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USFR Weekly Recap - November 23-24, 2013

November 23, 2013

                                                                                                                                                                                          

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2102

NOVEMBER 23-24, 2013   

 

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M JOHN PHIPPS. THE OUTLOOK DIMMED FURTHER THIS WEEK FOR A NEW FARM BILL SOON OR PERHAPS ANYTIME. IN FACT, RECENT UNPRECEDENTED EVENTS IN CONGRESS MAKE PREVIOUSLY UNTINKABLE OUTCOMES WORTH REVISITING. FOR EXAMPLE, WHILE CONVENTIONAL WISDOM HOLDS THAT THE AVENUE OF ESCAPE IS YET ANOTHER EXTENSION OF THE OLD FARM BILL, I THINK THE ODDS OF THAT HAVE FALLEN AS WELL. BUT THE SPECTRE OF THE SO-CALLED PERMANENT FARM LAW MEANS MILK PRICES WILL DOUBLE, SOMETHING THAT IS SURELY UNTHINKABLE. EXCEPT WE SAID THAT ABOUT THE SEQUESTER. AND FILIBUSTER REFORM. SO MAYBE EXPENSIVE MILK SHOULD BE A POSSIBILITY IN YOUR 2014 FOOD BUDGET. TIME NOW FOR THE HEADLINES.....HERE'S TYNE MORGAN.

HEADLINES:

AS LOWER COMMODITY PRICES START TO HIT FARMERS' LEDGERS, THE OUTLOOK FOR 2014 DOESN'T LOOK AS BRIGHT AS PREVIOUS YEARS. MEANWHILE, JOHN DEERE POSTED EARNINGS AND THEIR 2014 FORECAST THIS WEEK. THE EXPECTED LOWER NET FARM INCOMES IS ALSO SLASHING EXPECTED EARNINGS. DEERE FORECASTS WORLDWIDE SALES OF BOTH AG AND TURN EQUIPMENT TO DROP 6 PERCENT IN 2014 THE COMPANY SAYS IT FINISHED STRONG THIS YEAR, WITH INCOME RISING 17 PERCENT IN THE LAST QUARTER AND FULL-YEAR EARNINGS REACHING A RECORD 3 POINT 5 BILLION. HAWAII CITIZENS ARE TAKING A STANCE AGAINST G-M-O CROPS TRYING TO BAN IT ON AN ISLAND.  TAKING A LOOK AROUND THE GLOBE, CHINESE PIG FARMERS ARE HAVING TO FIND OTHER LOCATIONS TO FARM. THE CENTRAL HUNAN PROVINCE SAYS IT WANTS TO SAVE ITS POLLUTED MOTHER RIVER BY EITHER RELOCATING OR CLOSING ANY PIG FARMS THAT ARE LOCATED ALONG THE BODY OF WATER. THIS MEANS HUNDREDS OF PIG AND POULTRY FARMS WILL NEED TO MOVE BY 2016. THE RIVER HAS BEEN POLLUTED BY WASTE, AS WELL AS ANIMAL CARCASSES. HUNAN IS CHINA'S TOP PIG PRODUCING AREA. SPEAKING OF COMMODITIES, ALL EYES ARE ON BRAZIL'S CROP, AS FARMERS ARE EXPECTED TO PRODUCE A RECORD NUMBER OF SOYBEANS THIS WINTER. REPORTS NOW INDICATE CATEPILLARS MAY STAND IN THE WAY. BRAZIL'S AGRIUCLTURE MINISTRY DECLARED A STATE OF EMERGENCY IN MATO GROSSO. CATERPILLARS HAVE INFESTED THE CROPS CAUSING DEVASTATION. THIS WILL NOT ONLY IMPACT YIELDS, BUT CAUSE PRODUCTION COSTS TO SPIKE AS MORE INSECTICIDE APPLICATIONS WILL BE NEEDED.

CROP WATCH:

IT'S BEEN A WEEK OF CLEAN-UP AFTER LAST WEEKEND'S POWERFUL LATE-SEASON STORMS. THE INTENSITY OF THAT STORM - ESPECIALLY FOR THE MIDWEST IN LATE NOVEMBER - IS CERTAINLY UNUSUAL. THIS SILO TOPPLED UNDER THE STRENGTH OF THE WIND. OUR THANKS TO DAVE KESTEL FROM MANHATTAN, ILLINOIS MATT BURGNER FROM MOWEAQUA, ILLINOIS SENT THIS PHOTO. HE SAID THE STORM BROUGHT 60-TO-70 MILE AN HOUR WINDS ON HIS FARM. UNHARVESTED CORN COULDN'T WITHSTAND THE POWERFUL WINDS. AND PERRY HARLOW FROM KINSMAN, ILLINOIS SHARED A COUPLE DISTINCT PHOTOS. THIS ONE ILLUSTRATES THE SIZE OF HAIL. THAT'S A QUARTER ON THE PLATE.

ROUNDTABLE:

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