AgDay Daily Recap -August 12, 2016

August 12, 2016 02:57 AM
 

TODAY ON AGDAY
AUG. 12, 2016


OPENING HEADLINES:
COMING UP TODAY ON AGDAY -A NEW LOOK AT THE FARM ECONOMY FROM THE FEDERAL RESERVE. OUR PROFARMER PROFIT BRIEFING FOCUSES ON LAND VALUES SO IT’S A BIT OF A HEAD SCRATCHER BUT THEY ARE AT LEAST GETTING THE TREND RIGHT THIS YEAR LAST YEAR WE FELT LIKE THEY WEREN’T GETTING THE TREND JUST YETA GREAT AMERICAN BARN FROM NORTHERN INDIANA...THAT'S FINDING NEW LIFE THANKS TO A GARDEN. AND THE ART OF AGRICULTURE. THESE BIG CITY BALLERINAS ARE DANCING AT FARMS ACROSS VERMONT FOR A GOOD CAUSE.
REPORT ILLUSTRATES FINANCIAL CHALLENGE TO FARMERS:
GOOD MORNING I'M CLINTON GRIFFITHS. AS USDA PREPARES TO RELEASE ITS LATEST CROP PRODUCTION FIGURES LATER THIS MORNING, THEY COULD FURTHER PUSH GRAIN PRICES SOUTH... EXACERBATING FARM INCOMES. THE NEW CROP ESTIMATE FOLLOWS A SERIES OF QUARTERLY REPORTS FROM THE FEDERAL RESERVE BANKS IN CHICAGO, KANSAS CITY AND ST. LOUIS THAT ALL ILLUSTRATE THE FINANCIAL CHALLENGES FACING FARMERS. THE COMMON DENOMINATOR BETWEEN THE THREE DISTRICTS IS THE PERSISTENT DECLINES IN FARM INCOME, WHICH IN TURN AFFECTS AGRICULTURAL CREDIT CONDITIONS. BANKERS IN THE K-C DISTRICT SAY AMPLE CREDIT IS AVAILABLE FOR BORROWERS WHO ARE IN A STRONG FINANCIAL POSITION. UNFORTUNATELY, THERE'S STILL A HIGHER RATE OF LOAN DENIALS OVER THE PAST YEAR. SLIMMER PROFIT MARGINS ALSO HAVE PULLED DOWN THE RATE OF LOAN REPAYMENTS. "
CASH RENTS DOWN:
CASH RENT FOR CROPLAND IS DOWN TEN PERCENT. NOW TO RANCHLAND -THE FED OFFICE SAYS 'YEAR-OVER-YEAR' VALUES FELL SEVENPOINT-FOUR PERCENT. CASH RENTS FOR RANCHLAND PLUNGED NEARLY 21-PERCENT. IN OUR NEXT SEGMENT PROFARMER'S CHIP FLORY AND LANDOWNER EDITOR MIKE WALSTEN WILL CONTINUE THE CONVERSATION ABOUT LAND VALUES AS THEY FOCUS ON USDA'S ANNUAL LAND VALUE SURVEY.
CORN BELT GETS HIT WITH FLASH FLOODS:
THE CORN BELT IS EXPERIENCING VARYING DEGREES OF EXTREMES. MUCH OF SOUTHERN MINNESOTA IS UNDER FLASH FLOOD WARNINGS AND WATCHES AFTER A MONTH'S WORTH OF RAIN FELL IN JUST HOURS. THIS IS WHAT IT LOOKS LIKE IN RENVILLE COUNTY -WHICH IS DUE WEST OF THE TWIN CITIES. THE REGION GOT HIT WITH ANYWHERE FROM SEVEN TO 12 INCHES OF RAIN WEDNESDAY AND THURSDAY. A SEED SALESMAN FROM THE AREA -JEREMY KO-SIK -SHARED THIS PHOTO WITH US. HE'S FROM RENVILLE COUNTY. AS WE'VE BEEN REPORTING, MINNESOTA HAS ONE OF THE BEST CORN CROPS IN THE MIDWEST WITH 85-PERCENT GOOD TO EXCELLENT.
DROUGHT MONITOR:
ON THE OTHER SIDE OF THE CORN BELT THIS WEEK'S DROUGHT MONITOR SHOWING WHAT FARMERS IN OHIO ALREADY KNOW -IT'S DRY...AND GETTING DRIER. THE STATE SAW A DOWNGRADE IN ITS DROUGHT CONDITIONS. AND MOST OF THAT WAS IN THE NORTHWEST. NEARLY 15-PERCENT WAS PLACED IN SEVERE DROUGHT CATEGORY. IT WAS ZERO LAST WEEK. THERE'S ALSO A SLIGHT DETEORIATION IN MICHIGAN WHERE NEARLY THE HALF IS CALLED ABNORMALLY DRY.
THE NEED FOR RAIN:
BETSY JIBBEN TALKED TO FARMERS IN BOTH OF THOSE STATES ABOUT THE NEED FOR RAIN. EASTERN BELT GROWERS AREN'T DENYING, THIS SEASON HAS BEEN DRY. "REALLY THE LAST TWO WEEKS IN JULY AND REALL YNOW THE FIRST COUPLE OF WEEKS IN AUGUST HAVE BEEN TOUGH. THERE'S LOTS OF CROP STRESS HERE," THAT STRESS IS CREATING SOME ISSUES IN THE FIELD. "THE CORN CROP, WE'RE NOTICING MAYBE A 2 INCH TIP-BACK. MAYBE A LITTLE MORE IN SOME OF HTE MOST STRESSED AREAS. EVEN IN CERTAIN SITUATIONS, TEH CORN DIDN'T POLLINATE THAT WELL ."" SOME OF THE EARLY CORN HERE IS GOING TO DO QUITE WELL SO I THIN KWEHN WE TALK TO GROWERS ABOUT PLANTING A MIX OF HYBRIDS, IT PROBABLY PAID OFF IN A YEAR LIKE THIS AS FAR AS MATURITY,">
