USFR Weekly Recap - February 23-24, 2013

February 23, 2013

By: AgDay TV

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2063

FEBRUARY 23-24, 2013

OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M AL PELL - IN FOR JOHN PHIPPS. ON THIS LAST WEEKEND OF FEBRUARY WE'VE GOT LOTS TO COVER OVER THE NEXT 60 MINUTES. WE'LL MAKE STOPS IN TEXAS, NEW HAMPSHIRE, TENNESSEE AND THE GREAT STATE OF WASHINGTON - AND IN JUST A FEW MINUTES OUR TEAM OF ANALYSTS WILL BREAK DOWN ANOTHER BUSY WEEK IN THE COMMODITY TRADE. BUT AS ALWAYS WE BEGIN WITH THE HEADLINES...HERE'S TYNE MORGAN.

HEADLINES:

THE SUPREME COURT HEARD ARGUMENTS ON TUESDAY REGARDING MONSANTO'S RIGHTS OVER THE USE OF ITS GENETICALLY MODIFIED SEEDS. THE CASE IS INDIANA FARMER VERNON BOWMAN VERSUS MONSANTO. BOWMAN PLANTED SOYBEANS AS A DOUBLE-CROP AFTER WHEAT, WHICH HE SAYS HE PURCHASED FROM HIS LOCAL ELEVATOR. THE SEED HAD ROUNDUP READY TECHNOLOGY. BOWMAN, HOWEVER, DIDN'T PAY FOR USE OF THE TECHONOLOGY SAYING HE PURCAHSED A BAG OF MIXED SEED. BOWMAN CONTENDS THAT MONSANTO'S PATENT RIGHTS HAD EXPIRED. MILK PRODUCTION HIT A RECORD LAST YEAR, UP MORE THAN 2 PERCENT FROM 2011. U-S HERD NUMBERS ROSE THE LARGEST SINCE 2008. MILK PRODUCTION PER COW ALSO HIT A RECORD. THE NATIONAL AG STATISTICS SERVICE SAYS IN TOTAL, MILK PRODUCTION PER COW HAS INCREASED MORE THAN 15 PERCENT IN THE LAST DECADE. MEANWHILE, CALIFORNIA'S MILK PRODUCTION DROPPED IN JANUARY FROM THE PREVIOUS YEAR, WITH THE NUMBER OF DAIRIES DECLINING 2 THOUSAND HEAD. MEANWHILE, POULTRY AND EGG EXPORTS TOOK A DOUBLE DIGIT JUMP LAST YEAR. THAT SETS A NEW RECORD. OVERALL, U-S PRODUCERS SOLD MORE THAN 5 POINT 7 BILLION DOLLRS WORTH OF PRODUCT TO DIFFERENT COUNTRIES. THE USA POULTRY AND EGG EXPORT COUNCIL SAYS THE GLOBAL LANDSCAPE FOR EXPORTS IS DYNAMIC. HOWEVER, THEY ARE RELYING LESS ON A FEW BIG MARKETS AND GAINING ACCESS TO MULTIPLE SMALLER ONES. WITH RECORD CLAIMS FOR CROP INSURANCE IN 2012, QUESTIONS ARE SURFACING ABOUT HOW AND WHEN TO CLAIM ON TAXES. WE TALKED TO A FARM CPA EXPERT WHO SAYS WHILE FARMERS HAVE THE OPTION TO DEFER IT, THIS MAY BE THE YEAR TO TAKE ADVANTAGE OF INCREASED LEVELS OF SECTION 179.

CROP WATCH:

CROP WATCH THIS WEEK IS A THREE-STATE SWING.