AgDay Daily Recap -Jan. 12, 2016

January 12, 2016 02:57 AM
 

TODAY ON AGDAY
JAN. 12, 2016


OPENING HEADLINES:
TODAY ON AGDAY -USDA GEARS-UP FOR A BIG DATA DUMP ON THE GRAIN MARKETS. IN ANALYSIS, FACING CHINA'S FINANCIAL UPHEAVAL .
"THEY ARE GOING TO HAVE TO STILL APPEASE THE SMALL FARMER THERE, BUT THEY ARE GOING TO HAVE TO START USING GENETICALLY MODIFIED CORN SEED"
THE NATION'S LARGEST FARM LOBBY PREPARES FOR A NEW BOSS...
"WHAT'S BEEN MOST GRATIFYING TO YOU DURING THESE YEARS OF SERVICE....THAT I SURVIVED.HAHAHAHA"
WE'LL PREVIEW THE FOUR CANDIATES TO REPLACE BOB STALLMAN.
DIFFERING VIEWS OF WHAT "ORGANIC" REALLY MEANS....
AND BUSTING A NEW YEARS RESOLUTION TO DELETE-SWEET-TREATS FROM YOUR DIET.
USDA TO RELEASE REPORT:
GOOD MORNING I'M BETSY JIBBEN. CLINTON IS ON ASSIGNMENT. FARMERS AND GRAIN TRADERS WILL BE KEEPING A CLOSE EYE ON THE GRAIN MARKETS TODAY WHEN USDA RELEASES A HOST OF REPORTS. THESE REPORTS TYPICALLY SET THE TONE FOR MARKET ACTION IN THE WEEKS AHEAD.
THE AG DEPARTMENT WILL RELEASE THE CROP PRODUCTION REPORT, WINTER WHEAT SEEDINGS, GRAIN STOCKS AND RICE STOCKS DATA. THESE REPORTS ALL HAVE THE POTENTIAL TO SURPRISE TRADERS. USDA WILL RELEASE THE REPORTS AT NOON EASTERN, 11 CENTRAL TIME.
STATE OF THE UNION ADDRESS:
ALSO IN WASHINGTON PRESIDENT OBAMA IS GEARING-UP FOR HIS LAST STATE OF THE UNION ADDRESS. IT TAKES PLACE TONIGHT, WHICH IS A WEEK EARLIER THAN USUAL. THE PRESIDENT WILL ADDRESS THE JOINT SESSION OF CONGRESS. ACCORDING TO OUR WASHINGTON EXPERTS WITH PROFARMER, THE PRESIDENT'S FINAL STATE OF THE UNION WILL FOCUS LESS ON SPECIFIC POLICY ISSUES. THIS SPEECH IS OFTEN USED BY PRESIDENT'S TO LAUNCH MAJOR POLICY ISSUES FOR THE ADMINISTRATION.
IT WAS DURING THE STATE OF THE UNION TWO YEARS AGO WHEN THE PRESIDENT MADE FOREIGN TRADE A TOP PRIORITY. AND THE PRESIDENT IS EXPECTED TO PUSH FOR PASSAGE OF THE TRANS PACIFIC PARTNERSHIP BY CONGRESS.
KEEPING WITH T-P-P, THE U-S INTERNATIONAL TRADE COMMISSION WILL CONDUCT THREE DAYS OF HEARINGS ON THIS ASIAN TRADE PACT. THE I-T-C IS RESPONSIBLE FOR ASSESSING THE LIKELY IMPACT OF TRADE DEALS ON THE U-S ECONOMY.
THE COMMISSION IS REQUIRED BY LAW TO REPORT TO THE PRESIDENT AND CONGRESS 105 DAYS AFTER THE PRESIDENT SIGNS A FREE-TRADE AGREEMENT.
IN THIS CASE, IT'S THE TRANS PACIFIC PARTNERSHIP.
AMERICAN FARM BUREAU ANNUAL MEETING, FIRST NEW PRESIDENT IN 16 YEARS TO BE ELECTED:
TRADE IS ONE OF THE KEY TOPICS THIS WEEK AS THE AMERICAN FARM BUREAU CONDUCTS ITS ANNUAL MEETING IN ORLANDO, FLORIDA.
THIS CONVENTION ALSO REPRESENTS THE LAST EVENT FOR FARM BUREAU PRESIDENT BOB STALLMAN TO OVERSEE. HE'S STEPPING DOWN AFTER 16 YEARS.
"THE MOST GRATIFYING THING IS REALLY TO ENGAGE WITH, BECOME FRIENDS WITH ALL OF THE FARMERS AND RANCHERS ACROSS THE COUNTRY. THE OPPORTUNITY TO REPRESENT THEIR INTERESTS. THERE HAVE BEEN DAYS THAT WERE MAJOR CHALLENGES. BUT THE GOOD DAYS WERE WHERE PRODUCERS IN SOME STATE AND I'M OUT IN THE MIDDLE OF THE COUNTRY IN RURAL AREA AND A PRODUCER COMES UP AND SAYS HOW MUCH THEY APPRECIATE THE FACT THAT WERE THERE TO REPRESENT AMERICAN AGRICULTURE. SO THAT'S PROBABLY THE MOST GRATIFING THING THAT I EXPERIENCED DURING THE COURSE OF THOSE 16 YEARS."
TODAY --FOR THE FIRST TIME IN 16 YEARS,THE AMERICAN FARM BUREAU FEDERATION WILL ELECT A NEW PRESIDENT. THE CANDIDATES REPRESENT A WIDE ARRAY OF STATES -ARIZONA, INDIANA, GEORGIA AND OREGON.
WE GIVE YOU A PREVIEW OF THE FOUR CANDIDATES VYING FOR THE JOB. FARM BUREAU PRESIDENT, BOB STALLMAN, IS STEPPING DOWN -OPENING THE DOOR FOR ANOTHER TO TAKE HIS SPOT.
NOW, FOUR OTHER CANDIDATES HOPE TO FILL HIS SPOT IN REPRESENTING ALL IN AMERICAN AGRICULTURE:
CANDIDATE, ZIPPY DUVALL, HAS DEEP ROOTS IN GEORGIA'S AGRICULTURAL INDUSTRY. THE GEORGIA FARM BUREAU PRESIDENT IS A LIFELONG DAIRY FARMER, WHO NOW MAINTAINS A BEEF HERD AND BROILER OPERATION. HE WAS FIRST ACTIVE IN FARM BUREAU DURING THE '70S AFTER HIS FATHER ENCOURAGED HIM TO GET INVOLVED.

