AgDay Daily Recap -February 13, 2015

February 13, 2015 02:57 AM
 

TODAY ON AGDAY
FEBRUARY 13, 2015

OPEN HEADLINES:
TODAY ON AGDAY - WHO'S BUYING FARM EQUIPMENT DURING THESE DOWN TIMES IN THE GRAIN MARKETS. ALL EQUIPMENT SALES HAVEN'T BEEN DEPRESSED BY LOWER GRAIN PRICES. COMING UP TODAY ON AGDAY…WE'LL TELL YOU WHAT SECTOR IS ACTUALLY THRIVING RIGHT HERE FROM THE NATIONAL FARM MACHINERY SHOW. IN TODAY PROFARMER PROFIT BRIEFING...USDA'S FEBRUARY SUPPLY AND DEMAND REPORTS OUT OF THE WAY, WHAT WILL THE MARKETS FOCUS ON NOW? SO I THINK THEY'RE FOCUSING ON MONEY FLOW I THINK THEY'RE FOCUSING ON THE DOLLAR. WEST COAST PORTS AT ANOTHER STAND STILL, AND CELEBRATING 50 YEARS WITH THE NATIONAL FARM MACHINERY SHOW…AGDAY-BROUGHT TO YOU BY THE DEPENDABLE, LONG LASTING CHEVY SILVERADO…
ST LOUIS FED:
GOOD MORNING I'M CLINTON GRIFFITHS. WITH CORN PRICES FLOATING BELOW FOUR DOLLARS, HOW ARE THE RIPPLE EFFECTS BEING FELT AT ONE OF THE LARGEST EQUIPMENT SHOWS IN THE COUNTRY?, AND THAT'S OUR TOP STORY ON AGDAY.
FED REPORT ST LOUIS:
THE EIGHTH DISTRICT COVERS PARTS OF THE MIDWEST AND LOWER MISSISSIPPI RIVER VALLEY. IN THEIR LATEST OUTLOOK FROM THE LAST FISCAL QUARTER, FARM INCOME, FARM HOUSEHOLD SPENDING AND CAPITAL EQUIPMENT EXPENDITURES WERE ALL DOWN COMPARED TO THE SAME PERIOD IN 2013. LIKEWISE, THE BANK LENDERS EXPECT FURTHER DECLINES DURING THE FIRST QUARTER OF THIS YEAR.FARMLAND VALUE ACTUALLY INCREASED IN THE ST LOUIS DISTRICT, BUT ONLY MARGINALLY. AND THE BANKERS EXPECT IT TO DROP OFF AGAIN.
AS ONE LENDER PUT IT "IT'S VERY DIFFICULT FOR FARMERS TO BUY FARMLAND AND NEW EQUIPMENT WITH CORN PRICES IN THE $3.50 RANGE,"
NFMS EQUIPMENT:
SO JUST WHY ARE SMALLER TRACTORS SALES OUTPACING THEIR BIGGER COUNTERPARTS BY SUCH A WIDE MARGIN. TYNE MORGAN IS AT THE NATIONAL FARM MACHINERY SHOW IN LOUISVILLE KENTUCKY TO HELP ANSWER THAT. TYNE…
KEYSTONE VOTE:
IT MAY TAKE A FEW DAYS TO REACH HIS DESK, BUT THE PRESIDENT NOW HAS A DECISION TO MAKE ON THE KEYSTONE XL PIPELINE. THE HOUSE PASSING A FINAL VERSION OF THE BILL 270 TO 152…NEITHER THE HOUSE NOR THE SENATE APPROVED THE MEASURE WITH ENOUGH VOTES TO OVERRIDE A PRESIDENTIAL VETO...WHICH THE PRESIDENT HAS SAID WILL BE HIS DECISION. AN ANSWER ON THE KEYSTONE XL PIPELINE HAS BEEN ON HOLD FOR SOME 6 YEARS. IT WOULD CARRY CRUDE OIL FROM CANADA SOUTH TO THE TEXAS GULF COAST.
CME REPORT:
IN AGRIBUSINESS EARLIER THIS WEEK-- FEEDER CATTLE FUTURES DROPPED BELOW 200 WHILE LEAN HOG TOUCHED A 5 YEAR LOW. LET’S SEE WHERE THINGS STAND AFTER THURSDAY'S TRADE ON THE FLOOR OF THE CME.
WX:
