AgDay Daily Recap -June 16, 2016

June 16, 2016 02:57 AM
 

TODAY ON AGDAY
JUNE 16, 2016


OPENING HEADLINES:
TODAY ON AGDAY -HOW WILL A VOTE IN EUROPE IMPACT TRADE RELATIONS WITH THE U-S? IF YOU'RE FIRING UP THE GRILL THIS FATHER'S DAY SEASON, YOU'LL PAY LESS FOR A STEAK. WELL TELL YOU HOW MUCH WHOLESALE BEEF PRICES DROPPED. A SURPRISE RALLY CAME EARLY, BUT IS MORE PRICE ACTION ON THE WAY? THE NEXT SIXTY DAYS WILL BE PARAMOUNT. THE FUNDAMENTALS MOVING THE MARKET IN AGRIBSUINESS. AND WHAT DOES A SCORCHING HOT CUP OF COFFEE AND GLYHOSATE HAVE IN COMMON? BOTH HAVE THE SAME CHANCE OF CAUSING CANCER.
BREXIT:
GOOD MORNING I'M TYNE MORGAN. ONE WEEK FROM TODAY, VOTERS IN BRITAIN WILL DECIDE WHETHER THE COUNTRY SHOULD SPLIT-OFF FROM THE EUROPEAN UNION. SO HOW DO U-K FARMERS FEEL ABOUT THE POSSIBLE EXIT? AND WHAT ABOUT THE U-S TRADE NEGOTIATORS WHO ARE TRYING TO SEAL A DEAL WITH EUROPE? A NEW POLL SHOWS A NARROW MAJORITY OF BRITAIN'S FARMERS SUPPORT REMAINING IN THE E-U. 38-PERCENT WANT TO STAY, 34-PERCENT WANT TO LEAVE AND 28-PERCENT HAVE NOT DECIDED, THE SURVEY WAS CONDUCTED BY THE NATIONAL FARM RESEARCH UNIT. IT'S A NON-GOVERNMENTAL AGENCY THAT MONITORS HOW FARMERS FEEL ABOUT CERTAIN TOPICS. SUPPORTERS OF LEAVING SAY THE AG INDUSTRY WOULD BE BETTER WITHOUT RULES MADE IN BRUSSELS, WHERE THE EUROPEAN UNION IN BASED. BUT OPPONENTS SAY THERE'S NO BENEFIT OF LEAPING INTO THE UNKNOWN. WHILE A SLIM MAJORITY OF FARMERS SUPPORT STAYING WITH THE E-U, THE POLL ALSO SHOWS LARGER DAIRY FARMERS ARE MORE IN FAVOR OF LEAVING THAN THOSE WITH SMALLER HERDS.
FEDS TALK INTEREST RATE RISE:
WITH THEIR EYES ON THE "BREXIT" VOTE OVERSEAS, AND WITH AN UN-CERTAIN JOB MARKET HERE AT HOME, THE FEDERAL RESERVE SAYS IT IS KEEPING INTEREST RATES UNCHANGED. AFTER ITS LATEST POLICY MEETING, THE FED SAID THE PACE OF JOB GROWTH HAS SLOWED EVEN AS THE OVERALL ECONOMY HAS PICKED UP. SOME ECONOMISTS THINK A RATE INCREASE COULD HAPPEN IN JULY IF THE JOB MARKET REBOUNDS AND FINANCIAL MARKETS REMAIN CALM AFTER BRITAIN'S VOTE NEXT WEEK.
CHEMCHINA CONSIDERS BUYING SYNGENTA:
CHEMCHINA IS ASKING THE U-S FOR MORE TIME TO COMPLETE A NATIONAL  REVIEW OF ITS PLAN TO BUY SYNGENTA. ACCORDING TO BLOOMBERG, THE COMPANIES RESUBMITTED THE 43 BILLION DOLLAR TRANSACTION TO THE COMMITTEE ON FOREIGN IN VESSTMENTS IN THE U-S. THAT'S THE GOVERNMENT PANEL THAT REVIEWS AQCUISITIONS IN THE U-S. ONCE FILED, THE GROUP HAS 75 DAYS TO RECOMMEND TO THE PREISDIENT WHETHER AN AQCUSITION SHOULD GO THROUGH, OR BE SQUASHED. SOME U-S OFFICIALS FEAR THE CHINESE INVESTMENT COULD THREATEN NATIONAL SECURITY.
RICE CROP STATUS:
