AgDay Daily Recap -July 25, 2016

July 25, 2016 02:57 AM
 

TODAY ON AGDAY
JULY 25, 2016


OPENING HEADLINES:
COMING UP TODAY ON AGDAY -PRESIDENTIAL POLITICS HEAT UP AND AGRICULTURE IS FNIDING REASONS TO PAY ATTENTION. MILK PRODUCTION RISES IN JUNE. IN AGRIBUSINESS...IS WHEAT NEARING A MARKET BOTTOM? BUT OVERALL I THOUGHT WHEAT ACTUALLY ACTED HALFWAY DECENT BECAUSE IT SEEMED TO IGNORE BEARISH NEWS. MACHINERY PETE TELLS US WHAT'S STILL HOT IN THE USED TRACTOR MARKET. AND HOW ABOUT A SUMMER CAMP THAT SPECIALIZES IN THE KITCHEN.
DEMOCRATIC NATIONAL CONVENTION:
GOOD MORNING I'M CLINTON GRIFFITHS. THE FOCUS OF AMERICAN POLITICS NOW TURNS TO PHILADELPHIA AS THE DEMOCRATS GATHER FOR THEIR NATIONAL CONVENTION. THE DEMOCRATIC PARTY CONVENES THIS WEEK TO OFFICIALLY NOMINATE HILLARY CLINTON AS THEIR PRESIDENTIAL CANDIDATE. THE NEXT FOUR DAYS WILL INCLUDE SPEECHES AND CAMPAIGN RHETORIC. ON THURSDAY DONALD TRUMP ACCEPTING THE REPUBLICAN NOMINATION FOR PRESIDENT. DURING HIS SPEACH HE TOUCHED ON MANY OF HIS MAJOR RALLYING POINTS. INCLUDING CALLING FOR SECURING THE BOARDER AND RENEGOTIATING THE NORTH AMERICAN FREE TRADE AGREEMENT AND OTHER TRADE DEALS. "I HAVE A DIFFERENT VISION FOR OUR WORKERS. IT BEGINS WITH A NEW, FAIR TRADE POLICY THAT PROTECTS OUR JOBS AND STANDS UP TO COUNTRIES THAT CHEAT...OF WHICH THERE ARE MANY. USA. USA. USA". DONALD TRUMP'S REMARKS ON TRADE ARE NOT SITTING WELL WITH SOME IN AGRICULTURE. TRUMP SAYS HE PREFERS TO DO DEALS ON ONE ON ONE WITH COUNTRIES RATHER THAN IN BIG GROUPS LIKE THE TRANS PACIFIC PARTNERSHIP WHICH INCLUDES 12 COUNTRIES. TRUMP SAYS HE WANTS TO RENEGOTIATE THE 22 YEAR OLD "NORTH AMERICAN FREE TRADE AGREEMENT"...AN IDEA NOT EMBRACED BY THE N-C-B-A.
TRADE WITH MEXICO IMPORTANT:
MEANWHILE, PRESIDENT OBAMA SAYS TRADE WITH MEXICO BRINGS IMPORTANT INVESTMENT AND JOBS TO THE U-S. IN A NEWS CONFERENCE WITH MEXICOS PRESIDENT, OBAMA SAYS THAT THE TWO COUNTRIES ARE STRATEGIC AND ECONOMIC PARTNERS. MEXICO IS OUR THIRD LARGEST TRADING PARTNER. WE SELL MORE TO MEXICO THAN WE DO TO CHINA, INDIA, AND RUSSIA COMBINED. EVERY DAY, $1.5 BILLION IN TRADE AND INVESTMENT CROSSES OUR BORDER, AND THAT'S TRADE THAT SUPPORTS OVER A MILLION JOBS RIGHT HERE IN THE UNITED STATES."THE PRESIDENTIAL VISIT WAS ANNOUNCED JUST LAST WEEK. USUALLY VISITS FROM FOREIGN LEADERS ARE ANNOUNCED WEEKS IN ADVANCE. THE WHITE HOUSE DISMISSED ANY SUGGESTIONS THAT THE VISIT WAS TIMED TO COINCIDE WITH THE G-O-P CONVENTION AND HIGHLIGHT DIFFERENCES BETWEEN DEMOCRATS AND REPUBLICANS, PARTICULARLY ON ATTITUDES TOWARD LATINOS.
