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USFR Weekly Recap - February 2-3, 2013

February 2, 2013

                                                                                                                                                                                             

THIS WEEK ON U.S. FARM REPORT

EPISODE # 2060

FEBRUARY 2-3, 2013  

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M JOHN PHIPPS. IT'S HIGH MEETING SEASON FOR MANY FARMERS, AS YOU CAN TELL FROM OUR COVERAGE IN THE LAST FEW WEEKS. MY IMPRESSION IS THEY ARE PRETTY LIVELY EVENTS THIS YEAR.  2013 IS BECOMING VERY HARD TO PREDICT MUCH OF ANYTHING ABOUT. WEATHER IS CERTAINLY A WILD CARD, GLOBAL ECONOMIES HAVE PROVIDED SURPRISES. DEMAND FOR COMMODITIES SURPRISES ALMOST DAILY. BUT I THINK WE'RE DISCOVERING AS AN INDUSTRY THAT A LITTLE FACE TIME WITH COLLEAGUES AND CONTACTS HELPS US COPE WITH THESE UNCERTAINTIES. THERE ARE STILL PLENTY OF MEETINGS TO GO. I SUGGEST YOU CONSIDER MAKING SOME NEW FRIENDS BY ATTENDING. TYNE MORGAN IS HERE WITH HEADLINES.

HEADLINES:

JAPAN IS RELAXING RESTRICTIONS ON U-S BEEF IMPORTS WHICH COULD PUT FURTHER DEMAND ON AN ALREADY SHRINKING HERD. JAPAN BANNED U-S BEEF IMPORTS IN 2003 AFTER THE BRAIN DISEASE KNOWN AS B-S-E WAS DISCOVERED IN THIS COUNTRY. THE OWNER OF THE CHICAGO BOARD OF TRADE APPEARS READY TO REDUCE THE LENGTH OF THE TRADING DAY FOR ITS GRAIN AND OILSEED MARKETS. FOR THREE BIG WINTER-WHEAT GROWING STATES, JANUARY WEATHER WAS LITTLE HELP. MUCH OF THE AREA THROUGH NEBRASKA, KANSAS, OKLAHOMA AND TEXAS SAW BELOW NORMAL PRECIPITATION AND RAINFALL.

CROP WATCH:
KEEPING WITH THE WHEAT THEME....

ROUNDTABLE:

IT'S TIME TO TALK MARKETS AS OUR ROUND-TABLE GATHERS AT THE 20-13 TOP PRODUCER SEMINAR. MORE THAN ONE THOUSAND PEOPLE FLOODED CHICAGO FOR THE 2013 TOP PRODUCER SEMINAR.  TOPICS RANGED FROM POLICY CHANGES TO THE BOOMING LAND PRICES AMONG PRODUCERS AND SPEAKERS. WE ALSO TALKED TRENDS DURING THIS WEEK'S ROUND-TABLE. JOINING ME ON STAGE WERE THREE LONG-TIME FAVORITES...MARK GOLD, BRIAN BASTING, AND GREGG HUNT.

JOHN’S WORLD:

DOCTORS ARE DISCOVERING PATIENTS ARE GOOGLING OUR SYMPTOMS BEFORE ARRIVING AT OUR APPOINTMENTS. TO THEIR CREDIT, THE PROFESSION HAS MOVED FROM RESISTANCE TO KNOW-IT-ALL PATIENTS TO MAKING IT A POSITIVE EXPERIENCE. THIS INTERNET EMPOWERMENT IS SPREADING. PROFESSIONAL ECONOMISTS AT THEIR ANNAUL MEETING - WHICH I BET IS A ROWDY AFFAIR - WERE STUNNED BY ONE PAPER PRESENTED THERE. THIS SURVEY OF HJUNDERED OF LEADING ECONOMISTS COMPARED THEIR OPINION TO THE AVERAGE MAN OR WOMAN IN THE STREET. THE RESULTS WERE SOBERING. FOR EXAMPLE 100 PERCENT OF ECONOMISTS AGREED THAT INDIVIDUALS STOCKPICKERS CANNOT BEAT INDEX FUNDS - WHICH ARE SIMPLY AN AVERAGE OF ALL STOCKS. LESS THAN HALF OF ORDINARY PEOPLE DO. THERE WAS WIDE CONSENSUS - 75% - THAT BUY AMERICAN CAMPAIGNS WERE A BAD IDEA COMPARED TO FREE TRADE. ONLY ABOUT ONE IN TEN CITIZENS AGREED. WE'RE ALL AMATEUR ECONOMISTS NOW. ARMED WITH DUBIOUS WEBSITE FACTS OR MYTHS, WE CREATE OUR OWN EXPLANATIONS FOR HOW THE ECONOMY WORKS, DISREGARDING THE INCREASINGLY HARD TO GRASP VAGUENESS OF PROFESSIONAL OPINIONS.

