans are seeing a different story and it has been a struggle to get into the field and finish planting them.

AUDIO: Matt Prewitt

Filed Under: Pioneer Field Updates, Special Reports Tagged With: , , , , ,

FDA urges limited use of livestock antibiotics

June 28, 2010 By Leave a Comment

In what’s sure to create more negative publicity for the meat industry, the Food and Drug Administration is calling the use of antibiotics in livestock “a serious public health threat” and is urging meat producers to limit the amount of antibiotics they give to animals.

The FDA’s potentially damaging comments were contained in draft guidelines printed in the Federal Register on Monday.  The agency says the misuse and overuse of antibiotics has led to the development of antibiotic-resistant bacteria. The agency recommends that producers use the drugs “judiciously”, limiting their use unless they are medically necessary and only with the oversight of a veterinarian. 

The National Pork Producers Council was one of the first livestock groups to respond, criticizing FDA for not presenting any science to back its claims.  NPPC points out that top scientists with the Centers for Disease Control the National Institutes of Health have recently stated that there is no scientific study linking antibiotic use in food animal production with antibiotic resistance in humans.

The FDA acknowledged that the use of antibiotics has had “tremendous benefits” to animal health.  The agency says its greatest concern is producers using antibiotics on healthy animals to speed growth and reduce feed costs.

NPPC says the guidance does not have the force of law, but may be treated as such by FDA. The agency said it will issue more specific guidelines in the near future.

Filed Under: Events/Organizations, Livestock, News, USDA/Government Tagged With: ,

Monday midday cash livestock markets

June 28, 2010 By Leave a Comment

Feedlot managers are expecting to build on last week’s stability in the cattle market, or at least successfully defend ideas of a market bottom with another round of steady sales. Manageable country supplies and attractive packer margins should be helpful in this regard according to John Harrington at DTN. But the late month performance of boxes and futures will be critical. Show list distribution is the main priority on Monday. Asking prices should start out around 93.00 in the South and 150.00 in the North.  Choice boxed beef is up .18 at 154.47, and select is .15 lower at 145.90.

Feeder cattle receipts at Joplin regional Stockyards totaled 5,000 head on Monday. Feeder steers, and heifers opened steady to 2.00 higher. Demand was moderate to good and supply was moderate. Feeder steers medium and large 1 weighing 500 to 600 pounds traded from 118.00 to 126.00. 5 to 6 weight heifers brought 109.50 to 113.00.

Barrows and gilts in the Iowa/Minnesota direct trade opened 1.99 lower at 75.21 on a carcass basis, the West is down 3.01 at 74.55, and the East is 1.41 lower at 78.77.The Missouri direct base carcass meat price is steady to 1.00 higher at 72.00.The cash hog trade appears to be slower than the sluggish pace we have grown to expect this summer. Buyers and sellers are apt to be especially cautious as the board grinds out its initial reaction to the June 1 Hogs and Pigs report released on Friday. Though the report contained no big surprises, the smaller total of hogs kept for breeding could promote some buying interest, particularly relative to the August lean contract. On the other hand it may be difficult to justify significant large premiums over the cash index unless better fundamentals begin to surface.

Filed Under: Livestock, Markets Tagged With: ,

Dairy united in desperation/divided in solution

June 28, 2010 By Leave a Comment

USDA-Department of Justice Workshop PanelDairy producers and those in the dairy industry from across the country gathered in Madison, Wisconsin on Friday for the USDA-Department of Justice Workshop looking into competition in the dairy industry. U.S. Ag Secretary Tom Vilsack led off the opening panel citing some statistics regarding concentration in the dairy industry. “The revenues for the top ten processors have grown from 65 percent ten years ago to 85 percent and the size of processing plants generally has grown by 70 percent in that time. This is a set of statistics that we have seen in other aspects of agriculture which led us to conclude that we needed to begin giving a forum for conversations which have been taking place for some time in the countryside about whether the playing field or the market place is a fair and balanced as it needs to be.” The Secretary noted than when we lose a farm family it impacts all of rural America. Vilsack said that while USDA has been able to offer some temporary help to dairy producers struggling through these difficult times, there must be a permanent solution. He also clearly stated that they are not out change the way cooperatives work in agriculture, “We recognize the important role that cooperatives play in giving farmers the capacity to come together in order to have some balance and fairness in the marketplace.

AUDIO: comments from Vilsack & Varney

[Read more...]

Filed Under: Dairy, News, Top Stories Tagged With: , , ,
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