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Vilsack: Changing crop report release times is ‘complicated’

May 23, 2012 By Leave a Comment

Ag Secretary Tom Vilsack says the USDA is studying its procedures for releasing crop reports in response to new expanded trading hours implemented by the CME Group.

But Vilsack says changing report release times is not as simple as it sounds.

“A decision as to timing and information being accessible can potentially make the difference of millions of dollars, one way or the other, to those who are trading,” Vilsack says, “and now we have essentially two competing entities that have different hours that don’t necessarily align.”

Those competing entities are the CME Group and the Intercontinental Exchange (ICE), which recently expanded its trading in grain futures. 

The Kansas City Board of Trade and MGEX, formerly the Minneapolis Grain Exchange, have followed suit and expanded their trading hours as well.

Vilsack made his comments during a conference call with reporters this week.

AUDIO: Tom Vilsack (1:58 MP3)

 

Filed Under: Feature Programs, Rural Issues Tagged With: , , , ,

Illinois legislature approves new nutrient council

May 23, 2012 By Leave a Comment

The President of the Illinois Fertilizer and Chemical Association (IFCA) says they are pleased the state legislature has passed a bill and amendment to create a Nutrient Research and Education Council.

“That’s protected outside of state government for us to dedicate those funds for new nutrient efficiency and water quality programs — and really try to focus a lot on on-farm research where we can manage nutrients better to reduce nitrogen and phosphorous losses through tile drainage and runoff,” says Jean Payne, president of the IFCA.

She tells Brownfield the ag industry wanted to step up to the plate – so - a specified tonnage amount of fertilizer sold in Illinois will go to the protected fund established with the support of ag and environmental groups.

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

Have consumers gotten the LFTB message?

May 23, 2012 By Leave a Comment

Are consumers getting the message that lean finely textured beef (LFTB) is beef and not so-called pink slime?

Carol Lorenzen is a professor and meat extension specialist with the University of Missouri.

“I’m not sure the consumer is getting that message,” Lorenzen tells Brownfield, “We have seen the plants that have been making this reducing their workforce and even closing.”

Lorenzen says it would be a different way of processing for regular beef plants to pick up the slack.

“It does have some specialized equipment. There are some other processes that are similar to this. Right now, I think that the future of Lean Finely Textured Beef is in question,” Lorenzen says, “Hopefully, because of the education that has been put forth by a lot of people and the media that maybe consumers will accept (it) in the future.”

Lorenzen says there are some processors who use different ways of killing bacteria in the product other than the “puff” of food grade ammonia used during the LFTB process.

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

Drought getting “rapidly serious” in Missouri

May 23, 2012 By Leave a Comment

The dry conditions in Missouri are a worry for crops and Missouri Farm Bureau President Blake Hurst says it’s a concern of farmers throughout the state.

“It’s amazing how quickly it can change from having plenty of moisture or maybe having too much to being dry. It’s very widespread in the state of Missouri. Southern Missouri is tremendously dry.”

The state has seen very little rain in the past few weeks and has had higher than normal temperatures for much of that time. Hurst says he just talked with former Missouri Farm Bureau President Charlie Kruse – who farms in Dexter, in southeast Missouri.

“He said the cotton growers down in the Bootheel are trying to water enough to get their cotton up and a lot of them have quit planting. This drought is rapidly becoming very serious.”

Hurst says the dryness is becoming a problem in northwest Missouri where he farms.

“Most everybody is getting near the end of bean planting but I talked to a couple of farmers that had pulled the planters out of the field waiting for rain. And, of course, everybody is concerned about getting the late planted – the last planted beans out, so, it is a worry.”

Missouri’s state climatologist says the state is on track to have the warmest spring on record.

AUDIO: Blake Hurst (1:00 mp3)

Filed Under: Crops, News Tagged With: , , , , , , ,

Outsides, weather hit soybeans, wheat

May 23, 2012 By Leave a Comment

Soybeans were sharply lower on commercial and speculative selling, along with spillover from the outside markets. The dollar was higher with the Dow, gold, and crude oil sharply lower, continuing to respond to global economic concerns. Past that – there’s talk of China cancelling soybean purchases and the trade’s watching weather. Soybean meal was mostly lower and bean oil was down, following beans.

Corn was higher on commercial and technical buying. Corn’s keeping an eye on weather but given the faster than normal development, yields in some areas may already be below the early projections. In any event, near term commercial demand is neutral, edging towards bullish. Ethanol was modestly higher.

The wheat complex was lower on commercial and technical selling, along with spillover from the outside markets, especially the dollar. Wheat’s also keeping an eye on weather with some rain expected in dry parts of the Black Sea region and eastern Australia. However, while the pattern for the Northern Plains is favorable, the Southern Plains should remain hot and dry over the near term. Ukraine’s Ag Ministry reports 99% of the spring grain crop is planted as of Monday. According to Dow Jones Newswires, South Korea may buy 550,000 tons of feed wheat for October-December arrival but note price is a bigger factor now than in previous months, with feed grade wheat back at a premium to corn.

