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USFR Weekly Recap - June 9-10, 2012

June 9, 2012

 

 

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2026
JUNE 9-10, 2012

 

JOHN’S OPEN:

Hello and welcome to U.S. Farm Report. We start today on a somber note. Mark Pearson died unexpectedly at his Iowa home this week. Many of you are familiar with his work on “Market to Market” on Iowa public television, while I met him briefly at farm meetings I knew him by his TV career. He was a professional, blessed with a rich voice, his presence let his guests communicate better his analysis informed viewers across the country. We are better because of his years of service. We offer our sympathies to his family and friends on his untimely passing. Time for all the headlines, here is Tyne Morgan.

 

HEADLINES:

Thank you. If you look at USDA records it would show hash marks on the 5 year average for wheat harvest. Normally it has not started in the Big Wheat State but this is not a normal year. As of Monday, 20% of the state's crop was harvested. Conditions helped farmers make big strides this week with temperatures in the low to mid 90's and low wind. Crop conditions however have declined in recent weeks due to the lack of rain. A third of the crop is fair, another third is good, 8% is excellent. One warmer we talked to is impressed with wheat harvest. This year has been good different because the yields have been --maybe the best we have ever had or at least in the last 15 years. From low 50s to upper 70's for us. From Kansas to Oklahoma and in Oklahoma three quarters of the winter wheat fields are cut. That's 60 points ahead of the 5 year average. In Texas 38% is harvested, in Arkansas harvest is all but done. Nearly 80 points ahead of the 5 year average. Cotton futures fell to a 2 1/2 year low. There are concerns the struggling world economy will further slow the demand for cotton while expanding the crops. Cotton futures closed at 66 a pound at midweek. The 2012 Farm Bill is on the move. The bill was introduced on the Senate floor this week. Senate Agriculture Committee Chair, Debbie Stabenow projects this could last 2 to 3 weeks. The debate still continues on the dairy portion of the bill, proposed as the Dairy Supply Act which would put in a supply management system in milk production. A farmer said he is against the act because the program would be supplied by the government. No other Agriculture commodity uses a full government supplied insurance program. We rely today on private insurance that provides crop insurance. We want that same thing in the dairy insurance like a livestock gross margin insurance that's provided by private insurance. We know we get a fair deal then because we have competition. If the government is in it it's not what I call a fair program. Groups like International Dairy Foods are against the proposed legislation while National Milk Producers Federation supports it. Those are the headlines. Now back to John.

 

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