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AgDay Daily Recap -December 6, 2012

December 6, 2012
 
 

TODAY ON AGDAY
DECEMBER 6, 2012

DROUGHT CONDITIONS:

GOOD MORNING I'M TYNE MORGAN. CLINTON GRIFFITHS IS ON ASSIGNMENT. DROUGHT CONDITIONS COULD FORCE RANCHERS INTO MASSIVE HERD REDUCTIONS IN 2013. AND THAT'S OUR TOP STORY ON AGDAY. AS DROUGHT CONDITIONS IN THE SOUTHERN PLAINS WORSEN, THE HOPE OF PASTURE AND FEED IMPROVEMENTS DIMINISH. THIS COULD FORCE MAJOR HERD REDUCTIONS IN THE AREA.

CATTLE PRICES:

MEANWHILE, THE WORLD'S LARGEST BEEF PRODUCER EXPECTS CATTLE PRICES TO SPIKE NEXT YEAR. JBS PROJECTS CATTLE PRICES COULD BE UP 20 PERCENT. THE COMPANY SAYS GRAZING PASTURES HAVE RECEIVED RAIN IN SOME AREAS, AND GRAIN PRICES HAVE DROPPED OFF THEIR HIGHS. THIS WILL PUSH RANCHERS IN STATES LIKE NEBRASKA AND TEXAS TO FEED ANIMALS VERSUS SENDING COWS TO SLAUGHTER. JBS SAYS THIS MEANS A 6% REDUCTION IN BEEF OUTPUT IN THE U-S AND HIGHER CATTLE PRICES.

MISSISSIPPI RIVER:

WE TALKED WITH DAN BASSE, HE'S PRESIDENT OF CHICAGO-BASED "AG RESOURCE COMPANY". HE SAYS GRAIN COMPANIES ARE CONTRACTED TO SHIP THAT GRAIN - NO MATTER WHAT, NOR AT WHAT COST. BUT BECAUSE THE DROUGHT HAS BEEN AROUND FOR MONTHS, THEY WERE READY.

AG SECRETARY:

IN OTHER NEWS - AGRICULTURE SECRETARY TOM VILSACK SAYS HE LOVES HIS JOB AND IS WILLING TO STAY AS LONG AS THE PRESIDENT WANTS HIM TO SERVE. THE SECRETARY TALKED WITH AGDAY'S CLINTON GRIFFITHS AT THE USDA HEADQUARTERS IN WASHINGTON ON WEDNESDAY. VILSACK SAYS HE AND THE PRESIDENT HAVE NOT DISCUSSED HIS FUTURE. WE'LL HAVE MORE OF THIS EXCLUSIVE INTERVIEW FRIDAY ON AGDAY.

CROP WATCH:

THERE'S NO SIGN OF NEW MOISTURE IN THE MIDWEST. MIKE HOFFMAN HAS DETAILS IN CROPWATCH, MIKE.

CHINA SEED DEAL:

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