AgDay Daily Recap -Aug. 2, 2016

August 4, 2016 02:57 AM
 

TODAY ON AGDAY
AUG. 2, 2016


OPENING HEADLINES:
COMING UP TODAY ON AGDAY -SOYBEAN PRICES FALL AS FRESH CROP PROGRESS NUMBERS ROLL OUT. IN AGRIBUSINESS...A CHECK ON LEAN HOG PRICES. SO CONSEQUENTLY THE FUND WHERE HUGE LONG IN THE HOGS THEY STARTED LIQUIDATING SO IT WAS JUST A PERFECT STORM DAIRY PRODUCERS ARE ASKING FOR HELP FROM WASHINGTON. AND AS KIDS GO BACK TO SCHOOL THEY CAN THANK A FARMER FOR HELPING THEM GET READY.
SOYBEANS FACE DOWNWARD PRESSURE:
GOOD MORNING I'M CLINTON GRIFFITHS. SOYBEANS STARTING THE KEY GROWING MONTH OF AUGUST WITH DOWNWARD PRESSURE ON PRICES. THAT'S AFTER BEANS SAW THEIR BIGGEST ONE MONTH DROP IN MORE THAN 2 YEARS. FAVORABLE WEATHER CONDITIONS EASING CONCERNS ABOUT A LATE SEASON DROUGHT. THAT HAS TRADERS STARTING TO PENCIL IN A BIGGER BEAN CROP. THAT PUSHED SOYBEAN PRICES DOWN NEARLY 16 PERCENT ON THE FUTURES BOARD--THE BIGGEST ONE MONTH DROP SINCE 2014. THAT COMES ON THE HEELS OF A STRONG RALLY THE PREVOUS TWO MONTHS. "WE LEFT ON FRIDAY THINKING THE MARKET IS GOIGN TO E LOOKING AT HOT AND DRY WEATHER AS WE GOT INTO THIS WEEK. AND IT'S GOING TO BE WARMER BUT THERE WILL BE PLENTY OF RAIN AROUND. THAT SEEMS TO HAVE REALLY TAKEN THE SALES OUT OF THE SOYBEAN CROP RIGHT NOW." AGRONOMIST KEN FERRIE SAYS IN ILLINOIS BEANS ARE TRACK FOR A GOOD FINISH.
MICHIGAN FINALLY GETS RELIEF FROM DROUGHT:
MEANWHILE, THIS WAS THE SCENE IN SOUTHERN MICHIGAN LAST FRIDAY. HEAVY RAINS DRENCHED LARGE PARTS OF THE STATE. MICHIGAN HAS BEEN ONE OF THE DRIEST REGIONS IN THE NORTHERN TIER. NEARLY TWO THIRDS OF THE STATE IS FACING DRYNESS BUT THE AREAS OF DROUGHT CONTINUE TO SHRINK ACCORDING TO THE LATEST DROUGHT MONITOR. AS OF LAST WEEK, JUST 16 PERCENT WAS CONSIDERED TO BE IN MODERATE DROUGHT. FARTHER SOUTH, TAKE A LOOK AT THESE PICTURES FROM A STORM IN MISSIORI OVER THE WEEKEND. WE GOT THIS PICTURE FROM ADAM CASNER. HE FARMS NEAR CARROLLTON MISSOURI. HE SAYS THEY RECEIVED JUST UNDER 9 INCHES OF RAIN. WITH 90 PLUS DEGREE TEMPERATURES EXPECTED, HE'S NOT SURE HOW QUICKLY THEY CAN GET THE WATER OFF. HE EXPECTS CORN TO BE OKAY, BUT SOYBEANS MAKE TAKE A YIELD HIT.