WELCOME BACK TO AGDAY WITH METEOROLOGIST MIKE HOFFMAN. MIKE, I THINK THAT COLD FRONT WENT A WAYS SOUTH. IT'S PRETTY COLD. IT'S COOLING ALL THE WAY TO CUBA. THAT SECOND ONE THAT YOU SEE COMES ACROSS THE CANADIAN BORDER IS PROBABLY THE COLDEST ONE WE WILL SEE THIS WINTER ENTER THE LOWER 48. WE WILL BE WATCHING WHERE THAT ONE GOES. LET'S CHECK OUT THE MAPS. AS YOU CAN SEE, A GOOD CHUNK OF THE LOWER 48 IS ACTUALLY DOMINATED BY HIGH PRESSURE FROM THE WEST ALL THE WAY INTO THE SOUTHEAST. THERE IS NOT A LOT OF MOISTURE GOING ON HERE. THERE'S A FEW SHOWERS ALONG THAT COLD FRONT IN SOUTH FLORIDA. THERE'S A LITTLE BIT OF MOISTURE COMING INTO THE PACIFIC NORTHWEST. WE HAVE SOME LIGHT, FLUFFY SNOW FLYING ACROSS PARTS OF THE UPPER MIDWEST AND INTO THE WESTERN GREAT LAKES AS WE HEAD THROUGH THIS AFTERNOON. YOU CAN SEE, THAT WILL CONTINUE TO MOVE EASTWARD. THIS IS EXTREMELY COLD AIR, STRAIGHT OFF THE ARCTIC CIRCLE. THAT'S COMING SOUTHWARD QUICKLY INTO THE NORTHERN AND CENTRAL PLAINS STATES AS WE HEAD INTO THE DAY TOMORROW. IN THE MORNING, YOU CAN SEE SOME LONG BANDS OF LAKE EFFECT SNOW SETTING UP IN WESTERN PORTIONS OF THE GREAT LAKES. SNOW CONTINUES TO FLY IN THE EASTERN AREAS AS WELL AND A LITTLE BIT MORE SNOW COMING INTO THE FAR NORTHWESTERN PLAINS WITH THAT NEXT SYSTEM THAT'S COMING EASTWARD. YOU CAN SEE AS WE HEAD THROUGH THE DAY TOMORROW, THAT COLD AIR CONTINUES TO MOVE SOUTHWARD INTO TENNESSEE AND ARKANSAS, BRINGING A REALLY COLD BATCH OF AIR WITH IT. NOW, CHECKING OUT PRECIPITATION ESTIMATES OVER THE PAST 24 HOURS…THIS IS WHAT I WAS TALKING ABOUT. THERE IS ALMOST NOTHING AS FAR AS A TENTH OF AN INCH OR MORE IN THE LOWER 48. THERE'S JUST A FEW SPOTS. ADD ON THE NEXT 36, WE'RE GOING TO ADD SOME IN THE LAKE EFFECT AREAS AS WELL AS SOME OF THAT LIGHT SNOW MOVING EASTWARD. WE WILL SEE SOME IN THE WESTERN PORTIONS OF NORTH DAKOTA AND BACK ACROSS AREAS INTO WASHINGTON. THAT'S ABOUT IT. LET'S LOOK AT SNOWFALL ESTIMATES OVER THE PAST 24 HOURS. THAT'S MAINLY ON THE LIGHT SIDE. ADD ON THE NEXT 36 HOURS, IT WILL BE LIGHT IN MOST AREAS. SOME OF THOSE TYPICAL LAKE EFFECT SPOTS WILL PROBABLY GET A HALF FOOT TO EVEN TEN INCHES OF SNOW IN SOME SPOTS. YOU CAN SEE THAT'S A DECENT AMOUNT OF SNOW COMING IN THERE TO WESTERN NORTH DAKOTA ON OUR COMPUTER MODEL AS WELL. HIGH TEMPERATURES TODAY ARE EXTREMELY COLD WITH THE GREAT LAKES INTO THE NORTHEAST. WE ARE SEEING 40'S ALL THE WAY DOWN TO THE NORTHERN DIXIE. YOU HAVEN'T SEEN A LOT OF THAT THIS WINTER. GET USED TO A LITTLE BIT MORE OF IT OVER THE NEXT COUPLE OF WEEKS. IT'S STILL 60'S IN THE SOUTHERN PLAINS. FOR TONIGHT, WE WILL SEE LOTS OF NEGATIVE NUMBERS ACROSS THE NORTHERN PLAINS