2ND HALF

JOHN’S OPEN:

HELLO AND WELCOME TO U-S FARM REPORT, I'M JOHN PHIPPS. WE HAVE A QUESTION FROM A VIEWER ABOUT CHINA LATER IN THE SHOW, BUT I WANTED TO SHARE ONE OF THE MOST BIZAARE HEADLINES ABOUT CHINA I HAVE READ IN YEARS. BLOOMBERG REPORTING THAT THE BANK OF AMERICA WAS REDUCING LONG TERM ECONOMIC GROWTH ESTIMATES FOR CHINA'S ECONOMY BECAUSE - AND I AM NOT MAKING THIS UP - OF IMPENDING LABOR SHORTAGES. THE MIND BOGGLES. 1.3 BILLION PEOPLE AND BY 2020 - NOT THAT FAR AWAY - THE EFFECT OF THEIR ONE-CHILD POLICY ARE BECOMING WORRISOME TO CHINESE ECONOMISTS. MY QUESTION IS HOW COULD THEY NOT SEE THAT COMING? AT ANY RATE, I THINK WE NEED TO BE CAREFUL WITH ALL KINDS OF CHINA ASSUMPTIONS. LET'S GET STARTED WITH THE HEADLINES AND TYNE MORGAN...

HEADLINES:

A MAJOR STUDY THAT LOOKED AT TEN YEARS OF DATA ON FOOD-RELATED ILLNESSES HAS FOUND THAT LEAFY GREENS ARE THE BIGGEST CULPRIT, SURPASSING MEAT AND POULTRY.

ILLNESSES FROM DAIRY PRODUCTS WERE ALSO HIGH ON THE C-D-C LIST. BUT MOST OF THE CASES ARE ASSOCIATED WITH THE CONSUMPTION OF RAW MILK. YOU MAY REMEMBER THAT USDA UPDATED THE SCHOOL LUNCH PROGRAM LAST YEAR. SO HOW WELL ARE KIDS EATING THOSE EXTRA VEGETABLES? CONTRACTORS MOVED FURTHER NORTH ON THE MISSISSIPPI RIVER TO REMOVE EVEN MORE ROCK FORMATIONS WHICH HAVE THREATENED BARGE TRAFFICE. THE CORPS OF ENGINEERS ACCEPTED THE BIDS TO ALLEVIATE ROCK PINNACLES NEAR GRAND TOWER, ILLINOIS. MEANWHILE, RIVER TRAFFIC CAME TO A HALT THIS WEEK NEAR VICKSBURG, MISSISSIPPI AFTER TWO TANKER BARGES STRUCK A BRIDGE. ONE OF THE BARGES WAS LEAKING OIL. MORE THAN 300 BARGES - UP RIVER AND DOWN RIVER FROM THE SPILL - WERE STOPPED AS CLEAN-UP GOT UNDERWAY. THE COAST GUARD IS STILL INVESTIGATING THE CAUSE OF THE BRIDGE INCIDENT.

AUSSIE RABBITS:

RABBITS HAVE BEEN A SERIOUS PEST IN AUSTRALIA SINCE THEY WERE INTRODUCED TO THE COUNTRY IN THE 1850'S FOR RECREATIONAL HUNTING. A RUN OF GOOD CROP SEASONS HAS RESULTED IN A POPULATION BOOM THAT IS CAUSING MILLIONS OF DOLLARS WORTH OF DAMAGE.

BAXTER BLACK:

WELCOME BACK. BAXTER BLACK LOVES LIFE ON HIS ARIZONA RANCH - A PLACE WHERE SUNSETS ARE MEMORABLE, AND HORSES LEAD THE WAY. HE JOINS US NOW TO EXPLAIN WHY "HORSES MATTER".

TRACTOR TALES:

THIS WEEK WE'VE GOT AN OLD FASHIONED, MADE-IN-THE-USA, JOHN DEERE 60...FROM CANADA!

CHURCH SALUTE:

TODAY'S COUNTRY CHURCH SALUTE GOES TO PLYMOUTH CONGREGATIONAL CHURCH OF NEWARK OHIO. IT'S BEEN AROUND SINCE 1879 WHEN REVERAND SCOTT WOLCOTT LED THE MEMBERSHIP. THE ORIGINAL CHURCH WAS BUILT IN 1884. THE CURRENT STRUCTURE WENT UP 1909 AND WAS CONSTRUCTED OF BEDFORD STONE. THE STAINED GLASS WINDOWS ARE A TRUE CALLING CARD FOR PLYMOUTH CONGREGATIONAL. THEY WERE SHIPPED FROM ITALY. THE IMAGE ON THE NORTH WINDOW DEPICTS THE LANDING OF THE PILGRIMS ON PLYMOUTH ROCK. WEEKLY WORSHIP IS FILLED WITH MUSIC FROM A PIPE ORGAN, CONSIDERED THE FINEST IN TOWN. OUR THANKS TO CHURCH BOARD MEMBER PAUL SCANLON FOR SHARING THE NEWS OF PLYMOUTH CONGREGATIONAL. PAUL TELLS US HE'S A FAITHFUL VIEWER. WE'RE GLAD TO HEAR THAT.

MAILBAG:

TIME NOW FOR OUR WEEKLY LOOK INSIDE THE FARM REPORT MAILBAG. NANCY, WHO LIVES IN A TOWN THAT STARTS WITH "O" IN MICHIGAN IS WORRIED ABOUT FOREIGN OWNERSHIP OF FARMLAND.

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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