CROP PROGRESS:
USDA'S CROP PROGRESS SHOWING SOYBEAN CONDITIONS GAINED A POINT IN HE LAST WEEK. 72-PERCENT IS GOOD TO EXCELLENT. WISCONSIN LEADS THE RACE WITH 88-PERCENT GOOD TO EXCELLENT. 54-PERCENT IS SETTING PODS -TEN POINTS AHEAD OF AVERAGE, IN CORN -76-PERCENT IS GOOD TO EXCELLENT. UNCHANGED FROM LAST WEEK. HOWEVER, IT'S A POINT HIGHER IN THE EXCELLENT CATEGORY. AGAIN WISCONSIN LEADS WITH 87-PERCENT OF ITS CORN GOOD TO EXCELLENT.
MINNESOTA IS CLOSE BEHIND AT 85-PERCENT. SPRING WHEAT HARVEST IS NOW UNDERWAY IN THE UPPER PLAINS AND PACIFIC NORTHWEST. TEN PERCENT IS CUT. SOUTH DAKOTA FARMERS REACHED 55-PERCENT HARVESTED. THAT'S 30 POINTS AHEAD OF AVERAGE, NORTH DAKOTA AND MONTANA ARE STILL IN SINGLE DIGITS. 68-PERCENT OF THE CROP IS RATED AS GOOD TO EXCELLENT.
UNAPPROVED GM WHEAT FOUND:
MORE GMO WHEAT HAS BEEN FOUND IN THE PACIFIC NORTHWEST. WASHINGTON STATE AG OFFICIALS SAY UNAPPROVED GM WHEAT WAS FOUND BY A FARMER IN AN UNPLANTED FIELD. THE FARMER SAYS THERE WERE 22 PLANTS APPARENTLY RESISTANT TO GLYPHOSATE. SEVERAL ASIAN COUNTRIES TEMPORARILY BANNED U.S. WHEAT IMPORTS AFTER GENETICALLY MODIFIED WHEAT WAS FOUND UNEXPECTEDLY IN A FIELD ON AN OREGON FARM IN 2013. IT ALSO POPPED UP IN A FIELD AT A UNIVERSITY RESEARCH CENTER IN MONTANA IN 2014.
USDA CAN INDICATE GMO PRODUCTS TO CONSUMERS IN 3 WAYS:
IN NEWS FROM WASHINGTON, IT'S OFFICIAL THE PRESIDENT SIGNED THE FEDERAL GMO LABELING BILL INTO LAW ON FRIDAY. IT NULLIFY'S VERMONT'S LAW THAT'S BEEN IN EFFECT SINCE JULY FIRST. USDA NOW HAS TWO YEARS TO WRITE THE RULES AND IMPLEMENT THE STATUTE. THE LAW SAYS PRODUCT DISCLOSURE WILL NOW BE DONE ONE OF THREE WAYS--ON PACKAGE, USDA DESIGNED SYMBOL OR VIA QR CODE. MEANWHILE, WHEN CONGRESS RETURNS TO WASHINGTON D.C., IT WILL HAVE OVER 100 APPROPRIATIONS BILLS TO WORK THROUGH, INCLUDING THE AG APPROPRIATIONS BILL. POLITICO ANALYSTS SAY IT STANDS TO FACE SOME STIFF CHALLENGES. BOTH THE HOUSE AND SENATE VERSIONS OF AG APPROPRIATIONS WOULD CUT CURRENT SPENDING LEVELS BY TWO PERCENT. THE TOUGHEST POLICY FIGHTS IN THE AG BILL INCLUDE E-CIGARETTES, POULTRY, AND FOOD STAMPS. ALSO, THE HOUSE BILL WOULD BLOCK THE GIPSA RULE. THAT LANGUAGE IS NOT INCLUDED WITH THE SENATE VERSION OF THE BILL.
COVER CROPS MAY BE KEY TO MORE YIELDS:
A RECENT SURVEY OF OVER 2,000 FARMERS SHOWED HIGHER YIELDS FOR THE FOURTH YEAR IN A ROW FOR CORN AND SOYBEAN FIELDS AFTER USING COVER CROPS. THIS COMES FROM THE AMERICAN SEED TRADE ASSOCIATION. THE SURVEY SAYS CORN YIELDS ROSE 3.4 BUSHELS PER ACRE AFTER USING COVER CROPS, AND SOYBEAN YIELDS INCREASED 1.5 BUSHELS PER ACRE. HOWEVER, CORN YIELDS JUMPED MORE THAN 8 BUSHELS PER ACRE AFTER COVER CROPS WERE USED FOUR CONSECUTIVE SEASONS, AND SOYBEAN YIELDS GAINED NEARLY 2 AND A HALF.