MILK OVERSUPPLY CONTINUES TO GROW:
NEW MILK PRODUCTION NUMBERS FROM USDA SHOWS OUTPUTS CONTINUE TO RISE. THE SECOND QUARTER TOTALING NEARLY 54 AND A HALF BILLION POUNDS UP MORE ONE PERCENT FROM THE FIRST QUARTER. THE AVERAGE NUMBER OF MILK COWS ALSO CONTINUES TO INCREASE--TODAY THE QUARTER IS 6 THOUSAND HEAD HIGHER THAN LAST YEAR AT THIS TIME. MEANWHILE, PRODUCTION PER COW IN THE MAJOR STATES AVERAGED 1,926 POUNDS FOR JUNE--WHICH IS THE HIGHEST PRODUCTION PER COW FOR THE MONTH OF JUNE SINCE RECORD HAVE BEEN KEPT IN THE EARLY 2000S. SOUTH DAKOTA CONINTUES TO RAMP UP PRODUCTION QUICKLY.  IN JUNE MILK PRODUCTION CAME IN 6 POINT 6 PERCENT HIGHER THAN A YEAR AGO. A GREATER PERCENTAGE INCREASE THAN ANY OF THE OTHER TOP 23 PRODUCING STATES. THERE ARE NOW 115-THOUSAND MILK COWS IN SOUTH DAKOTA, THAT'S 9 THOUSAND HEAD HIGHER THAN THIS TIME A YEAR AGO.
FEEDLOT NUMBERS:
FROM MILK PRODUCTION NUMBERS TO CATTLE ON FEED. USDA ROLLING OUT IT'S LATEST FEEDLOT NUMBERS LATE FRIDAY. CATTLE ON FEED UP 1 PERCENT, TOTALLING TEN-POINT FOUR MILLION HEAD PLACEMENTS IN FEEDLOTS DURING JUNE TOTALED ONE-AND-A-HALF MILLION HEAD, 3 PERCENT ABOVE 2015. MARKETINGS OF FED CATTLE DURING JUNE TOTALED ONE-POINT-NINE MILLION HEAD, 9 PERCENT ABOVE LAST YEAR.
EPA CALLED UPON TO INCREASE BIODIESEL VOLUMES:
40 SENATORS FROM ACROSS THE COUNTRY ARE CALLING ON THE ENVIRONMENTAL PROTECTION AGENCY TO INCREASE BIODIESEL VOLUMES IN THE NEW PENDING RENEWABLE FUELS STANDARD PROPOSAL. THEY WANT THE EPA TO DO MORE TO INCREASE THE PRODUCT'S GROWTH. IN THE LETTER THE AUTHORS SAY BIODIESEL HAS MET THE EPA'S CRITERIA FOR GROWTH, EXCEEDING GOALS THAT CONGRESS SET WHEN THE RENEWABLE FUELS STANDARD WAS CREATED IN 2005. THE LETTER SAYS THE INDUSTRY SUPPORTS MORE THAN 47,000 JOBS.
SYNGENTA CHEMICAL CHINA TAKEOVER CONTINUES:
THE APPROVAL PROCESS BETWEEN SYNGENTA AND IT'S NEW BUYER CHINA NATIONAL CHEMICAL CORPORATION CONTINUES. THE 43 BILLION DOLLAR DEAL IS CURRENTLY IN TALKS WITH REGULATORY OFFICIALS. OFFICIALS AT SYNGENTA SAY SO FAR TALKS HAVE BEEN CONSTRUCTIVE AND THEY'RE HOPING TO COMPLETE THE DEAL BY THE END OF THE YEAR.
CROP COMMENTS:
IT WAS A HOT ONE LAST WEEK, LETS SEE HOW CROPS FAIRED. FOR THAT WE JOIN METEOROLOGIST MIKE HOFFMAN. HE HAS TODAY'S CROP COMMENTS. GOOD MORNING, CLINTON. LET'S START OFF IN JACKSON COUNTY, IOWA. A VIEWER POSTED ON AGWEB, CROP CONDITIONS LOOK REALLY GOOD. HOPEFULLY THE HEAT WAVE DOESN'T CAUSE ANY MAJOR PROBLEMS WITH POLLINATION. USDA WILL RELEASE AN UPDATED CROP PROGRESS REPORT LATER TODAY. MOVING OVER TO DANE COUNTY, WISCONSIN, ANOTHER VIEWER POSTING TO AGWEB, TOBACCO IS 30 INCHES TALL.
