AgDay Daily Recap -Feb. 24, 2016

February 24, 2016 02:57 AM
 

TODAY ON AGDAY
FEB. 24, 2016


OPENING HEADLINES:
COMING UP TODAY ON AGDAY - CROP INSURANCE DEADLINES ARE QUICKLY APPROACHING.
THE EPA AND CANADA ROLL OUT TARGETS TO CUT MAKE BIG CUTS TO
PHOSPHORUS IN LAKE ERIE. IN AGRIBUSINESS...MANAGING WEATHER MARKETS...
SO RIGHT NOW WE NEED TO KEEP OUR PENCILS SHARP AND KEY OUR EYE ON COST PRODUCTION IF THE OPPORTUNITY DOES ARISE TO DO SOME MARKETING WHERE YOU ARE IN THE BLACK YOU HAVE TO TAKE ADVANTAGE OF THAT.
PLUS, A SHARP PEN AND GOOD ESSAY COULD WIN YOU THIS VIRGINIA FARM.
AND DROUGHT NOT A PROBLEM FOR THESE CALIFORNIA CROPS. LESSONS FROM A DUSTY FIELD TODAY ON IN THE COUNTRY.
DEADLINES FOR CROP INSURANCE APPROACH:
GOOD MORNING I'M CLINTON GRIFFITHS. CROP INSURANCE DEADLINES ARE NEAR FOR THE 2016 CROP SEASON. A BIG FOCUS AS PRODUCERS ONCE AGAIN FACE BUDGET CONSTRAINTS IN THE NEW GROWING SEASON. THIS YEAR PRODUCERS ARE PENCILING OUT HOW MUCH TO SPEND ON POLICIES TO PROTECT THEIR PROFITS AS THEY'RE FACED WITH ANOTHER YEAR OF DEPRESSED NET FARM INCOME AND LOWER COMMODITY PRICES.
EXAMINING INSURANCE COVERAGE AT A TIME OF DEPRESSED FARM INCOME:
NATIONAL REPORTER BETSY JIBBEN HAS BEEN LOOKING INTO THE APPROACHING DEADLINES. CLINTON SOME OF THE 2016 POLICIES WILL EXPAND FROM WHAT WAS FIRST OFFERED IN THE 2014 FARM BILL. BUT THE BIGGEST DECISIONS COME AS FARMERS DEBATE HOW MUCH POLICY THEY SHOULD ACTUALLY BUY. THE DEADLINE TO ENROLL FOR CORN AND SOYBEANS IN THE MIDWEST IS MARCH 15TH. IF YOU ENROLLED LAST YEAR, THAT SAFETYNET COVERAGE CONTINUES UNLESS YOU DECIDE TO REVIEW AND MAKE CHANGES TO THE POLICY.
THEN THERE'S THE DECISION ABOUT HOW BIG THE POLICY SHOULD BE...FOR EXAMPLE SHOULD A FARMER BUY 75 OR 85 PERCENT COVERAGE?
PROPOSED CUTS FROM OBAMA COULD MEAN HIGHER PREMIUMS:
ON THE POLICY SIDE, PRESIDENT OBAMA'S RECENT BUDGET INCLUDED A PROPOSED 18 BILLION DOLLARS CUT OVER 10 YEARS TO THE FEDERAL CROP INSURANCE PROGRAM.
MUCH OF THAT WOULD BE ON THE PREMIUM SIDE, LOWERING THE AMOUNT THE FEDERAL GOVERNMENT PAYS INTO THE POLICY AND INCREASING THE PREMIUM FOR THE FARMER. THE AMERICAN SOYBEAN ASSOCIATION'S CEO, STEPHEN SENSE-SKY SAYS ONE OF THE ASSOCIATION'S MAIN POLICY GOALS IS TO PROTECT CROP INSURANCE AND THE FARM INCOME SAFETYNET.