CROP COMMENTS:
WE'VE TALKED ABOUT CROPS ALREADY BUT LETS FIND OUT WHAT ELSE IS GOING ON IN FARM COUNTRY. CINDI CLAWSON IS IN ONCE AGAIN FOR MIKE HOFFMAN AND HAS TODAY'S CROP COMMENTS. GOOD MORNING, CLINTON. LET'S START OFF IN THE HOOSIER STATE. A VIEWER SENDING US THIS PHOTO OF THE SUN RISING OVER A FIELD IN NORTHWEST INDIANA. POLLINATION IS IN FULL SWING!
TEASE:
WHEN WE COME BACK, WE'LL SWITCH GEARS TO LIVESTOCK AND TALK HOG PRICES AND PRICE EXPECTATIONS WITH DON ROOSE. IN OUR DAIRY REPORT -A PUSH ON CAPITOL HILL TO HELP DAIRY PRODUCERS STRUGGLING WITH LOW DAIRY PRICES. I'M CHARLES DENNEY. THE NEW SCHOOL YEAR IS HERE. HOW AGRICULTURE SENDS YOUR KID TO SCHOOL. THAT STORY COMING UP ON AGDAY.
FROM THE FLOOR OF THE CME:
IN AGRIBUSINESS LETS SEE HOW MARKETS KICKED OFF THE TRADING WEEK, WE HEAD TO THE FLOOR OF THE CME IN CHICAGO FOR DETAILS. GRAIN MARKETS TRADING LOWER IN A CASE OF SOYBEANS, TRADING SHARPLY LOWER. THE ONLY MARKET THAT HAS BEEN ABLE TO SHOW ANY KIND OF PRICE STRENGTH AT ALL HAS BEEN THE WHEAT MARKET. AND THAT MARKET IS STILL FEELING THE EFFECTS OF THE POTENTIAL FOR LOSSES NOW AND FRANCE AND GERMANY, POLAND AND MANY OTHER EUROPEAN UNION COUNTRIES. THE CATTLE ON FEEDER CATTLE MARKETS TRADED SHARPLY HIGHER TO LIMIT UP OVER THE COURSE THE DAY TODAY. EVEN THE HARD PART AN A LITTLE BIT OF STRENGTH IN THROUGH THERE.
THIS IS JACK SCOVILLE, I'M VICE PRESIDENT OF PRICE FUTURES GROUP COMING TO YOU FROM THE CME FLOOR WITH SOME COMMENTS FROM THE MARKETS.
AGRIBUSINESS:
HOG FUTURES HOVERED NEAR THREE-MONTH LOWS AT TIMES LAST WEEK AS HIGHER U.S. PORK SUPPLIES COINCIDED WITH WEAKER OVERSEAS EXPORT DEMAND. STRONG EXPORT DEMAND FROM CHINA AND OTHER BUYERS HAS WEAKENED CONSIDERABLY AS THE DOLLAR STRENGTHENS AGAINST OTHER OVERSEAS CURRENCIES.
NATIONAL WEATHER:
WELCOME BACK TO AGDAY. CINDI CLAWSON IN FOR MIKE HOFFMAN TODAY, CINDI AS WE WATCH THE START OF THE WEEK, THERE'S A LOW PRESSURE SYSTEM CAN WORK ITS WAY ACROSS THE MIDDLE THE COUNTRY YEAH, AND YOU KNOW SOME AREAS ARE SAYING BOY WE REALLY COULD USE SOME THAT RAIN AND OTHER AREAS LIKE YOU HEARD THAT FROM THE PRODUCER FROM ILLINOIS EARLIER. YOU KNOW, THEY COULD COME BACK OFF A LITTLE BIT. SO IT'S BEEN VERY HIT OR MISS SOME OF THE PAST WEEK AND IT LOOKS LIKE IT'S GONNA BE THAT WAY AGAIN OVER THE NEXT COUPLE OF DAYS LET'S TAKE A LOOK. THE LOW STILL OVER IOWA THIS MORNING THAT'S ALL THE PROGRESS SLOWLY TO THE EAST BUT ONE THING YOU'LL NOTICE IS THAT IT'S NOT REALLY A HUGE WIDESPREAD RAINS BUT FOLKS THAT DO GET IT COULD BE SEEING A DECENT AMOUNT OF RAIN SO CAN A FAIRLY HIT AND MISS LIKE IT'S BEEN THE PAST COUPLE WEEKS.