BUT HE'S ONLY ANTICIPATING A CORN CROP AVERAGE OR A LITTLE ABOVE SINCE IT'S BEEN ALMOST THREE WEEKS SINCE A GOOD RAIN. A DRY SEASON FARMERS HOPE WILL TURN AROUND QUICKLY. REPORTING FOR AGDAY, I'M BETSY JIBBEN OUTSIDE THE CORN BELT -MONTANA SHOWING DROUGHT INTENSIFYING. TEN PERCENT OF THE STATE NOW IN SEVERE DROUGHT. IT WAS ONE PERCENT LAST WEEK.
ROUSSEFF ON THE VERGE OF IMPEACHMENT IN BRAZIL:
THE BRAZILIAN SENATE MOVES PRESIDENT DILMA ROUSSEFF ONE STEP CLOSER TO IMPEACHMENT. IT VOTED 59 TO 21 TO INDICT HER ON CHARGES OF BREAKING BUDGET LAWS AND START AN IMPEACHMENT TRIAL. IF CONVICTED INTERIM PRESIDENT MICHEL TEMER IS EXPECTED TO SERVE THE REST OF HER TERM THROUGH 2018. MEANWHILE, BRAZIL'S AGRICULTURE MINISTRY IS SEEKING THE APPROVAL OF U.S. GMO CORN IMPORTS AS THE COUNTRY'S LIVESTOCK, AND POULTRY PRODUCERS STRUGGLE WITH TIGHT SUPPLIES AND RISING DOMESTIC PRICES DUE TO THIS YEAR'S WEATHER CHALLENGES. BRAZIL'S NATIONAL BIOSAFETY TECHNICAL COMMISSION IS SET TO MEET SEPTEMBER FIRST TO ADDRESS THE POTENTIAL APPROVAL OF U.S. GMO CORN IMPORTS. THE COMMISSION IS REPORTEDLY UNDER HEAVY POLITICAL PRESSURE TO APPROVE THE MEASURE.
DOW DUPONT MERGER:
THE MERGER BETWEEN DOW AND DUPONT IS NOT QUITE A DONE DEAL.THE EUROPEAN COMMISSION ANNOUNCING THURSDAY THAT IT NEEDS A CLOSER LOOK AT WHETHER THE DEAL MAY REDUCE COMPETITION IN AREAS LIKE CROP PROTECTION, SEEDS AND PETRO-CHEMICALS. IT EXTENDED ITS DECISION DEADLINE A FEW MORE MONTHS INTO LATE DECEMBER. THE E-U'S COMPETITION COMMISSIONER SAYS THEY NEED TO MAKE SURE THE PROPOSED MERGER DOES NOT LEAD TO HIGHER PRICES OR LESS INNOVATION FOR FARMERS THE U.S. JUSTICE DEPARTMENT IS ALSO EXAMINING THE DEAL.
CROP COMMENTS:
COMBINES ARE ROLLING IN THE SOUTH. MIKE HOFFMAN HAS DETAILS ON CORN HARVEST IN CROP COMMENTS. GOOD MORNING CLINTON. AS YOU REPORTED, IT'S AWFULLY DRY IN PARTS OF THE EASTERN CORN BELT. A FARMER FROM HENRY COUNTY, OHIO SAYS "WE HAVEN'T MOWED OUR YARDS SINCE JUNE. HE SAID THEIR CORN YIELDS HAVE BEEN IN LOW 200'S THE PAST THREE YEARS. BUT HE SAYS THEY'LL BE LUCKY TO GET HALF OF THAT THIS YEAR. CORN HARVEST HAS STARTED IN GEORGIA, REACHING 22-PERCENT THIS WEEK. THAT'S DOUBLE THE FIVE YEAR AVERAGE. AND IN TEXAS ABOUT A THIRD OF THE STATE'S CORN IS NOW HARVESTED. SORGHUM IS ALSO BEING HARVESTED. IT'S 42-PERCENT AT THIS POINT. BOTH OF THOSE ARE A COUPLE POINTS AHEAD OF AVERAGE.
TEASE:
WHEN WE COME BACK WE'LL LOOK AT LAND VALUES AND CASH RENTS INCLUDING WHERE TRENDS ARE HEADED IN THE YEAR AHEAD. IT'S PART OF THIS WEEK'S PROFARMER PROFIT BRIEFING. WE VISIT A GARDENER'S PARADISE IN THIS WEEK'S GREAT AMERICAN BARN... AND LATER THIS ARTSY DANCE ISN'T OFTEN FOUND ON THE FARM. WE'LL TELL YOU WHY BALLET IS BLOSSOMING ON FARMS IN VERMONT.
PROFARMER:
THE FED ISN'T THE ONLY ONE ROLLING OUT REPORTS ON THE FARM ECONOMY. THE USDA RECENTLY RELEASED ITS DATA ON FARM AND CROP LAND VALUES.THE TEAM AT PROFARMER BREAK DOWN THE NUMBERS IN TODAY'S PROFARMER PROFIT BRIEFING.USDA RECENTLY RELEASED THEIR LAND SURVEY RESULTS SHOWED JUST A BIT OF A DOWNTREND IN 2015. MIKE IT SEEMS TO ME THAT'S A BIT OF A HEAD SCRATCHER BECAUSE WHEN YOU GO OUT ACROSS THE COUNTRYSIDE, WE'RE SEEING A FAIRLY SIZABLE SETBACK IN LAND VALUES BUT USDA IS SHOWING US A ONE PERCENT DECLINE. ALRIGHT FOR LANDOWNER EDITOR MIKE WALSTSEN AND ALL THE EDITORS AT PRO FARMER IN CEDAR FALLS IOWA I'M CHIP FLORY.