CROP WATCH:
CROPWATCH TAKES US NORTH TO CANADA AND SOUTH TO TEXAS.
LET'S CHECK IN WITH MIKE HOFFMAN. MIKE.
GOOD MORNING, BETSY.  LET'S START OFF CROPWATCH IN ONTARIO, CANADA.
ANDY PASZTOR SENT US THIS PICTURE OF UNHARVESTED CORN LEFT IN THE AREA-A RARE SIGHT, ESPECIALLY FOR THIS TIME OF YEAR.
TEASE:
FORECAST COMING UP COMING UP ON AGDAY, USDA CERTIFIED ORGANIC LABELING MAY HAVE THE SAME MEANING IN THE GROCERY MARKET-BUT ONE STUDY SHOWS CONSUMERS HAVE DIFFERENT PERSPECTIVES DEPENDING ON THE FOOD.
AND WE HEAD ON OVER TO WISCONSIN TO MEET A DAIRY FAMILY WHO HAS EXPANDED THEIR OPERATION IN THE FUDGE BUSINESS.
"RECEIVE A FREE TIRAL OF THE DAILY MARKET LETTER AND GAIN KNWLEDGE ABOUT CURRENT MARKET CONDITIONS FROM THE PROFESSIONALS AT BOWER TRADING. VIEW THE MARKETS LIKE NEVER BEFORE. GO TO BOWERTRADING-DOT-COM"
AGRIBUSINESS:
THE MARKETS ARE HAVING A ROUGH START IN 2016. AND PART OF THAT NOISE IS FOCUSED ON CHINA.
IN ANALYSIS-CLINTON BREAKS DOWN CHINA'S MAJOR MOVES IN AGRICULTURE AND HOW THAT COULD IMPACT FARMERS HERE AT HOME THROUGHOUT THIS YEAR.
JOINING US HERE AT THE AGRIBUSINESS DESK, WE HAVE GREG HUNT, SEASONED VETERAN GLOBAL TRADER, BEEN A ROUND THE WORLD A FEW YEARS. GREG, LET'S TALK ABOUT THIS SITUATION IN CHINA, BECAUSE IT KICKED OF 2016, THAT THIS FIRST WEEK OF THE YEAR WAS REALLY BUMPY, A LOT OF IT LED BY CHINA. > LOOK, CHINA HAS TO MAKE A STRUCTURAL CHANGE AND THEN WE TALKED ABOUT THIS MIDDLE INCOME TRAP BEFORE. BUT YOU KNOW THE OTHER SIDE OF THAT TOO IS THAT, YOU KNOW THAT CHINA...LET'S JUST SAY, WAGES DON'T GO UP LIKE THEY HAVE. THAT'S A FAIR BET I WOULD SAY FOR THE MOMENT. SO THE ONE THING THAT CHINA HAS THAT IS TOTALLY DIFFERENT HERE IN AMERICA IS ABOUT A THIRD OF THE INCOME GOES TO FOOD, SO THEY ARE GOING TO HAVE TO ADDRESS THEIR DRESSING MAT. SO HOW ARE THEY GOING TO ADDRESS IT? THEY ARE SITTING ON THIS MASSIVE AMOUNT OF CORN THAT IS PROBABLY EQUAL TO THIS ONE YEAR SUPPLY. THEY GOT IT AT SUCH A HIGH PRICE COMPARED TO THE WORLD MARKET, BUT THEY DID THAT AS A SUBSIDY REALLY FOR THE SMALL FARMER OVER THERE.
NATIONAL WEATHER:
