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AgDay Daily Recap -March 13, 2014

March 13, 2014
 
 

TODAY ON AGDAY

MARCH 13, 2014

 

WHEAT PRICES:

GOOD MORNING I'M CLINTON GRIFFITHS. WHEAT FUTURES CLIMBED AGAIN WEDNESDAY ON INCREASING TURMOIL IN UKRAINE AND DRY WEATHER WORRIES. ALSO DRIVING PRICES DRY WEATHER. MOST WHEAT FIELDS IN THE GREAT PLAINS RECEIVED LESS THAN 50 PERCENT OF NORMAL RAIN IN THE PAST 60 DAYS.  ADD TO IT... MUCH OF THE WINTER WHEAT BELT IS ONCE AGAIN DEALING WITH FRIGID TEMPERATURES. OKLAHOMA STATE WHEAT SPECIALIST JEFF EDWARDS SAYS MOST OF THE CROP IN THE SOUTHERN PLAINS IS HANDLING THE COLD WEATHER WELL. HE SAYS SOME FIELDS MAY LOOK RAGGED BUT MOST OF THE DAMAGE IS LIKELY COSMETIC.

BEEF PRICES:

PRODUCERS ARE TRYING TO PACK AS MANY POUNDS ON CATTLE AS POSSIBLE. PRICES REMAIN STRONG. CASH PRICES FELL BACK A LITTLE IN RECENT DAYS CUTTING IN TO FEEDER MARGINS. HOWEVER ACCRODING TO THE STERLING BEEF PROFIT TRACKER, CATTLE FEEDERS ARE STILL MAKING UPWARDS OF 230 DOLLARS PER HEAD...LAST YEAR THEY WERE LOSING MORE THAN 50 BUCKS PER ANIMAL. PACKERS ALSO SAW CUTOUT VALUES CLIMB AND THAT'S HELPING PUT THAT SECTION OF THE INDUSTRY IN THE BLACK THIS WEEK.

BEEF PRODUCTION:

IN ITS MONTHLY SUPPLY DEMAND REPORT USDA FORECASTER SAYS THEY EXPECT LESS RED MEAT PRODUCTION IN 2014. HOWEVER NOT BECAUSE OF CATTLE. BEEF IS FORECAST WITH INCREASING SLAUGHTER NUMBERS AND WEIGHTS. IT ALSO RAISED EXPORT FORECASTS ON STRONG SALES TO ASIAN MARKETS...BOTH SCENARIOS SHOULD HELP MAINTAIN PRICES IN 2014. CATTLEMEN ARE LITTLE UPSET WITH ONE ASIAN CUSTOMER.
THE NATIONAL CATTLEMEN'S BEEF ORGANIZATION AND OTHERS CALLING ON U.S. TRADE NEGOTIATORS TO REJECT JAPANS TRANS PACIFIC PARTNERSHIP DEMANDS.

PEDV RESEARCH:

MEANWHILE HOGS HAVE JUST BEEN ON FIRE. SETTING NEW RECORD HIGHS ON TUESDAY...AND CONTINUING THAT STREAK ON THE JUNE CONTRACT WEDNESDAY.

CROP WATCH:

FROM TOO COLD AND WET TO TOO DRY. MIKE HOFFMAN HAS OUR FIRST LOOK AT FARM COUNTRY WEATHER IN THIS MORNING'S CROPWATCH.

DATA ALLIANCE:

PURDUE UNIVERSITY RESEARCHERS AND A GROUP OF AG COMPANIES SAY THEY'RE WORKING TO STANDARDIZE FARM DATA. IT'S BEING CALLED THE OPEN AGRICULTURE DATA ALLIANCE.

CME:

THE CME GROUP IS ANNOUNCING IT HAS APPROVAL FROM THE UNITED KINGDOM'S FINANCIAL CONDUCT AUTHORITY FOR A LONDON-BASED DERIVATIVES EXCHANGE.  CME EUROPE LTD WILL BE A RECOGNISED INVESTMENT EXCHANGE. IT LAUNCHES APRIL 27. THE INITIAL COMMODITY PRODUCTS TO BE LISTED ON THE EXCHANGE INCLUDE BIODIESEL.

BIG OIL:

IS THE U.S. THE NEW SAUDI ARABIA OF OIL PRODUCTION. NEW DEPOSIT DISCOVERIES AND THE USE OF FRACKING HAS THE U.S. ON PACE TO DISPLACE SAUDI ARABIA AS THE WORLDS TOP OIL PRODUCER. THE CHANGE COULD HAVE BIG IMPACTS ON THINGS LIKE OPEC AND U.S. FOREIGN POLICY.

ANALYSIS:

RECENT RALLIES IN FUTURES PRICES FOR GRAINS ARE LIFTING SPIRITS BUT IS IT ACTUALLY RAISING MARGINS? FARM DIRECTOR AL PELL DISCUSSES PRICES AND THE IMPACT BASIS HAS ON THE FINAL PAYOUT IN THIS MORNING'S ANALYSIS.
BARN HOUSE:

IMAGINE SHARING YOUR HOUSE WITH LIVESTOCK. THOSE KINDS OF LIVING ARRANGEMENTS WERE COMMON FOR HOMESTEADERS WHO SETTLED IN DAKOTA TERRITORY AT THE TURN OF THE CENTURY. CLIFF NAYLOR TAKES US ON A TOUR OR A 108-YEAR OLD GERMAN/RUSSIAN RESIDENCE THAT ACCOMMODATED, COWS, HORSES AND IMMIGRANTS.

CHEESE FIGHT:

A TRADE BATTLE IS RIPENING BETWEEN THE U.S. AND EUROPE OVER CHEESE NAMES. AS PART OF TRADE TALKS, THE EU WANTS TO BAN THE USE OF NAMES ASSOCIATED WITH EUROPE -- LIKE PARMESAN, GORGONZOLA AND FETA -- ON CHEESE PRODUCTS MADE IN THE U.S.

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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