NATIONAL WEATHER:
"WELCOME BACK TO AGDAY HERE WITH METEOROLGIST MIKE HOFFMAN. MIKE AS WE LOOK AT THE DROUGHT MONITOR ACROSS THE COUNTRY WE NOTICED SOME EXPANSION IN PLACES AND IT'S PRETTY EVIDENT. YEAH IT'S STILL POCKETS BUT UNFORTUNATELY THOSE POCKETS ARE BAD AND THAT YOU CAN SEE THAT OVER SOUTHEASTERN GEORGIA BUT LET'S GO BACK A MONTH TO SEE WHAT IT LOOKED LIKE IT WAS ALREADY GETTING DRY MOST OF NORTHERN GEORGIA NORTHERN ALABAMA STARTING TO GET DRY FROM SOUTHERN NEW ENGLAND INTO PARTS OF OHIO BUT AS WE'VE HEADED THROUGH THE AT LAST FOUR WEEKS YOU CAN SEE THOSE AREAS HAVE GOTTEN WORSE AND WORSE MOST OF THE CENTRAL AND WESTERN CORN BELT THOUGH REALLY HASN'T BEEN TOO BAD OF COURSE CALIFORNIA CONTINUES TO BE VERY BAD AS WELL EVEN RIGHT NOW. SO LET'S SEE WHERE IT'S GOING TO RAIN AS WE HEAD THROUGH THE DAY TODAY WE STILL SEE THAT TROPICAL SYSTEM ALONG THE GULF COAST PUTTING TONS OF RAIN DOWN IN THE GULF COAST AREAS FROM THE PANHANDLE OF FLORIDA BACK INTO LOUISIANA THAT'S GOING TO CONTINUE TO PUSH SLOWLY WESTWARD TWO AREAS OF LOW PRESSURE NOW WE HAVE A SECONDARY ONE DEVELOPING IN THE CENTRAL PLAINS STATES WILL RIDE ALONG THIS COLD FRONT THAT WILL BE THE FOCUS FOR SHOWERS AND THUNDERSTORMS DURING THE DAY BUT THEY WILL INCREASE AS WE HEAD THROUGH THE AFTERNOON HOURS WE'LL SEE AREAS OF SHOWERS AND STORMS FROM SOUTHERN NEW ENGLAND BACK INTO THE GREAT LAKES AND DOWN INTO A TEXAS THE WAY IT LOOKS STILL SOME LINGERING SHOWERS
REGIONAL WEATHER:
THAT'S A LOOK ACROSS THE COUNTRY NOW LET'S TAKE A LOOK AT SOME LOCAL FORECASTS FIRST OF ALL FOR CASPER WYOMING PARTLY SUNNY AFTERNOON THUNDERSTORM IN SOME AREAS HIGH TEMPERATURE OF 82 PINE BLUFF ARKANSAS VERY HUMID A HEAVY THUNDERSTORM IS POSSIBLE HIGH OF NINETY AND ALBANY NEW YORK WARM AND HUMID A THUNDERSTORM IN SOME AREAS HIGH AROUND EIGHTY NINE
TEASE:
A GREAT AMERICAN BARN FROM NORTHERN INDIANA. AND LATER, WE'RE OFF TO VERMONT WHERE THESE BALLERINA'S ARE HELPING TO SUPPORT AGRICULTURE THROUGH DANCE...AND HOPING FIND FRESH INTEREST IN THE ART OF BALLET.
GREAT AMERICAN BARN:
IF YOU'RE A GARDENER, THEN YOU'LL REALLY APPRECIATE TODAY'S GREAT AMERICAN BARN LOCATED IN PLYMOUTH INDIANA. THIS IS THE BEATTY BARN. IT IS SURROUNDED BY COLORFUL GARDENS FULL OF FLOWERS. THE FARM IS OWNED BY PHILLIP AND CAROL BEATTY....BUT CAROL IS THE REAL GREEN-THUMBER. THE FARMHOUSE ON THE PROPERTY WAS BUILT IN 1878 BY MATHIAS BEATTY. AND THE BARN PRE-DATES THAT, BUT WE DON'T HAVE AN EXACT DATE FOR THIS PENNSYLVANIA DUTCH STYLE BARN. WHILE THERE'S NEW SIDING, THE DOORS AND HARDWARE ARE ORIGINAL. THIS BARN WAS USED FOR MILKING AND MACHINE STORAGE. BUT THESE DAYS A PORTION OF THE BARN IS USED AS CAROL'S GREENHOUSE WHERE SHE CREATES BEAUTIFUL POTTED FLOWERS.
TEASE:
WHEN WE COME BACK, WE'LL HEAD OUT TO THE FARM IN VERMONT WHERE WHERE IT'S NOT BULLS AND BALES STEALING THE SHOW, IT'S BALLET. I'LL EXPLAIN NEXT.