WELCOME BACK TO AGDAY WITH METEOROLOGIST MIKE HOFFMAN. MIKE, I THOUGHT I WAS A PRETTY HARDY PERSON BUT I REALLY CAN'T TAKE THESE COLD TEMPERATURES ANY LONGER. HOW LONG WILL THIS LAST FOR THE CORN BELT? IT'S ONE OF THOSE THINGS WHERE WE WEREN'T USED TO IT SO FAR THIS WINTER BUT NOW THESE COLD BLASTS ARE COMING IN. WE HAVE ANOTHER ONE COMING IN THE WEEKEND. THIS IS A COLD PATTERN FOR THE EASTERN TWOTHIRDS OF THE COUNTRY. AND AS YOU CAN SEE ON TODAY'S WEATHER MAP, THE NEXT BLAST OF COLD AIR IS SWEEPING THROUGH THE MISSOURI VALLEY THROUGH THE CENTRAL MISSISSIPPI VALLEY OUT TO THE NORTHEAST OF IT.
REGIONAL WEATHER:
NOW LET'S TAKE A LOOK AT SOME LOCAL FORECASTS. FIRST OF ALL, FOR ROSEBURG, OREGON, IT'S CLOUDY WITH SOME LIGHT RAIN. THE HIGH TEMPERATURE IS AT 54 DEGREES. ILLINOIS, IS PARTLY SUNNY AND COLD WITH A HIGH OF 26. THERE ARE DEFINITELY SNOW SHOWERS IN AIRY, PENNSYLVANIA. IT'S COLD OTHERWISE. THE HIGH IS AROUND 27.
TEASE:
IN THE DEBATE OVER "ORGANIC"....NOT ALL ORGANIC FOOD IS THE SAME. WE'LL TELL YOU ABOUT SOME INTERESTING RESEARCH THAT EXPLAINS THE VARIATION. AND PERHAPS YOU GAVE UP SWEETS FOR THE NEW YEAR. WE'LL HEAD IN THE COUNTRY TO WISCONSIN WHERE ONE TEMPTING TREAT MAKES IT TOUGH TO KEEP THAT RESOLUTION.
OIL PRICES TRADING AT 12-YEAR LOWS:
OIL PRICES CONTINUE TO FALL AS INVESTORS ARE WORRIED ABOUT DEMAND AND THE SLOWING GROWITH IN CHINA. ON MONDAY, PRICES ARE TRADING AT ALMOST 12-YEAR LOWS WITH BRENT CRUDE AROUDN THE 32 DOLLAR A BARREL MARK. SPECULATORS ARE INCREASIG NET SHORT POSITIONS, WHICH IS A SIGN THEY DON'T SEE AP RICE RECEOVERY ANYTIME SOON.
 ORGANIC PRODUCT STUDY:
USDA CERTIFIED ORGANIC PRODUCTS HAVE THE SAME MEANING FROM STORE TO STORE. BUT ONE UNIVERSITY STUDY DETERMINES THE CONSUMER PERCEPTION IS DIFFERENT DEPENDING ON FOOD TYPE AND WHERE THE PRODUCTS ARE SOLD. THE UNIVERSITY OF ILLINOIS STUDY LOOKS NOT JUST INTO THE PRICE OF ORGANIC FOODS BUT THE CONTENT CONSUMERS ARE BUYING. OUT OF 600 PEOPLE,THE STUDY DETERMINES:
ORGANIC VIRTUE PRODUCTS, MEANING STRAWBERRIES, ARE MORE LIKELY PURCHASED BASED ON TASTE.
ORGANIC VICE PRODUCTS, SUCH AS COOKIES ARE MORE LIKELY PURCHASED ON NUTRITION. RETAILERS LIKE WALMART MAY BENEFIT MORE FROM PROMOTING ORGANIC VIRTUE FOODS. RETAILERS LIKE TARGET MAY BE BETTER FOR PROMOTING ORGANIC VICE PRODUCTS. THE RESULTS ALSO SHOW CONSUMERS MAY BE MISINFORMED ABOUT ORGANIC STANDARDS AND LABELS.
TEASE:
UP NEXT -GET READY TO RUIN YOUR NEW YEARS RESOLUTION. IN THE COUNTRY IS NEXT.

