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USFR Weekly Recap - January 5-6, 2013

January 5, 2013

                                                                                                                                                                                             

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2056

JANUARY 5-6, 2013  

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M JOHN PHIPPS. WHAT A WEIRD NEW YEAR'S HOLIDAY. INSTEAD OF WATCHING THE BALL DROP IN TIMES SQAURE, I FOLLOWED DRAMA OF OUR POLITICAL SYSTME DROPPING THE BALL IN WASHINGTON. WHILE AGRICULTURE CERTAINLY ENDED UP WITH SOME DEEP DISAPPOINTMENTS, IT COULD HAVE BEEN MUCH, MUCH WORSE. AND AS THEY SAY, THERE IS ALWAYS TOMORROW. BUT THERE MAY BE A GROWING SUSPICION ON THE FARMS OF AMERICA THAT DEVISING INTRICATE SOLUTIONS TO TODAY'S COMPLEX ECONOMIC ISSUES IN AGRICULTURE MAY BE BEYOND THE CAPACITY OF TODAY'S POLITICS. IN FACT, WITH LAST SECOND FRANKENSTEIN LEGISLATION THE RULE, DEPENDING ON POLICY LESS MIGHT BE A BETTER STRATEGY.

HEADLINES:

THANK YOU, JOHN AND HELLO EVERYONE. AT THE LAST MINUTE, CONGRESS PASSED WHAT'S BEING CALLED THE "FISCAL CLIFF" BILL. INCLUDED IN THE LEGISLATION IS A SHORT-TERM FIX FOR FARMERS. CONGRESS MANAGED TO AVERT MAJOR TAX HIKES IN SOME AREAS AND EXTENDED THE 2008 FARM BILL. THE EXTENSION OF THE 2008 FARM BILL WILL BE IN EFFECT THROUGH SEPTEMBER 30, 2013. THIS MEANS DIRECT PAYMENTS WILL STILL EXIST. WHILE THE MAJORITY OF FARM POLICIES WILL REMAIN THIS YEAR, EXPIRED PROGRAMS, LIKE DISASTER RELIEF FUNDING, WILL NOT OCCUR THIS YEAR. NEXT HALF HOUR WE'LL FURTHER LOOK INTO HOW THIS WILL IMPACT THE DAIRY INDUSTRY AND MILK PRICES. ALSO INCLUDED IN THE LEGISLATION IS FAIRLY GOOD NEWS FOR FARMERS AND RANCHERS WHEN IT COMES TO TAX CHANGES. ONE OF THE BIGGEST CONCERNS AMONG FARMERS HAD BEEN THE POSSIBLE HIKE IN THE ESTATE TAX RATES AND LOWERED EXEMPTION LEVELS.

CROP WATCH:

CROP WATCH THIS WEEK...RECENT WINTER WEATHER MAY BE TOO LITTLE TOO LATE FOR THE WINTER WHEAT CROP.

ROUNTABLE:

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