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USFR Weekly Recap - March 1-2, 2014

March 1, 2014

                                                                                                                                                                                          

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2116

MARCH 1-2, 2014   

 

JOHN’S OPEN:

HELLO AND WELCOME TO A SPECIAL EDITION OF U-S FARM REPORT, I'M JOHN PHIPPS. MUCH AS WE HATED TO LEAVE THE CHARM OF INDIANA IN LATE FEBRUARY DUTY HAS CALLED US TO SAN ANTONIO, TEXAS, WHERE THEY HAVE BEEN HAVING A DIFFERENT WINTER THAN THEIR MIDWESTERN VISITORS. IT HAS BEEN SUCH A COLD AND SNOWY SEASON FOR THE EASTERN TWO-THIRDS THE EXCEPTIONAL HIGH TEMPERATURES IN THE SOUTHWEST STRUGGLE TO GET MUCH LIMELIGHT. HARDER STILL TO COMPREHEND, IS THAT JANUARY WAS THE FOURTH WARMEST ON RECORD FOR THE GLOBE. COUNTRIES LIKE FRANCE AND CHINA HAD THE WARMEST JANUARY EVER. MAYBE JUST LIKE POLITICS, WEATHER IS BECOMING LESS BIPARTISAN.

HEADLINES:

SOYBEAN FARMERS ARE ALL SMILES THIS WEEK AT COMMODITY CLASSIC. THAT'S BECAUSE THE OILSEED CLOSED AT A FIVE MONTH HIGH. MUCH OF THAT BOOST IS DUE TO REPORTS OF DECLINING YIELDS IN SOUTH AMERICA. THE MARCH CONTRACT HIT ABOVE 14 DOLLARS AND SEPTEMBER WELL ABOVE 12 DOLLARS. CATTLE ALSO HAD A NICE RUN, ALSO TRADING AT RECORD LEVELS AGAIN THIS WEEK. THE HOUSE ROLLED OUT ITS TAX REFORM PLAN. FARM CPA PAUL NEIFFER TOLD US IT HAS BOTH POSITIVES AND NEGATIVES FOR FARMERS. IT WOULD MAKE SECTION 179 PERMANENT AT 250 THOUSAND DOLLARS, INDEXXED FOR INFLATION. AND CASH BASIS ACCOUNTED WOULD BE RETAINED. WHILE THE LACK OF MOVEMENT ON CANADIAN RAILWAYS PUSHED OAT PRICES HIGHER, CANADA SAYS IT'S TRYING TO FIND A FIX. TWO MAJOR RAILWAYS PLANT TO PUT THOUSANDS OF MORE CARS EACH WEEK TO TRANSPORT GRAIN. WEATHER AND A RECORD HARVEST HAS CAUSED A BACKLOG ON the RAILWAYS THIS YEAR. ELANCO ANNOUNCED THIS WEEK IT'S PURCHASING A WELL-KNOWN POULTRY VACCINE PROVIDER. ELANCO SAYS IT HOPES PURCHASING GERMAN BASED LOHMANN ANIMAL HEALTH THIS ACQUISITION WILL ESTABLISH THE COMPANY AS A GLOBAL POULTRY LEADER, AS WELL AS BOOST THE COMPANY'S VACCINE MANUFACTURING CAPABILITIES. AS TRANS PACIFIC PARTNERSHIP TRADE TALKS MOVE FORWARD, JAPAN IS ASKING FOR SPECIAL TREATMENT. THE TALKS INVOLVE 12 DIFFERENT COUNTRIES LINING THE PACIFIC RIM AND HAS BEEN A HOT TOPIC AT COMMODITY CLASSIC THIS YEAR. HOWEVER, JAPAN IS ASKING TARIFFS TO NOT BE ELIMINATED ON CERTAIN GOODS, INCLUDING SOME AGRICULTURAL PRODUCTS. A GROUP OF 16 SEANTORS SENT A LETTER TO U-S TRADE REPRESENTATIVE MICHEAL FROMAN THIS WEEK SAYING IF JAPAN CAN'T PLAY FAIR, THEN LEAVE THAT COUNTRY OUT OF A DEAL. ASA AGREES. MEANWHILE, JAPAN SAYS IT'S INCREASING WHEAT PRICES TO LOCAL FLOUR MILLERS. THE COUNTRY CITES A GOVERNMENT HIKE IN SALES-TAXES AS THE REASON.  JAPAN SAYS PRICES WILL GO UP AN AVERAGE OF 2 POINT 3%. JAPAN IS THE SECOND LARGEST WHEAT IMPORTER IN ASIA.

CROP WATCH:

WELL, UNLIKE YOU TYNE, NOT A LOT OF WARMTH TO REPORT ON THIS WEEK IN CROPWATCH.

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