VILSACK EXPLAINS DECISION ON COTTON DESIGNATION:
THANKS BETSY, SPEAKING OF CROP INSURANCE, A COUPLE OF WEEKS, AG SECRETARY TOM VILSACK TOLD COTTON GROWERS HE COULDN'T DESIGNATE COTTON AS AN OIL SEED COP. THAT DESIGNATION COULD HAVE QUALIFIED GROWERS FOR THE ARC OR PLC SAFETY NET PROGRAMS. VILSACK STILL HOPING TO EXPLAIN HIMSELF. HE RECENTLY CONTACTED FARM JOURNAL MEDIA AND OUR PARTNERS AT AGWEB SHARING AN EXCLUSIVE LETTER WITH HIS REASONING. YOU CAN FIND THAT ARTICLE AT AGWEB DOT COM.
BEEF MARKET UPDATE:
THANKS BETSY..NOW TO LIVESTOCK. WHILE CATTLE PRICES HAVE FALLEN DRAMATICALLY SINCE OCTOBER, THE DROP IN BEEF HAS BEEN SLOWER. NEW NUMBERS FROM JANUARY, HOWEVER, SHOW STEAK PRICES NOW AT THEIR LOWEST POINT SINCE OCTOBER OF 2014. JANUARY SEEING STEAK PRICES AVERAGING 7-47 A POUND. CHOICE AND SELECT CUTOUTS ARE NOW ROUGHLY 25 TO 30 DOLLARS LOWER THAN THEY WERE AT THIS TIME A YEAR AGO. RESTAURANT BUYERS EXPECT BEEF TO FALL 10 TO 17 PERCENT ACROSS ALL PRIMAL CUTS IN 2016 ACCORDING QSR MAGAZINE.
HOWEVER BEEF REMAINS RELATIVELY HIGH, HISTORICALLY SPEAKING. WITH SUPPLIES EXPECTED TO INCREASE IN 2016, MORE AVAILABILITY AND SOFTENING PRICES SHOULD ENTICE MORE CONSUMER DEMAND. "WITH GROWING SUPPLIES, THAT'S GOING TO INCREASE PER CAPACITY CONSUMPTIONS OF BEEF. WE'VE HAD VERY STRONG BEEF DEMAND WITH LIMITED SUPPLIES.
AIM TO REDUCE PHOSPHORUS IN LAKE ERIE:
FEDERAL REGULATORS IN CANADA AND THE U-S JUST ANNOUNCING NEW TARGETS AIMED AT REDUCING THE AMOUNT OF PHOSPHORUS ENTERING LAKE ERIE--CUTTING IT BY 40 PERCENT. THE DUO ANNOUNCING THE TARGETS AS IT WORKS TO MINIMIZE THE EXTENT OF LOW OXYGEN "DEAD ZONES" IN THE CENTRAL BASIN OF LAKE ERIE.
EPA SAYS SINCE THE 1990S, LAKE ERIE HAS SEEN AN INCREASE IN ALGAL GROWTH THAT'S COMPROMISING WATER QUALITY AND THREATENING THE REGION'S RECREATION-INTENSIVE ECONOMY.
CROP COMMENTS:
CROP COMMENTS IS BROUGHT TO YOU BY RESICORE HERBICIDE FROM DOW AGROSCIENCES. WE HAD A NICE RUN OF SPRING-LIKE WEATHER IN THE NATION'S MID-SECTION. BUT WINTER ISN'T GIVING-UP JUST YET. HERE'S MIKE HOFFMAN WITH TODAY'S CROP COMMENTS, MIKE. GOOD MORNING CLINTON.
AFTER A WEEKEND WARM-UP IN THE MIDWEST, WINTER IS RETURNING WITH ANOTHER JOLT. WE RECEIVED THIS PHOTO FROM KELLY STINSER NEAR COLUMBUS, OHIO. IT SHOWS THE PINK EVENING SKIES MONDAY OVER ETNA. OHIO. SHANNON SAYS SNOW AND ICE HAVE DISAPPEARED WITH TEMPS IN THE 50'S. BUT RAIN AND SNOW ARE EXPECTED TO COME BACK THIS WEEK.