STATES INTO THE NORTHERN PORTIONS OF THE GREAT LAKES. WE WILL SEE 30'S ALL THE WAY DOWN TO DIXIE WITH A LIGHT FREEZE IN PARTS OF THE ATLANTA AREA. HIGH TEMPERATURES TOMORROW ARE IN THE SINGLE DIGITS. SOME OF THEM EVEN BELOW ZERO ALONG THE CANADIAN BORDER… THAT CHILLY AIR IS GOING TO CONTINUE DOWN AND EXPAND SOUTHWARD. THERE'S THE JET STREAM. YOU CAN SEE ONE TROUGH MOVING AWAY. THERE'S THE BIG ONE BRINGING IN THAT SHOT OF REALLY COLD AIR. WATCH THE NEXT ONE. IT COMES IN FARTHER WEST. THAT'S WHERE WE THINK THE COLD AIR WILL TEND TO SHIFT WESTWARD WITH TIME AS WE HEAD THROUGH THE NEXT TEN DAYS OR SO. THAT'S A LOOK ACROSS THE COUNTRY. NOW LET'S TAKE A LOOK AT SOME LOCAL FORECASTS. FIRST OF ALL, FOR MOORCROFT, WYOMING TODAY, THERE'S LOTS OF SUNSHINE AND MILD. THE HIGH TEMPERATURE IS UP TO 55. LAKE CHARLES, LOUISIANA IS MOSTLY SUNNY AND FOR YOU FOLKS, THAT'S COOL THAT HIGH IS 57. FINALLY, HARTFORD, CONNECTICUT IS BREEZY AND COLD WITH SOME SUNSHINE. THE HIGH IS ONLY 14.
TEASE:
UP NEXT, JUST BECAUSE CATTLER HERDS ARE EXPANDING DOESN'T MEAN EXPANSION IS A SURE THING.
DERRELL:
CATTLE FEEDERS SAY MARGINS ARE IMPROVING BUT STILL IN THE RED. ACCORDING TO THE STERLING BEEF PROFIT TRACKER, AVERAGE PER HEAD LOSSES IS NOW IN THE 30-DOLLAR RANGE. CASH PRICES IN ITS 5 AREA DISTRICT TOPPING 160-PER HUNDRED. THE LATEST CATTLE INVENTORY REPORT INDICATED A REBOUND IN THE NATION'S CATTLE HERD.
AN INCREASE HAPPENING MUCH MORE QUICKLY THAN MANY MARKET WATCHERS ANTICIPATED.  OKLAHOMA STATE LIVESTOCK MARKETING SPECIALIST DERRELL PEEL SAYS, WHILE HERDS ARE EXPANDING, WEATHER SETBACKS--LIKE DROUGHT-- COULD HALT PROGRESS QUICKLY.  OVERALL, HE THINKS MARKETS SHOULD REMAIN STRONG THROUGH 2015.
TURKEY FEED:
ACCORDING TO THE KALAMAZOO GAZETTE, THE DEATHS OF SOME 50-THOUSAND TURKEYS ON A WESTERN MICHIGAN FARM LAST AUGUST HAS CAUGHT THE EYE OF FEDERAL OFFICIALS.
THEY'RE LOOKING INTO HOW CONTAMINATED FEED ENDED UP THERE AND ON OTHER FARMS ACROSS THE COUNTRY. FDA AND USDA INVESTIGATORS ARE LOOKING INTO THE MATTER. THE FEED APPEARS TO HAVE BEEN CONTAMINATED WITH OIL INTENDED FOR INDUSTRIAL USES--NOT LIVESTOCK. THE OWNERS SAY THE MISTAKE COST THE FARM MORE THAN A MILLION DOLLARS IN UNINSURED LOSSES.
ITC NFMS HISTORY:
THE NATIONAL FARM MACHINERY SHOW IS WRAPPING UP THIS WEEK IN LOUISVILLE KENTUCKY. 800 VENDORS SPREAD OUT ACROSS 27 ACRES MAKES IT AN IMPRESSIVE GATHERING.
BUT IT WASN'T ALWAYS THAT WAY AS JEFF FRANKLIN WITH THE UNIVERSITY OF KENTUCKY EXTENSION REPORTS…
CLOSE:
THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN.

 

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