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USFR Weekly Recap - March 22-23, 2014

March 22, 2014

                                                                                                                                                                                          

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2119

MARCH 22-23, 2014   

 

TYNE’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M TYNE MORGAN. JOHN PHIPPS WILL JOIN US LATER IN THE SHOW FROM HIS FARM.  WHILE TRAVELING THIS WEEK IN KANSAS, FIERCE WINDS MADE IT TOUGH TO KEEP OUR VEHICLE ON the ROAD. IT SEEMS FARMERS IN THE PLAINS ARE USED TO IT. WHAT THEY'RE ALSO GETTING USED TO IN THAT PART OF THE WORLD IS THE TEASE OF THESE WHEAT MARKETS. JUST AS WE THINK THE BULLS HAVE AHOLD OF THE PRICES, ALL OF A SUDDEN, WHEAT TAKES A DIVE. THAT'S JUST ONE OF THE MANY TOPICS WE'LL DISCUSS IN THIS WEEK'S MARKETING ROUNDTABLE. BUT FIRST, THE HEADLINES.

HEADLINES:

MORE ECONOMISTS PROVIDED LONG-TERM BEARISH NEWS FOR CORN THIS WEEK. ECONOMISTS AT THE FOOD AND AGRICULTURAL POLICY RESEARCH INSTITUTE - BETTER KNOWN AS 'FAPRI' - SAY FARMERS SHOULD GET USE TO FOUR DOLLAR CORN FOR THE NEXT DECADE. FAPRI GENERATES AN ANNUAL REPORT FOR CONGRESS. THEIR NUMBER CRUNCHERS SAY DUE TO BIGGER CROPS IN 2013 GRAIN PRICES AND GRAIN FARMER INCOMES WILL BE LOWER. THE ECONOMISTS SEE NET FARM INCOME DROPPING 24% FROM LAST YEAR. LIVESTOCK PRODUCERS WILL BENEFIT FROM THE PROJECTED LOWER FEED COSTS. THE LATEST CATTLE ON FEED the NUMBER OF CATTLE ON FEED IN FEEDLOTS OF ONE THOUSAND HEAD OR MORE FELL FOR AN 18TH CONSECUTIVE MONTH. HOWEVER, PLACEMENTS FOR THE MONTH WERE 15 PERCENT HIGHER, WHICH WILL HELP PACKERS THIS SUMMER AND FALL. MARKETINGS OF CATTLE WHERE DOWN 3 PERCENT...COMPARED TO 2013...THE LOWEST MONTHLY NUMBER SINCE THE DATA BEGAN IN 1996. AS THE WINTER WHEAT CROP CONTINUES TO POP OUT OF DORMANCY, GROWERS ARE GETTING A HANDLE ON HOW MUCH DAMAGE THIS BRUTAL WINTER CAUSED. AS THE VALUE OF EQUIPMENT AND ANIMALS ON FARMS HAS GONE UP, SO HAVE THE NUMBER OF THEFTS.  ACCORDING TO THE NATIONAL INSURANCE CRIME BUREAU--THE AMOUNT OF ANIMAL, EQUIPEMENT, FENCING AND IRRIGATION WIRE BEING STOLEN ISN'T SLOWING DOWN. THE WALLSTREET JOURNAL REPORTS THEIVES STOLE MORE THAN A MILLION DOLLARS WORTH OF METAL FROM AG PROPERITIES LAST YEAR..FOUR TIMES WHAT IT WAS IN 2009. A NEW REPORT FROM A GROUP FOCUSED ON IMMIGRATION REFORM SUGGESTS U.S. GROWERS ARE STARTING TO LOSE OUT TO FOREIGN FARMERS. IT'S LARGELY DUE TO LACK OF LABOR. THAT'S ACCORDING TO THE PARTNERSHIP FOR A NEW AMERICAN ECONOMY AND THE AG COALITION FOR IMMIGRATION REFORM. THE GROUPS SAY THE SHARE OF FRESH FRUITS AND VEGETABLES CONSUMED BY AMERICAN FAMILIES THAT WAS IMPORTED HAS GROWN BY NEARLY 80 PERCENT IN RECENT YEARS. AND LABOR CHALLENGES ARE ADDING UP-- COSTING U.S. FARMERS $1.4 BILLION IN FARM INCOME IN 2012. IT'S BEEN TWO YEARS SINCE A FREE TRADE AGREEMENT BETWEEN THE U-S AND SOUTH KOREA CAME INTO FORCE. BUT THE ASIAN NATION STILL HASN'T FULLY COMPLIED WITH THE F-T-A. A SENIOR U-S OFFICIAL SAYS SOUTH KOREA WON'T BE WELCOMED INTO THE TRANS-PACIFIC PARTNERSHIP UNTIL ALL PROBLEMS ARE RESOLVED. THE TRADE DEAL INVOLVES A DOZEN COUNTRIES LINING THE PACIFIC RIM.  SOUTH KOREA IS THE FIFTH LARGEST EXPORT MARKET FOR U-S AGRICULTURAL PRODUCTS. MEANWHILE, THE FOURTH ROUND OF TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP, OR T-TIP, TALKS ARE NOW COMPLETE. U.S. TRADE REPRESENTATIVE MICHAEL FROMAN SAYS THERE'S STILL A LOT OF WORK AHEAD. BUT HE BELIEVES THERE'S ALSO A GOOD UNDERSTANDING OF THE KEY ISSUES THAT NEED TO BE RESOLVED. PRESIDENT OBAMA WILL DISCUSS T-TIP WITH EUROPEAN LEADERS DURING A SUMMIT IN BRUSSELS NEXT WEEK.

CROP WATCH:

MEANWHILE, THE FOURTH ROUND OF TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP, OR T-TIP, TALKS ARE NOW COMPLETE. U.S. TRADE REPRESENTATIVE MICHAEL FROMAN SAYS THERE'S STILL A LOT OF WORK AHEAD. BUT HE BELIEVES THERE'S ALSO A GOOD UNDERSTANDING OF THE KEY ISSUES THAT NEED TO BE RESOLVED. PRESIDENT OBAMA WILL DISCUSS T-TIP WITH EUROPEAN LEADERS DURING A SUMMIT IN BRUSSELS NEXT WEEK.

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