USFR Weekly Recap - July 6-7, 2013

July 6, 2013 03:30 AM
 

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THIS WEEK ON U.S. FARM REPORT

EPISODE # 2082

JULY 6-7, 2013   

 

 

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M JOHN PHIPPS. I THINK I'M GETTING A FEEL FOR WHAT IT MUST BE LIKE TO LIVE IN ENGLAND. WHILE MILD TEMPERATURES AND INCESSANT SHOWERS DO MAKE THE LANDSCAPE GREEN, THE DREARY WEATHER IN THE EASTERN HALF OF THE U-S IS CERTAINLY NOT A MOOD-LIFTER. NO WONDER THERE ARE SO MANY GREAT ENGLISH AUTHORS AND POETS - IT'S NOT LIKE THEY WERE GOING TO BE BUSY DOING STUFF OUTDOORS. IT ALSO HELPS EXPLAIN WHY BRITS FLOCK TO SPAIN AND FLORIDA AND RAVE ABOUT SUNSHINE. THE METEOROLOGICAL WHIPLASH FROM LAST YEAR IS UNNERVING. I'M BEGINNING TO THINK THE KEY TO FUTURE SUCCESS IN AGRICULTURE IS TO ASSUME NOTHING ABOUT THE WEATHER. TIME NOW FOR THE HEADLINES.....HERE'S TYNE MORGAN.

HEADLINES:

THANK YOU, JOHN AND HELLO, EVERYONE. CONGRESS RETURNS FROM ITS HOLIDAY BREAK THIS WEEK. THE FARM BILL COULD GET NEW LIFE, AS TALKS OF REVISITING THE LEGISLATION THIS MONTH ARE NOW SURFACING. FARM GROUPS ARE URGING CONGRESS TO GET IT PASSED. MEANWHILE, HOUSE LEADERS CONSIDERED SEPARATING THE NUTRITION TITLE FROM THE BILL. MORE THAN 530 FARM ORGANIZATIONS SENT A LETTER TO HOUSE SPEAKER JOHN BOEHNER THIS WEEK. THE GROUPS NOT ONLY ASKED LEADERSHIP TO BRING THE FARM BILL BACK FOR A VOTE SOON, BUT URGED AGAINST SPLITTING THE NUTRITION TITLE FROM THE LEGISLATION. FOR THE LAST 15 YEARS SCIENTISTS HAVE WARNED ABOUT A DEADLY WHEAT STEM RUST CALLED U-G-99. IT WAS FIRST DISCOVERED IN UGANDA...AND HAS DEVESTATED CROPS IN THE REGION. ALTHOUGH IT HASN'T REACHED THE U.S, MANY SPECULATE IT'S ONLY A MATTER OF TIME. RESEARCHERS SAYS THEY'VE NOW IDENTIFIED A GENE THAT CAN PROTECT WHEAT PLANTS FROM U-G-99. IT SHOULD HELP SCIENTISTS DEVELOP NEW RESISTANT VARIETIES. WINTER WHEAT HARVEST JUMPED 20 PERCENT IN A WEEK. THAT'S ACCORDING TO THE LATEST USDA CROP PROGRESS REPORT. HARVEST IS NOW 43 PERCENT IS COMPLETE, WHICH IS STILL 30 POINTS BEHIND THIS TIME LAST YEAR. BOTH THE NATION'S CORN AND SOYBEAN CONDITIONS IMPROVED TWO POINTS THIS WEEK, NOW RATED 67 PERCENT GOOD TO EXCELLENT.

CROP WATCH:

IN CROP WATCH THIS WEEK. TAKE A LOOK AT THIS PICTURE FROM FARM JOURNAL CONTRIBUTOR CHRIS BARRON. HE FARMS NEAR INDEPENDENCE IOWA. HE'S SAYS THEY HAD A ROUGH TIME TRYING TO SPRAY CORN OVER THE WEEKEND. ADDING--SARCASTICALLY--"THINGS ARE STILL A LITTLE WET." HE SAYS FOR MAY AND JUNE THEY'VE SEEN MORE THAN 23 INCHES OF RAIN. HIS AREA IS NOW 18 INCHES OVER THE 30 YEAR AVERAGE. AND IN NORTHWEST KANSAS, A FARMER THERE SAYS THEY'LL START WINTER WHEAT HARVEST IN A WEEK OR TWO. BUT, ITS PROBABLY GOING TO BE THE WORST CROP THEY'VE HARVESTED SINCE 1981. AFTER MULTIPLE FREEZES AND DROUGHT, HE'S ONLY EXPECTING ABOUT 10 BUSHELS TO THE ACRE.