REGIONAL WEATHER:
THAT'S A LOOK AT YOUR NATIONAL FORECAST, NOW LET'S CHECK OUT SOME LOCAL CITIES BROADVIEW, MONTANA SUNNY AND HOT FOR YOU TODAY AND THAT SHOWER THUNDERSTORM POSSIBLE WITH A HIGH OF NINETY ONE DEGREES. WALNUT, ILLINOIS SHOWERS AND THUNDERSTORMS WITH HIGH OF EIGHTY SIX DEGREES AND SYLVESTER, GEORGIA WILL SEE SHOWERS AND THUNDERSTORMS AS WELL WITH HIGH NINETY THREE.
TEASE:
WHEN WE COME BACK, WE'LL DIVE INTO THE DAIRY SECTOR FOR OUR WEEKLY DAIRY REPORT. AND WHEN YOU ADD-UP NEW SCHOOL SUPPLIES, NEW CLOTHES AND FOOD AT THE LUNCH TABLE -AGRICULTURE PLAYS A HUGE ROLE IN SETTING-UP YOUR CHILD FOR SUCCESS IN THE CLASSROOM. DETAILS, LATER, ON IN THE COUNTRY.
MILK TEAM:
IN NEWS FROM OUR PARTNERS AT FARM JOURNAL'S MILK TEAM...SOME MEMBERS OF CONGRESS ARE CALLING ON THE AG DEPARTMENT TO HELP DAIRY PRODUCERS FACING LOW MILK PRICES. 60 SENATORS AND CONGRESSMAN SENT A LETTER TO AG SECRETARY VILSACK ASKING HIM TO AUTHORIZE ADDITIONAL SUBSIDIES AND LOANS FOR DAIRY FARMERS. AS WE'VE BEEN REPORTING, DAIRY PRICES ARE DROPPING BUT MILK PRODUCTION IS NOT.
TEASE:
THE SCHOOL BELL WILL SOON RING-IN A NEW YEAR. FIND OUT HOW AGRICULTURE IS HELPING KIDS GET BACK TO CLASS.
IN THE COUNTRY:
THE NEW ACADEMIC YEAR IS UPON US. IF YOU HAVEN'T ALREADY, SOON YOU'LL BE PICKING-UP NEW SCHOOLS SUPPLIES AND SOME NEW CLOTHES FOR YOUR YOUNGTERS BEFORE THEY HEAD BACK TO CLASS. IN THIS REPORT FROM THE U-T INSTITUTE OF AGRICULTURE, CHARLES DENNEY SHOWS US HOW FARMING HELPS SEND CHILDREN TO SCHOOL.
HIS IS CHARLES DENNEY REPORTING.
CLOSING:
THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN. FOR CINDI CLAWSON AND ALL OF US AT AGDAY. I'M CLINTON GRIFFITHS. HAVE A GREAT DAY.
PROMO:

I'M CLINTON GRIFFITHS. WEDNESDAY ON AGDAY -MORE PLANTED ACRES BUT STRONGER PRICES. WHAT'S HAPPENING IN THE COTTON MARKET? WE'LL TAKE A CLOSER LOOK. PLUS MIXING A PASSION FOR FARMING WITH A LOVE FOR WATER SKIING. WHAT'S THE CONNECTION? TUNE IN WEEKDAYS RIGHT HERE FOR AGDAY.

 

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