IN THE COUNTRY:
THERE'S NO DENYING CHOCOLATE FUDGE IS A DESSERT FAVORITE.
BUT WHAT MAY MAKE THE DELIGHT SO GOOD, IS IT'S SMOOTH, CREAMY FLAVORALL MADE FROM DAIRY PRODUCTS.  IN THIS REPORT, WISCONSIN DAIRY NEWS TAKES US TO A SMALL BUSINESS WITHIN THE STATE THAT'S BEEN MAKING THE SWEET TREAT FOR OVER 50 YEARS.
IF THERE'S ONE THING THAT MAKES FOR A GREAT FUDGE, IT'S QUALITY BUTTER AND SWEET CREAM.
"WE USE ABOUT 3,000 POUNDS OF BUTTER AND 600 GALLONS OF CREAM IN OUR CANDY. AND WE FEEL IT SHOWS IN HOW IT TASTES."
AT WISCONSIN DAIRYLAND FUDGE LOCATED IN DOWNTOWN WISCONSIN DELLS, THEY CREDIT FRESH LOCAL DAIRY FOR THE INCREDIBLE TASTE AND CREAMINESS OF THEIR FUDGE.
"WE DO BELIEVE IN USING REAL DAIRY PRODUCTS IN OUR CANDY. YOU NEED THE BUTTERFAT FROM THE DAIRY, AND YOU GET THAT WITH THE BUTTER AND THE CREAM."
THEIR PRIDE FOR FRESH DAIRY INGREDIENTS GOES ALL THE WAY BACK TO OWNER JANE'S FATHER, WHO FOUNDED WISCONSIN DAIRYLAND FUDGE.
"WE ACTUALLY WENT TO THE NEW YORK WORLDS FAIR IN 1964-65. WE WERE IN THE WISCONSIN PAVILION TO EDUCATE PEOPLE A LITTLE BIT ABOUT DAIRY PRODUCTS AND WHAT YOU COULD DO WITH THE DAIRY PRODUCTS IN WISCONSIN."
THIS DELECTABLE TREAT IS MADE ON AN AUTHENTIC MARBLE TABLE NEAR THE STOREFRONT WINDOW WHERE PATRONS CAN SEE FRESH WISCONSIN DAIRY INGREDIENTS BEING ADDED TO THEIR FUDGE.
CLOSING:
THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN. FOR MIKE HOFFMAN, AND CLINTON GRIFFITHS I'M BETSY JIBBEN HAVE A GREAT DAY.
PROMO:
I'M BETSY JIBBEN. WEDNESDAY ON AGDAY -WE'LL ANALYZE A BOUNTIFUL  HARVEST OF CROP DATA FROM USDA, INCLUDING A CLOSER LOOK AT WHEAT MARKETS IN THE NEW YEAR. FOR NEWS THAT MATTERS WATCH US RIGHT HERE FOR AGDAY.

 

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