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USFR Weekly Recap - July 27-28, 2013

July 27, 2013

                                                                                                                                                                                         

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2085

JULY 27-28, 2013   

 

 

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M JOHN PHIPPS. AS CORN PRICES DROPPED SEEMINGLY FIRMLY INTO THE FOURS, I HAVE HEARD MULTIPLE REPORTS OF IMMEDIATE DISCUSSIONS WITH LANDOWNERS ABOUT ADJUSTING RENTS TO THE NEW INCOME PROJECTIONS. WHILE THIS IS TO BE EXPECTED, MY SENSE IS IT IS HAPPENING MORE QUICKLY THAN EVER, AS PRODUCERS TAKE THE INITATIVE FAR MORE VIGOROUSLY THAN WE HAVE BEFORE. THIS IS JUST ONE ASPECT OF HOW THIS BUST - IF A TYPICAL PRICE PULLBACK CAN BE CALLED THAT - WILL BE DIFFERENT. I'LL HAVE MORE TO SAY ABOUT THE DIRE STRAITS WE ARE NOT IN IN A MOMENT, BUT ONE THING TO WATCH WILL BE HOW MANY FARMERS DON'T JOIN IN THE CHORUS OF WOE. TIME NOW FOR THE HEADLINES.....HERE'S AL PELL IN FOR TYNE MORGAN.

HEADLINES:

SHORT CROPS AND HIGH FEED COSTS FOR LIVESTOCK OPERATORS ARE RENEWING CALLS AGAINST THE RENEWABLE FUELS STANDARD. USDA'S CROP PROGRESS REPORT SHOWS A DECLINE IN THE CORN CONDITION RATING. 63-PERCENT IS GOOD TO EXCELLENT, A DROP OF THREE POINTS FROM THE PREVIOUS WEEK. THE NATION'S DAIRY FARMERS ARE PUMPING OUT MORE MILK THAN THEY DID LAST YEAR. JUNE TO JUNE, USDA SAYS PRODUCTION IS UP ABOUT ONE AND A HALF PERCENT. THE NUMBER ONE MILK PRODUCER - CALIFORNIA - SAW IT'S PRODUCTION LEVELS DECLINE BY LESS THAN ONE PERCENT. IT'S STILL PRODUCING ABOUT THREE-AND-A-HALF BILLION POUNDS. KANSAS SAW THE BIGGEST YEARLY GAIN, ALMOST 10 PERCENT HIGHER YEAR OVER YEAR. THE LATEST PASTURE AND RANGE CONDITIONS FROM USDA SHOW IMPROVEMENTS OVER LAST YEAR. AS OF THIS WEEK, 44 PERCENT WAS RATED GOOD TO EXCELLENT. 28 PERCENT POOR TO VERY POOR. WHILE ITS STILL REPRESENT A LARGE PART OF THE COUNTRY, IT'S ABOUT HALF WHAT IT WAS LAST YEAR, WHEN 55 PERCENT OF THE NATION'S PASTURES WERE IN POOR TO VERY POOR CONDITION.

CROP WATCH:

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