GREAT LAKES ICE COVERAGE DISSIPATES:
MEANWHILE, ICE COVERAGE IN THE GREAT LAKES CONTINUES TO DISSIPATE. AS OF MONDAY, JUST 12-PERCENT OF THE FIVE LAKES HAS ICE LEFT ON THEM. LAKE ERIE HAS THE MOST REMAINING AT 30-PERCENT. BUT IT'S QUICKLY DISAPPEARING. SO THOSE BIG GRAIN AND ORE SHIPS WILL SOON BE MOVING AGAIN. AND TAKING A LOOK AT THE WEATHER MAP BIG STORM SYSTEM WITH RAIN AND HEAVY SNOW IN PARTS OF IT MOVING THROUGH THE OHIO VALLEY AND THE GREAT LAKES TODAY WE’LL HAVE DETAILS ON THAT WITH MORE FORECAST BUT NOW HERE ARE SOME HOMETOWN TEMPS.
TEASE:
UP NEXT IN ANALYSIS -WILL IT BE TOO WET? OR WILL IT BE TOO DRY -FOR THE UPCOMING PLANTING SEASON? BRIAN SPLITT FROM ALLENDALE JOIN ME AT THE AGRIBUSINESS DESK TO LOOK AT WEATHER MARKETS.
PLUS WE VISIT A COUPLE OF CALIFORNIA FARMS WHICH THE OWNERS HAVE LEARNED A THING OR TWO ABOUT DEALING WITH DROUGHT. AND IN SOME CASES ACTUALLY BENEFITTED FROM IT. AGDAY -BROUGHT TO YOU BY TOP THIRD AG MARKETING -FARMER FIRST WITH A PLAN FOR EVERY MARKET.
CME:
IN AGRIBUSINESS LETS SEE WHERE MARKETS ARE TAKING US THIS WEEK. FOR THAT WE HEAD TO THE FLOOR OF THE CME IN CHICAGO. MARKETS ARE QUIET, VOLUME IS LIGHT. WE'RE RIGHT HERE IN THAT MID-POINT WHERE WE'RE WAITING TO GET IN THE FIELDS AND START THE WHOLE CYCLE OVER AGAIN. THERE'S A LOT OF PRESSURE ON THE ECONOMY. OVERALL, WHERE HAVE WE GONE? THE MARKETS HAVE DRIFTED LOWER. YESTERDAY THEY WERE LOWER. CORN DOWN 5. SOYBEANS DOWN 11 AND WHEAT DOWN 6. AT THE END OF THE DAY, IT'S NOTHING THAT SHOULD BE OVERLY CONCERNED ABOUT. LET'S TAKE A LOOK AT LIVE CATTLE WE SEE LIVE CATTLE REACHING UP AND NOW 1.38 OR 1.37 SHOULD HOLD IT IN. I WOULD LOOK FOR PROBABLY A SOLID ALL THE WAY DOWN TO 1.31. NOW AGAIN, I'M NOT BEARISH HERE. I'M NOT LOOKING TO SELL. I'M LOOKING FOR OPPORTUNITIES TO BUY.
AGRIBUSINESS:
JOINING US HERE AT THE AGRIBUSINESS DESK WE HAVE BRIAN SPLIT ALLENDALE. BRIAN, LET'S TALK ABOUT THE WEATHER BECAUSE I THINK THAT SEEMS TO BE WHAT A LOT OF PRODUCERS ARE SITTING BACK HOPING THAT THE WEATHER WILL BRING BETTER PRICES THIS YEAR AND THAT COULD HAPPEN, BUT WE JUST DON'T KNOW. > IT COULD. THERE HAVE DEFINITELY BEEN SOME FORECASTS FROM A COUPLE OF DIFFERENT OUTFITS THAT WE COULD SEE THINGS FROM, LATE PLANTING, A LATE FREEZE AFTER THE LATE PLANTING, A DROUGHT SO THERE WAS DEFINITELY SOME HEADS THAT WERE TURNED AT THE TOP PRODUCER MEETING A FEW WEEKS AGO AND SO I HAD THE PRIVILEGE OF DOING SOME SPEAKING ENGAGEMENTS IN IOWA LAST WEEK WITH THE SAME OUTFIT THAT IS CALLING FOR DROUGHT.