ROUNDTABLE:

AL IS IN TO TALK MARKETS WITH CHIP NELLINGER AND TOMMY GRISAFI.

JOHN’S WORLD:

THERE IS A LOT OF NERVOUSNESS IN FINANCIAL MARKETS IT SEEMS. IN ALL THE MARKETS, FROM JAPAN TO SOUTH AFRICA; FROM CORN TO COPPER; FROM BONDS TO BUILLION - THE MILDEST RUMOR CAN TRIGGER ENORMOUS GYRATIONS. IT IS NOT AN EASY TIME FOR INVESTORS OF ALL TYPES. WHY IS IT SO VOLATILE? THERE ARE SEVERAL FACTORS. FIRST, WEALTH CAN FLOW FROM ONE ASSET TO ANOTHER IN THE BLINK OF AN EYE - WELL, ACTUALLY ONE-HUNDEDRETH OF A BLINK AND - THIS IS IMPORTANT - THE FINANCIAL COMMUNITY MAKES MONEY EVERY TIME IT MAKES A MOVE. OUR SYSTEM IS BIASED AGAINST LONG-TERM INVESTMENT BECAUSE IT DOESN'T GENERATE AS MANY FEES. SECOND, THE MEDIA - PEOPLE LIKE US - ARE DRAWN TO THIS CONSTANT CHURNING AS A RELIABLE SOURCE OF STUFF TO FILL THE HOURS OF TV TIME OR PIXELS OF A WEBSITE. FAST MOVING MARKETS ARE SOMETHING TO TALK ABOUT AND ANALYZE. THE MORE WE TALK ABOUT IT, THE MORE PEOPLE TRADE, SO WE'RE PART OF THE PROBLEM. FINALLY, IT IS HARD FOR US TO GRASP HOW MUCH WEALTH THERE IS IN THE WORLD LOOKING FOR A WAY TO EARN A RETURN. AFTER MINIMAL INTEREST RATES FOR SEVERAL YEARS, INVESTORS ARE STAMPEDING FROM ONE ASSET TO ANOTHER TO FIND SOME WAY TO MAKE UP FOR LOST INCOME. HIGH RETURNS ARE A DISTANT MEMORY AND RELATIVELY SAFE INVESTMENTS HAVE PROVEN ILLUSORY. IT IS HARDLY SURPRISING THAT MARKETS OVER-REACT TO TINY EVENTS OR INSUBSTANTIAL RUMORS. UNTIL THE GLOBAL ECONOMY PICKS UP, THE MOST INTENSE JOB SEARCH MAY BE FOR YOUR SAVINGS TO FIND SAFE WORK.

2ND HALF

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M JOHN PHIPPS. WE HOPE YOUR INDEPENDENCE DAY CELEBRATION WAS A SUCCESS. GIVEN THE WEATHER ACROSS THE COUNTRY THE CHANCES OF GOOD OUTDOOR CONDITIONS WERE SLIM FOR MANY, BUT AT LEAST YOU MAY HAVE BEEN ABLE TO SEE FAMILY AND FRIENDS. THAT'S EXACTLY WHAT THE CHINESE GOVERNMENT WANTS THEIR CITIZENS TO DO. A LAW PASSED RECENTLY THAT WOULD REQUIRE CHILDREN TO VISIT AND CARE FOR THEIR ELDERLY PARENTS. WITH THE LONG-FORESEEN FALLOUT OF THE ONE CHILD POLICY COMBINING WITH MASS MIGRATIUON TO CITIES, THE RAPIDLY GROWING CHINESE SENIOR CITIZEN COHORT NEEDS ATTENTION. I'LL BET THOSE ARE HAPPY REUNIONS, BUT AT LEAST IT'S ONE WAY TO GET THE KIDS HOME.

HEADLINES:

BRUTAL HEAT GRIPPED THE WESTERN HALF OF THE U-S THIS WEEK, BREAKING RECORDS AND FORCING RESIDENTS TO STAY IN DOORS JUST TO GET A BREAK FROM THE HEAT.
TEMPERATURES REACHED 128 DEGREES IN DEATH VALLEY. THE RECORD HEAT FUELED THE DEADLIEST WILDFIRE IN 30 YEARS. SCORCHING TEMPS, DRY BRUSH AND HEAVY WINDS CREATED THE PERFECT STORM FOR AN EXTREME WILDFIRE IN CENTRAL ARIZONA. THE FIRE BURNED THOUSANDS OF ACRES AND DESTROYED HUNDREDS OF HOUSES. OFFICIALS CHARACTARIZED THE FIRE AS "OUT OF CONTROL" KILLING 19 FIRE FIGHTERS. THERE DOESN'T SEEM TO BE MUCH DROUGHT RELIEF IN SIGHT FOR MUCH OF THE WESTERN U-S. THE NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION ISSUED IT'S DROUGHT OUTLOOK FOR JULY. IT SHOWS IMPROVEMENT IN A PARCHED NEW MEXICO WHERE CURRENTLY 81 PERCENT OF THE STATE'S PASTURE AND RANGE LAND IS IN POOR TO VERY POOR CONDITION. THE NEWS ISN'T SO POSITIVE FOR THE REST OF THE WESTERN-US. IT'S SHOWS PERSISTING OR EVEN INTENSIFYING DROUGHT CONDITIONS IN MORE THAN 15 WESTERN STATES. THE EASTERN HALF OF THE U-S REMAINS NOT ONLY DROUGHT FREE, BUT ABNORMALLY WET. ACCORDING TO THE NATIONAL WEATHER SERVICE, CHICAGO'S WET WEATHER IS A RECORD BREAKER. IT'S THE WETTEST JANUARY TO JUNE PERIOD EVER, RACKING UP MORE NEARLY 28.5 INCHES OF PRECIPITATION. THE PREVIOUS RECORD WAS JUST OVER 26 INCHES SET BACK IN 1975.
FORECASTERS MAY BE ABLE TO PREDICT EL NINO A YEAR OUT. THAT'S ACCORDING TO AN INTERNATIONAL METEOROLOGY TEAM WHO SAYS THEY HAVE A NEW WAY TO STUDY CHANGES IN THE PACIFIC. THE TEAM SAYS FALSE ALARMS ONLY HAPPEN ABOUT 10 PERCENT OF THE TIME.

GETTYSBURG:

THIS WEEK MARKED THE 150TH ANNIVERSARY OF THE BATTLE OF GETTYSBURG. 50 THOUSAND PEOPLE WERE KILLED OR WOUNDED IN THE THREE DAYS OF FIGHTING JULY FIRST THROUGH THIRD IN 1863. FOR ONE PENNSYLVANIA MAN, TELLING THE STORY OF, NOT JUST THE SOLDIERS, BUT THE FARMERS WHO LIVED THERE, HAS BECOME HIS LIFE'S WORK. CLINTON GRIFFITHS REPORTS.

BAXTER BLACK:

WELCOME BACK...AS THE NATION CELEBRATES ITS INDEPENDENCE THIS WEEKEND, WE THOUGHT IT WOULD BE APPROPRIATE TO REPLAY ONE OF OUR FAVORITE COMMENTARIES FROM BAXTER BLACK. HE JOINS US NOW FROM HIS ARIZONA RANCH TO PAY TRIBUTE TO THE "STARS AND STRIPES".

TRACTOR TALES:

AL IS BACK NOW WITH TRACTOR TALES. JOHN, WE'RE HEADED WEST FOR THIS WEEK'S CLASSIC IRON.

CHURCH SALUTE:

ALL THE WAY BACK IN 1863 A DOZEN FAMILIES CAME TOGETHER TO BUILD THE FIRST SANCTUARY - A LOG CHURCH. A NEW AND LARGER BUILDING WAS CONSTRUCTED IN 1907 - AND AS THE CONGREGATION GREW, A NEW PARISH HALL WAS ADDED IN 1951 AND A NEW BRICK EDIFICE WAS BUILT IN 2006. TODAY THE CHURCH IS PROUD TO SERVE MORE THAN 500 MEMBERS - MANY OF WHOM ARE DESCENDANTS OF THE ORIGINAL 12 FAMILIES. THE CURRENT PASTOR IS THE REVEREND TRAVIS KLEINSCHMIDT - OUR THANKS TO ELMER ACKERMAN FOR TELLING US ALL ABOUT THE ST. JAKOBI LUTHERAN CHURCH OF SHAWANO, WISCONSIN.

MAILBAG:

TIME NOW FOR OUR WEEKLY LOOK INSIDE THE FARM REPORT MAILBAG. WE RECEIVED A THOUGHTFUL RESONSE ABOUT FARM DRAINAGE FROM CHUCK AND PAT THIEL, IN PALO ALTO COUNTY, IOWA. PLEASE VISIT OUR WEBSITE TO READ IT IN FULL, BUT HERE IS AN EXCERPT.

 

 

 

 

 

 

 

As always, we want to hear from you, send comments to mailbag@usfarmreport.com or leave us a voice mail at 800-792-4329.

 

 

 

 

 

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