THIS WEEK ON U.S. FARM REPORT
EPISODE # 2055
DECEMBER 29-30, 2012
Hello and welcome to U.S. Farm Report, I’m John Phipps. A good friend of mine once shared his opinion on taxes that has stuck with me. Once you pay your taxes, he said, you can keep everything that's left. At the time, I thought that was cute but not helpful, but the longer I live, the more futility I see in raising my blood pressure over percentage points of income. I can point to production and financial blunders of my own making that have had far more impact. Farmers have been beneficiaries of both public support and good economic times. Although my tax calculations for 2012 took my breath away, after I pay it, I can keep everything that's left. I can live with that.
As we count down the days until we ring in the new year, big changes in tax laws are in store for 2013. The outlook for cotton acres in 2013 doesn't look promising. National cotton council's chief economist Gary Adams says with a surplus of cotton in the world, the country really holding the destiny of cotton prices is China. EPA administrator Lisa Jackson announced she's resigning next month. Jackson was the first African American to lead the agency. The current Deputy Administrator will fill in until a successor is named. And that pre-Christmas snow storm that traveled from Colorado to the upper Midwest brought little drought relief. The drought monitor shows a nine-point improvement in Iowa, but no change in Nebraska. 96% of the state is in extreme or exceptional drought.
Crop watch this week.
Tommy Grisafi from Indiana Grain Company and Chip Nellinger from Blue Reef Agrimarketing are here to talk markets.