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

Grassley criticizes FCC, White House over LightSquared

May 23, 2012 By Leave a Comment

Iowa Senator Charles Grassley has accused the White House and the Federal Communications Commission (FCC) of catering to the lobbyists of the now-bankrupt wireless company LightSquared and of stonewalling his investigation into the case.

In a recent speech on the Senate floor, Grassley noted that LightSquared hired dozens of lobbyists, including a former governor and nine former members of Congress, to push for approval of its planned high-speed wireless network.  But Grassley says while those lobbyists provided entry into the FCC and the White House, they couldn’t change the fact that LightSquared’s network couldn’t co-exist with GPS.

The FCC granted LightSquared a conditional waiver last year to develop the network, but later pulled the waiver and blocked the network after tests showed it would interfere with GPS devices. Many agricultural groups opposed the LightSquared plan, fearing it would interfere with farming GPS devices. 

Grassley says he still wants to know why the FCC granted LightSquared the conditional waiver in the first place.

“It seems strange that a project that was so obviously flawed was allowed to go so far, but LightSquared had help,” Grassley said, pointing to the influential lobbyists.

The FCC has denied giving LightSquared any special treatment.

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

Cash cattle prices $2.00 lower than last week

May 23, 2012 By Leave a Comment

USDA Mandatory reported cattle trading was light to moderate in the Texas Panhandle and Kansas on light to moderate demand. Live sales were 2.00 lower than last week at 121.00. At mid-afternoon a light to moderate cattle business developed in the North, with most dressed sales $2.00 lower than last week at 193.00. Most of the dressed sales had been limited to regional buyers. A few cattle sold in Iowa at 122.00. The slaughter totaled 124,000 head, the same as last week, and 1,000 less than last year.

Boxed beef cutout values were higher on moderate demand and light to moderate offerings. Choice boxed beef was up 1.09 at 195.37, and select was .61 higher at 187.65.

Live cattle futures settled 60 to 177 points lower on the Chicago Mercantile Exchange on Wednesday. There was some recovery near the end of the session as nearby contracts had been posting losses of $2.00 per hundredweight or greater on concerns of sharply lower outside market pressure, while higher corn prices are adding to production costs. Fundamentals had little to say in the direction of the market with noncommercial or investment activity taking control of the market direction according to Rick Kment at DTN. June settled 1.55 lower at 117.80, and August was down 1.77 at 119.50.

Feeder cattle ended the session10 to 170 points lower in an extremely light trade. The tone of the market turned weak following the triple digit losses in the live pit as well as the strong rally in the corn. May settled .10 lower at 152.42, and August was down 1.65 at 158.47.

[Read more...]

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

Closing Grain and Livestock Futures: May 23, 2012

May 23, 2012 By Leave a Comment

Jul. corn closed at $6.03 and 1/2, up 6 and 1/2 cents
Jul. soybeans closed at $13.62 and 1/2, down 19 and 3/4 cents
Jul. soybean meal closed at $405.80, up 80 cents
Jul. soybean oil closed at 48.91, down 155 points
Jul. wheat closed at $6.65 and 1/2, down 20 cents
Jun. live cattle closed at $117.80, down $1.55
Jun. lean hogs closed at $84.42, down $1.40
Jun. crude oil closed at $89.90, down $1.95
Jul. cotton closed at 71.51, down 301 points
Jun. Class III milk closed at $15.58, up 17 cents
Jun. gold closed at $1,548.40, down $28.20
Dow Jones Industrial Average: 12,496.15, down 6.66 points

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

Rootworm hatch is underway in Iowa

May 23, 2012 By Leave a Comment

The corn rootworm egg hatch is underway in Iowa.

Iowa State University entomologist Erin Hodgson says this year’s hatch is only slightly ahead of normal, but about two weeks ahead of the 2011 growing season.

Hodgson says conditions are right for good larval establishment this year.

“Those that were able to survive—and we had a very mild winter, so most likely the eggs did survive—they probably are hatching just fine,” Hodgson says, “and if they happen to emerge when corn is already planted and germinated, they have plenty of root tissue to feed on.”

Hodgson says the early egg hatch could also mean earlier adult corn rootworm emergence—which has the potential to cause some pollination problems.

“If their emergence is synched with silking, you could have some of that interference with pollination because they are really attracted to those corn silks,” she says, “and so we should be watching for the adults this year—paying a little closer attention to that this year than we normally would.”

Hodgson says the southwest region of Iowa is experiencing 50 percent egg hatch now.  She says other parts of the state will approach that 50 percent mark within seven to 14 days, depending on the temperature.

AUDIO: Erin Hodgson (5:00 MP3)

Link to more information on ISU website

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

New website promotes egg bill

May 23, 2012 By 1 Comment

United Egg Producers (UEP) has launched a new web site to promote passage of the so-called “egg bill”.

That’s the federal legislation that would establish a national standard for hen housing in the egg industry.

UEP says the web site—eggbill.com—provides information to help legislators, consumers, the foodservice and retail industry and others learn more about the legislation, which would codify an agreement between UEP and the Humane Society of the United States.

The legislation, which would transition egg production in the U.S. from conventional cages to enriched colony cages by the end of 2029, has been introduced in the House.  UEP says it expects similar legislation to be introduced in the Senate soon.

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