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AgDay Daily Recap -June 12, 2013

June 12, 2013
 
 

TODAY ON AGDAY

JUNE 12, 2013

 

GMO WHEAT:

GOOD MORNING I'M CLINTON GRIFFITHS. JUST HOW GMO WHEAT ENDED UP IN AN OREGON FARM FIELD REMAINS UNANSWERED. THAT HAS U.S. TRADING PARTNERS BEING CAUTIOUS.

FARM BILL:

AS EXPECTED THE SENATE PASSED ITS VERSION OF A NEW FIVE YEAR FARM BILL MONDAY NIGHT. THE HOUSE OF REPRESENTATIVES IS EXPECTED TO TAKE UP THE MEASURE NEXT WEEK. EVEN THOUGH THE BILL PASSED NOT ALL FARM-STATE LAWMAKERS WERE PLEASED.
KANSAS SENATOR PAT ROBERTS VOTED AGAINST THE BILL--CALLING IT A STEP BACKWARD.

OTHER NOTABLE NAY VOTES INCLUDE KENTUCKY'S MITCH MCCONELL--STATE PARTNER, RAND PAUL DIDN'T VOTE AT ALL. FLORIDA'S MARCO RUBIO VOTED AGAINST, AS DID PORTMAN OF OHIO, AND THUNE OF SOUTH DAKOTA.

HOG PRICES:

LEAN HOG FUTURES HAVE BEEN CLIMBING LATELY.  THE JUNE CONTRACT TRADED ABOVE 100 DOLLARS PER HUNDRED WEIGHT TUESDAY. THAT'S A NEAR TWO YEAR HIGH DRIVEN BY STRONG U.S. CONSUMER DEMAND AND TIGHTER NEAR TERM SUPPLIES.

PORK REGULATION:

YESTERDAY ON AGDAY WE TALKED ABOUT THE GLOBAL TRADE OPPORTUNITIES THAT COULD BENEFIT U-S PORK PRODUCERS. BUT DOMESTICALLY, IT'S STRINGENT REGULATIONS THAT IS BURDENSOME FOR MANY OPERATIONS. AS AGDAY NATIONAL REPORTER TYNE MORGAN TELLS US, IT'S THE FUTURE OF PORK PRODUCTION THAT COULD BE AT STAKE.

LOST ACRES:

LATER TODAY, USDA RELEASES IT'S LATEST SUPPLY DEMAND NUMBERS. THE TRADE EXPECTS IT TO SHOW A REDUCTION IN NEW CROP BUSHELS DUE MOSTLY TO THE WET SPRING AND FLOODED FIELDS.

CME BITE:

OUR PARTNERS AT AGRI-TALK RADIO TALKED WITH ONE GRAIN TRADER RIGHT OFF THE CHICAGO BOARD OF TRADE FLOOR TO GET HIS PERSPECTIVE OF TODAY'S REPORTS.

CROP WATCH:

MIKE HOFFMAN IS OFF THIS WEEK. LET'S CHECK IN WITH CINDI CLAWSON FOR TODAY'S CROPWATCH, CINDI.

KLAMATH BASIN RIGHTS:

TENS OF THOUSANDS OF ACRES IN OREGON'S KLAMATH BASIN WILL NOT RECEIVE IRRIGATION WATER THIS SUMMER. THE KLAMATH INDIAN TRIBE IS INVOKING ITS WATER RIGHTS WHICH IT RECEIVED FROM THE STATE OF OREGON IN MARCH. THE STATE SAYS THE KLAMATH TRIBE HAS SENIORITY OVER OTHER WATER-USERS. THE TRIBE INTENDS TO PREVENT IRRIGATION USE TO PROTECT THEIR TRADITIONAL FISHING GROUNDS. THAT MEANS FARMERS AND RANCHERS IN WHAT'S CALLED THE "UPPER BASIN" WILL BE CUT-OFF FROM IRRIGATION. FARMERS IN THE LOWER BASIN ARE PROTECTED BY A FEDERAL RULE DATING BACK TO 1905 WHICH PREVENTS A COMPLETE CUT-OFF. BUT THEY TOO WILL FACE RESTRICTIONS. ACCORDING TO OREGON-LIVE-DOT-COM, ABOUT 100-THOUSAND CATTLE WILL BE IMPACTED BY THE MOVE.

COTTON MARKETS:

IN AGRIBUSINESS COTTON PRICES EXTENDED THE RALLY THIS WEEK. THAT AFTER A DISMAL CROP PROGRESS REPORT FROM USDA.

ANALYSIS:

WE SEE IT IN THE MARKETS. AND WE TALK ABOUT IT ON THE SHOW. BUT HOW MUCH DO YOU REALLY UNDERSTAND ABOUT MARKET VOLATILITY? FARM DIRECTOR AL PELL TALKED WITH ONE TRADER WHO SEES IT ALL THE TIME.

NEW YORK DISTILLERY:

AN UPSTATE NEW YORK DISTILLERY IS PART OF A MOVEMENT SOME REFERRED TO AS "GRAIN TO GLASS." IT'S THE BEER-AND-WHISKEY VERSION OF THE FOODIE SLOGAN, "FARM TO TABLE. BOTH PHRASES IMPLY A CONNECTION TO FRESH, LOCAL INGREDIENTS. IN THIS CASE, A LOCAL FARMER HAS FOUND A NEW MARKET FOR HIS CORN AND APPLES.

DOLE FOODS TAKEOVER:

THE WORLD'S LARGEST FRESH FRUIT COMPANY HAS A TAKEOVER BID TO BUY. THE CEO THE DOLE FOOD COMPANY, MADE AN UNSOLICITED OFFER ON TUESDAY TO BUY THE COMPANY. THE DEAL VALUES DOLE AT ALMOST $1.1 BILLION DOLLARS.

BIG CHOCOLATE:

AND THERE'S A QUESTION OF COLLABORATION IN CANADA BY BIG CHOCOLATE.

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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