IN THE COUNTRY:
THERE ARE ALL KINDS OF DIFFERENT WAYS TO GET CITY FOLK OUT TO COUNTRY AND VICE VERSA. IN VERMONT, A BALLET TROUPE IS TAKING THEIR WHIMSICAL PERFORMANCES TO FARMS AROUND THE STATE. THE FARM TO BALLET PROJECT IS RAISING MONEY FOR AGRICULTURE WHILE WIDENING THE AUDIENCE FOR A CLASSICAL ART. MARINA HUTCHINSON HAS OUR STORY.
MARINA HUTCHINSON, THE ASSOCIATED PRESS.
CLOSING:
THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN. FOR MIKE HOFFMAN, AND ALL OF US AT AGDAY. I'M CLINTON GRIFFITHS. HAVE A GREAT DAY.
PROMO:
I'M CLINTON GRIFFITHS. MONDAY ON AGDAY WE LOOK AT USDA'S LATEST CROP PRODUCTION FIGURES AND HAVE MARKET ANALYSIS FROM OUR PARTNERS AT PROFARMER. PLUS WE TALK TO THE ECONOMIST BEHIND THE NUMBERS -THIS PERSON WHO GIVES US LAND VALUE DATA. WATCH US WEEKDAYS ON AGDAY.

 

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