TEASE:
 JIM BOWER OF BOWER TRADING JOINS ME NEXT TO TALK ABOUT LAST WEEK'S MARKETS AND HIS ADVICE FOR THE MONTH AHEAD. PLUS MACHINERY PETE. STICK AROUND FOLKS COMING UP I'LL TELL YOU ABOUT A RECORD PRICE ON A MASSEY FERGUSON TRACTOR. AND SUMMER CAMP DOESN'T ALWAYS MEAN CABINS AND COOK-OUTS. IT CAN ALSO BE "BEHIND THE SCENES" OF A GROCERY STORE. WE'LL EXPLAIN WHY, LATER ON AGDAY.
CAMPBELL’S TO PURCHASE ONLY ANTIBIOTIC FREE CHICKEN:
CALLING IT A "SWEEPING PLAN TO PRODUCE REAL FOOD," CAMPBELL'S SOUP ANNOUNCING THEY WOULD ONLY PURCHASE ANTIBIOTIC-FREE CHICKEN IN THE FUTURE. MEATINGPLACE DOT COM SAYS THE COMPANY WANTS TO SET THE STANDARD FOR TRANSPARENCY IN THE FOOD INDUSTRY, AND FEELS LIKE THIS WILL GIVE THEIR CONSUMERS MORE OF A "DIRECT CONNECTION TO THEIR FOOD."
FROM THE FLOOR OF THE CME:
LETS START THAT WEEK WITH A LOOK AT WHERE THINGS ENDED ON FRIDAY. FOR THAT WE HEAD OUT TO THE FLOOR OF THE CME IN CHICAGO FOR A LOOK AT FUTURES MARKETS. OH, LET'S START OFF WITH SOYBEANS. BOY WE'VE SEEN A WILD WEEK IN THE BEANS. QUITE A BIT OF SELLING OFF AGAIN THIS MORNING AND EARLY AFTERNOON SESSION HERE. UH ONE OF THE ISSUES THAT EVERYBODY WAS LOOKING AT WAS THAT CHINA WAS SUPPOSED TO PUT UP ABOUT 700 THOUSAND METRIC TONS OF SOYBEANS THAT THEY'VE HAD IN RESERVE FOR AUCTION. THEY ONLY GOT RID OF A LITTLE BIT MORE THAN HALF OF THAT. AND WHAT WE SAW HERE TODAY WE WERE JUST SEEING THESE PRICES COMING DOWN. A WEATHER APPEARS TO BE VERY BEARISH AND THAT'S SOMETHING THAT EVERYBODY HAS BEEN CONCERNED ABOUT FOR THE LAST MONTH, MONTH AND A HALF.  THIS IS GARY KOZLOWSKI FARR FINANCIAL COMING TO YOU FROM THE CME.
AGRIBUSINESS:
HERE AT THE AGRIBUSINESS DESK, WE HAVE JIM BOWER, BOWER TRADING. JIM LET'S LET'S TALK ABOUT LAST WEEK.. GRAIN MARKETS TOOK IT ON THE CHIN PRETTY HARD SOYBEANS .ESPECIALLY. GRAIN MARKET IS VERY PROFICIENT IN PUTTING RISK PREMIUM IN THE MARKET WHEN IT FEELS THREATENED. IT CAN HAPPEN IN A MATTER OF HOURS. BUT THE REVERSE IS ALSO TRUE WHEN WANTS TO TAKE PREMIUM OUT BECAUSE CONDITIONS.
NATIONAL WEATHER:
WELCOME BACK AGAIN THIS MONDAY MORNING METEOROLOGIST MIKE CARVIN HERE TAKE A LOOK AT RAINFALL OVER THE LAST WEEK OR SO IN SOME PLACES GOT SOME SHOWERS YET DEATH A LAYER OF THE HEART OF RECORD CORN BELT DEFINITELY DID GET A FAIR AMOUNT OF RAIN AS YOU CAN SEE THERE BUT YOU CAN ALSO SEE SOME AREAS GOT MISSED COMPLETELY LIKE MUCH OF SOUTHEAST KANSAS SOUTHWEST MISSOURI ALL THE WAY DOWN INTO A GOOD CHUNK OF TEXAS NOT A LOT OF MOISTURE THERE AND YOU CAN SEE KIND OF THE CENTRAL APPALACHIAN REGION PARTS OF MICHIGAN DIDN'T GET A WHOLE LOT EITHER BLOOD ZOOM IN ON THOSE HEAVY AMOUNTS AND YOU CAN SEE SOME AREAS DID END UP WITH A FOUR OR FIVE INCHES OF RAIN. LOTS OF IOWA SAW SOAKING RAIN. AREAS IN MINNESOTA MOST OF WESTERN AND SOUTHERN PORTIONS OF WISCONSIN MUCH OF CENTRAL AND NORTHERN ILLINOIS AND INTO PARTS OF CENTRAL INDIANA BUT TELL YOU GET IN A NORTHEAST INDIANA AND INTO MICHIGAN THOSE AREAS SEEM TO GET MISSED BY THE HEAVIER AMOUNT.