NATIONAL WEATHER:
WELCOME BACK TO AGDAY WITH METEOROLOGIST MIKE HOFFMAN. MIKE, THIS IS A PRETTY BIG STORM WORKING UP THE EAST COAST NOW. IT LEFT A PRETTY GOOD PATH BEHIND IT. THERE IS GOING TO BE PLACES IN THE 50S THAT WILL HAVE HEAVY SNOW NOW. IT'S GOING TO PUT DOWN A LARGE SWATH OF HEAVY SNOW. AS YOU CAN SEE THIS MORNING, THE AREA OF LOW PRESSURE OVER WESTERN KENTUCKY, THAT'S GOING TO BE MOVING TO WESTERN OHIO AND THAT'S GOING TO BE EVENTUALLY IN SOUTHWEST ONTARIO. ON THE NORTHWEST EDGE OF THAT, IS A WIDE AREA WITH VERY HEAVY, WET SNOW. THIS IS NOT THE DRY, FLUFFY STUFF WE'VE SEEN A LOT SO FAR THIS WINTER. THIS IS THE HEAVY, WET STUFF THAT YOU CAN SEE IS PARTS OF ARKANSAS IN PARTS OF MISSOURI, ILLINOIS, INDIANA, OHIO, MAYBE EXTREME SOUTHEASTERN PORTIONS OF WISCONSIN. STORM SYSTEM BY LATER TODAY. INTO WEST CENTRAL OHIO AS YOU CAN SEE A WEAK SYSTEM DIVING THROUGH THE PLAINS STATES WITH JUST A LITTLE BIT OF LIGHT SNOW AND RAIN DROPS WITH IT.
REGIONAL WEATHER:
NOW LET'S TAKE A LOOK AT SOME LOCAL FORECASTS. FIRST OF ALL, FOR LANDER, WYOMING, PARTLY SUNNY AND CHILLY TODAY. THE HIGH TEMPERATURE OF 41 DEGREES. RHINELANDER, WISCONSIN,, MOSTLY CLOUDY AND RATHER COLD.THE HIGH IS 73. VALDOSTA, GEORGIA, THUNDERSTORM OR TWO, COULD BE HEAVY OR SEVERE. THE HIGH IS 73. 
TEASE:
MANDATORY OR VOLUNTARY...QUESTIONS ABOUT GMO LABELING HEAT UP AS A NEW BILL MOVES THROUGH CONGRESS.
DROUGHT BRINGS ALL KINDS OF CHALLENGES TO FARMERS. BUT IT CAN REVEAL OPPORTUNITIES. WE'LL TELL YOU HOW, LATER ON AGDAY.
GMO LABELING:
THE SENATE AGRICULTURE COMMITTEE WILL MARKUP CHAIRMAN PAT ROBERTS GMO LABELING BILL THURSDAY. ROBERTS RELEASED A DRAFT OF THE BILL LAST WEEK THAT DREW APPLAUSE FROM MANY AGRICULTURE GROUPS. HOWEVER, AS POLITICO REPORTS, IT'S UNCLEAR IF DEMOCRATS WILL BE ABLE TO IGNORE PRESSURE FROM PRO-LABELING GROUPS UNHAPPY WITH THE MEASURE.
THE FEDERAL BILL IS AIMED TO PREEMPT INDIVIDUAL STATES FROM GMO LABELING. VERMONT CURRENTLY HAS A LABELING LAW SET TO GO INTO EFFECT THIS SUMMER.
