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AgDay Daily Recap -February 10, 2015

08:57AM Feb 10, 2015

TODAY ON AGDAY
FEBRUARY 10, 2015

OPEN HEADLINES:
COMING UP TODAY ON AGDAY THE LATEST COTTON ACRE AND PRICE PREDICTIONS HOLD SEVERAL SURPRISES....DETAILS AHEAD. PLUS, AN UPDATE ON THE WEST COAST PORT DISPUTE..AS CITRUS GROWERS SAY FRUIT IS ROTTING BY THE BAY. IN AGRIBUSINESS...CAN U.S. DAIRIES BE PROFITABLE IN 2015? THAT WHEN YOU'VE GOT MARGINS THAT ARE EXPANDING QUITE RAPIDLY, YOU'RE GOING TO SEE SOME TYPE OF EXPANSION IN THE MARKETS  AND A NEW TOOL FOR CHASING STORMS IN OUTERSPACE. AGDAY BROUGHT TO YOU BY THE DEPENDABLE, LONG LASTING CHEVY SILVERADO.
NATIONAL COTTON FORECAST:
GOOD MORNING I'M CLINTON GRIFFITHS. IT COULD BE ANOTHER ROUGH YEAR FOR THE U-S COTTON INDUSTRY AS GLOBAL STOCKS REMAIN HIGH...AND THAT'S OUR TOP STORY ON AGDAY.
PROPANE MARKETS:
EVEN THOUGH PARTS OF THE EAST COAST ARE GETTING SLAMMED AGAIN WITH SNOW, SO FAR THIS SEASON THE MIDWEST PROPANE MARKET HASN'T SEEN THE CHALLENGES OR PRICES IT DID DURING LAST YEAR'S HARSH WINTER. THE ENERGY INFORMATION ADMINISTRATION SAYS HIGHER INVENTORY SUPPLIES, LOWER CRUDE OIL PRICES AND A MILDER WINTER HAVE ALL CONTRIBUTED TO THE MARKET. THE E-I-A SAYS PROPANE INVENTORIES IN THE MIDWEST ARE NEARLY 12 MILLION BARRELS ABOVE THE SAME TIME LAST YEAR. SUPPLIERS STARTED BUILDING THEIR SUPPLIES EARLIER, PLUS IT'S BEEN A LESS-SEVERE WINTER.
CROP WATCH:
SPEAKING OF WINTER WEATHER, OUR OWN MIKE HOFFMAN JOINS US WITH CROPWATCH.
FRUIT LOSSES:
CALIFORNIA CITRUS GROWERS ARE SPEAKING UP ABOUT THE TOLL THIS PORT DISPUTE IS HAVING ON THEIR INDUSTRY. THAT STATE'S CITRUS MUTUAL PRESIDENT, JOEL NELSON SAYS CALIFORNIA'S 2 POINT 4 BILLION DOLLAR CITRUS INDUSTRY TYPICALLY EXPORTS ABOUT 25 PERCENT OF THE CROP. IT'S BUSY TIME IN FROM DECEMBER TO APRIL. NELSON SAYS SO FAR, GROWERS HAVE LOST ABOUT A QUARTER OF THEIR EXPORT OPPORTUNITY. HE SAYS FRUIT IS ROTTING ON DOCKS, SALES ARE BEING CANCELLED AND HARVEST CONTINUES, AND IT'S NOT JUST EXPORTS. INPUTS AND EQUIPMENT NEED FOR PRODUCTION ARE ALSO SITTING WAITING TO SHIP TO GROWERS.
CITRUS GREENING:
A LONGER TERM THREAT TO THE NATION'S CITRUS INDUSTRY CONTINUES TO BE THE CITRUS GREENING DISEASE OR H-L-B. ON MONDAY USDA ANNOUNCED 30 MILLION DOLLARS IN FUNDING FOR PROJECTS DIRECTED AT COMBATING THE DISEASE...LONG TERM. MOST OF THE MONEY WENT TO UNIVERSITY RESEARCH PROJECTS IN CALIFORNIA AND FLORIDA.
TEASE:
UP NEXT, WE'LL DIVE INTO DAIRY MARKETS AND SEE IF THERE'S A CHANCE FOR PROFITABILITY IN 2015, AND LATER, WE'LL TELL YOU ABOUT THREE CALIFORNIA COOPERATIVES LOOKING TO JOIN THE FEDERAL MILK MARKETING ORDER.
ANALYSIS INTRO:
DAIRY PRICES AREN'T EXPECTED TO SEE THE LEVELS THEY SAW IN 2014. BUT IS IT POSSIBLE TO STAY PROFITABLE? TO HELP ANSWER THAT, OUR OWN AL PELL JOINS US AT THE AGRIBUSINESS DESK…AL.
TEASE:
UP NEXT, SOME BIG CALIFORNIA DAIRY COOPERATIVES ARE HOPING TO JOIN A NEW PRICING SYSTEM. THAT'S NEXT IN OUR DAIRY TODAY REPORT.
CA MILK ORDER:
IN OUR DAIRY TODAY REPORT, THREE OF CALIFORNIA'S LARGEST COOPERATIVES SAY THEY WANT TO LEAVE THE STATE'S MILK PRICING PLANS IN FAVOR OF A FEDERAL MILK MARKETING ORDER.
DAIRY EXPORTS:
MEANWHILE, FINAL EXPORT NUMBERS FOR 2014 ARE OUT. U.S. DAIRY EXPORTS TOPPING NEW HIGHS FOR BOTH VOLUME, AND VALUE…THAT'S INSPITE OF A BIG SLOWDOWN IN THE SECOND HALF OF THE YEAR…EXPORTERS SHIPPING JUST UNDER 2 MILLION TONS OF MILK POWDERS, CHEESE, BUTTEFAT, WHEY AND LACTOSE. UP 2 PERCENT IN VOLUME AND 6 PERCENT IN VALUE…
WORLD FOOD PRICES:
THE LATEST WORLD FOOD PRICE INDEX SHOWS FOOD PRICES CONTINUE TO FALL...A TREND THAT'S BEEN UNDERWAY SINCE APRIL OF LAST YEAR. ACCORDING TO THE U.N.'S FOOD AND AGRICULTURE ORGANIZATION, THE INDEX DROPPED NEARLY 2 PERCENT IN JANUARY.
THE FAO ALSO RAISED IT'S EXPECTATIONS FOR GLOBAL GRAIN PRODUCTION--PUTTING STOCKS TO USE RATIO'S AT 25 PERCENT...THE HIGHEST POINT IN MORE THAN DECADE.

 

 

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