REGIONAL WEATHER:
THAT'S A LOOK ACROSS THE COUNTRY NOW LET'S TAKE A LOOK AT SOME LOCAL FORECASTS WHERE THE BISMARCK NORTH DAKOTA FIRST OF ALL HOT AND RATHER HUMID MANY A THUNDERSTORM IN SPOT EIGHTY NINE MEMPHIS TENNIS A HOT NEW LEAD THUNDERSTORM IN SOME AREAS HIGH OF NINETY THREE AND FILE IN MONTPELIER VERMONT MOSTLY CLOUDY WITH A THUNDERSTORM POSSIBLE HIGH EIGHTY SIX.
TEASE:
WHEN WE COME BACK, MACHINERY PETE IS HERE WITH HIS THOUGHTS ON WHAT CONTINUES TO BE THE HOTTEST SEMENT OF THE USED TRACTOR MARKET. AND WE VISIT A UNIQUE SUMMER CAMP WHERE KIDS ARE LEARNING HOW TO BECOME GOOD CONSUMERS.
MACHINERY PETE:
BECAUSE UNCOMMON JOBS REQUIRE UNCOMMON TOUGHNESS. CHEVRON DELO -LET'S GO FURTHER. THERE HAVE BEEN PLENTY OF HEADWINDS FOR MACHINERY SALES THIS YEAR BUT MACHINERY PETE TELLS US THERE'S ON SEGMENT OF THAT INDUSTRY THAT'S STILL HOT IN 2016.
FOR AWHILE NOW FOLKS I'VE BEEN TALKING ABOUT HOW SMALLER HORSEPOWER TRACTORS AND OLDER TRACTORS IN REALLY GOOD CONDITION HAVE BEEN THE HOTTEST THING IN THE USED MARKET. WELL MORE PROOF LAST WEEK. FIRST WAS FROM A FARM AUCTION A WEEK AGO SATURDAY IN SOUTH CENTRAL MINNESOTA WHERE THIS 1990 JOHN DEERE 4055 TWO WHEEL DRIVE, POWER SHIFT, ONE OWNER, 4821 HOURS SOLD FOR 50,000 BUCKS. THAT IS THE SECOND HIGHEST AUCTION PRICE I'VE EVER SEEN IN THE U.S. ON TWO WHEEL DRIVE 4055. AND THEN LAST THURSDAY ON A FARM AUCTION UP IN CENTRAL SASKATCHEWAN THIS 1979 MASSEY FERGUSON 2675.
IN THE COUNTRY:
KIDS. CAMP. AND COOKING -NEXT ON IN THE COUNTRY. I'M CHARLES DENNEY. WE'RE GOING BEHIND THE SCENES IN CULINARY ARTS. A SPECIAL DAY CAMP FOR YOUNGSTERS WHERE THEY LEARN ALL ASPECTS OF THE FOOD INDUSTRY. THAT STORY FROM ELLINGTON AG CENTER IN NASHVILLE, NEXT ON AGDAY.
IN THE COUNTRY:
WHO KNEW SUMMER CAMP COULD TASTE SO GOOD? SOME TEENAGERS ARE LEARNING CULINARY ARTS AS PART OF AN EXTENSION DAY PROGRAM CALLED "BEHIND THE SCENES".  PROVIDED BY THE U-T INSTITUTE OF AG, CHARLES DENNEY SHOWS US HOW THESE YOUNG CHEFS MUST MAKE SMART CONSUMER DECISIONS BEFORE TURNING ON THE OVEN. THIS IS CHARLES DENNEY REPORTING.
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. TUESDAY ON AGDAY -AFTER A WEEK OF HEAT, WE'LL SEE IF CROP CONDITIONS CHANGED. AND WE'LL TALK ABOUT WEATHER MARKETS. NEWS AND ANALYSIS YOU CAN'T AFFORD TO MISS. WATCH US WEEDAYS HERE ON AGDAY.

 

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