ESSAY CONTEST, PRIZE IS A FARM:
IF YOU'RE LOOKING FOR A NEW FARM AND YOU'RE PRETTY GOOD WITH WORDS I MIGHT HAVE THE PLACE FOR YOU.
TAKE A LOOK AT THIS... THIS IS NEWSTEAD ON THE JAMES--A 58 ACRE FARM WITH FIVE BEDROOMS WORTH ROUGHLY ONE AND HALF MILLION DOLLARS ACCORDING TO THE CURRENT OWNERS. AND THEY'VE DECIDED TO GIVE IT AWAY.
200 WORDS AND AN ENTRY FEE OF 2-33 DOLLARS AND NEWSTEAD ON THE JAMES COULD BE YOURS...ALONG WITH A 100-THOUSAND DOLLAR BONUS. THERE'S A COUPLE OF CATCHES--FIRST THE JUDGES HAVE TO LIKE YOUR ESSAY--ON WHY YOU SHOULD BE THE NEW OWNER--AND SECONDLY, THEY NEED TO GET AT LEAST 7-THOUSAND ENTRIES. IF THEY DON'T GET ENOUGH, YOU'LL GET YOUR ENTRY FEE BACK.
TEASE:
PAGE FOR MORE DETAILS. AND FIND OUT WHY A COUPLE OF FARMERS IN CALIFORNIA THINK THE DROUGHT  WAS A CHANCE TO LEARN AND GROW. IN THE COUNTRY IS NEXT.
IN THE COUNTRY:
WE'VE CLOSELY WATCHED THE DROUGHT IN CALIFORNIA THE PAST FOUR YEARS. AND WHILE THE REDUCTION IN AVAILABLE WATER HAS BEEN A REAL CHALLENGE FOR MOST FARMERS OUT THERE, OTHER FARMING OPERATIONS HAVE THRIVED. AND THAT'S BECAUSE THEIR MAIN CROP IS DROUGHT-TOLERANT FLOWERS AND PLANTS. IN THIS REPORT PROVIDED BY CALIFORNIA BOUNTIFUL T-V, WE VISIT TWO FARMS WHERE THE OPERATORS SAY IT'S BEEN A LEARNING LESSON.
ALTMAN PLANTS IS A WHOLESALE NURSERY. WE HAVE SEVERAL LOCATIONS ACROSS THE COUNTRY. WE GROW FLOWERING PLANTS AND DROUGHT TOLERANT PLANTS FOR RETAILERS LIKE LOWE'S AND HOME DEPOT. A SMART PLANTED IS A BRAND OF PLANTS WE CREATED ABOUT 5 YEARS AGO TO FOCUS ON DROUGHT TOLERANT PLANTS, PLANT THAT ARE ADAPTED FOR THE ENVIRONMENT THAT WE'RE IN, WHICH IS A WATER LIMITED ENVIRONMENT. AND WE SELECTED ABOUT 150 VARIETIES ACROSS THE WORLD THAT ARE DROUGHT TOLERANT AND FLOWERING SO THAT PEOPLE CAN STILL ENJOY THEIR GARDENS BUT HAVE A CHANCE TO WATER LESS AND USE LESS OF THE RESOURCES.
CLOSING:
THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN. FOR BETSY JIBBEN AND MIKE HOFFMAN, I'M CLINTON GRIFFITHS. HAVE A GREAT DAY.
PROMO:
I'M CLINTON GRIFFITHS. THURSDAY ON AGDAY. MEET A FARMER WHO DOESN'T OWN A COMBINE OR A TRACTOR, BUT HE DOES OWN A TRUCK. AND IT HELPS HIM SAVE A CROP THAT'S BEEN GROWING FOR DECADES. MIKE HOFFMAN HAS HIS MID-WEEK FORECAST. WATCH US WEEKDAYS ON AGDAY.

 

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