BACK HERE AT HOME -THE NATION'S RICE CROP HAS FULLY EMERGED. AND THE CONDITION IS MOSTLY FAVORABLE. THE U-S RICE CROP SAW A ONE POINT IMPROVEMENT IN ITS CONDITION RATING THIS WEEK. USDA SAYS 68-PERCENT OF RICE IS IN GOOD TO EXCELLENT CONDITION.  ARKANSAS IS THE TOP RICE GROWER. 59-PERCENT IS GOOD TO EXCELLENT. 28PERCENT IS FAIR. IN TEXAS -56-PERCENT IS GOOD TO EXCELLENT. 34-PERCENT IS FAIR. THE RICE CONDITION IN TEXAS HAS BEEN AT THAT LEVEL FOR ABOUT A MONTH. A WET SPRING MADE SURE OF THAT. FOR GROWERS IN SOUTHEAST TEXAS, ALL THAT EXTRA PRECIPITATION THIS YEAR MEANS THEY CAN ACTUALLY GROW A RICE CROP. THOSE FARMERS ARE IN THE LOWER COLORADO RIVER AUTHORITY. THAT "DISTRICT" RUNS FROM JUST SOUTH OF ABILENE TO THE GULF COAST, NORTH OF CORPUS CHRISTI. IN THIS REPORT PROVIDED BY THE TEXAS FARM BUREAU, ED WOLFF SHOWS HOW RECENT RAINS ARE HELPING FARMERS GET THEIR BOOTS MUDDY AGAIN. GREEN CROPS. RUBBER BOOTS. FLOODED FIELDS. IT'S SOMETHING MANY TEXAS RICE FARMERS HAVEN'T SEEN IN A LONG TIME. "MY FAMILY STARTED IN ABOUT 1908 FARMING RICE. I'M REAL HAPPY. I HATED TO SEE THE LAST 4 YEARS WHEN THERE WAS NO RICE.
WHEAT SUFFERS THIS GROWING SEASON:
RICE CROP CONDITION MAY BE IMPROVING NATIONWIDE, BUT THE NATION'S WHEAT IS HEADING THE OTHER DIRECTION. USDA SAYS 61 PERCENT OF THE WINTER WHEAT IS RATED GOOD TO EXCELLENT, DOWN A POINT FROM LAST WEEK. AND ABOUT A THIRD OF TEXAS AND OKLAHOMA'S WHEAT CROP IS COMPLETE. LINDSAY KIMBRELL, OF ITASCA TEXAS AND LEVI JONES OF WESTERN OKLAHOMA HAVE BOTH BEEN BUSY HARVESTING THIS WEEK. LINDSAY SAYS THEY'VE WRAPPED EVERYTHING UP, AND CONSIDERING ALL THE RAIN THIS SPRING, YIELDS ARE PRETTY GOOD, AROUND 50 TO 60 BUSHELS PER ACRE.
CROP COMMENTS:
FROM ROOKIES, TO OLD SCHOOL, WE'RE COVERING IT ALL IN TODAY'S CROP COMMENTS. GOOD MORNING, MIKE. THAT'S RIGHT, TYNE, AND GOOD MORNING. IT'S COUNTY FAIR TIME, THAT MEANS PLENTY OF YOU ARE PREPARING FOR THE SHOW RING. INCLUDING IN MICHIGAN. CARLA SCHULTZ SAYS WHILE HER DAUGHTER WAS WORKING THE SHEEP, THIS LITTLE PIGGY DECIDED TO JOIN IN ON THE FUN. IN SOUTHERN ILLINOIS, KYLE PAGE IS MOWING HAY IN SOUTHERN ILLINOIS. HE SAYS THE CROP IS A LITTLE LIGHT PER ACRE AND REAL MATURE. BUT NOW THAT IT'S GETTING CUT AND BALED, HE CAN'T COMPLAIN.
TEASE:
IN OUR "DROVERS" SEGMENT, WE'LL SEE IF THERE ARE ANY DEALS AT THE MEAT COUNTER FOR FATHER'S DAY. AND LATER -WE USED TO WORRY ABOUT SPILLING A HOT DRINK IN YOUR LAP. BUT NOW SOME RESEARCHERS WONDER IF YOU SHOULD DRINK HOT BEVERAGES AT ALL!
AGRIBUSINESS:
IN AGRIBUSINESS TODAY -IT WAS A DOWN DAY ACROSS THE BOARD FOR GRAINS IN CHICAGO. LET'S HEAD TO THE CME FOR AN UPDATE ON WEDNESDAY'S CLOSE. TO ME. FROM THE FLOOR OF THE CME THIS IS CHRIS ROBINSON. HAVE A GREAT DAY WE'VE SEEN SOME VOLATILE MARKET ACTION LATELY. BUT WHAT'S FUNDAMENTALLY DRIVING THE CHANGE? CLINTON GRIFFITHS TALKS TO BRYAN DOHERTY IN THIS MORNING'S ANALYSIS. OUR GUEST HERE ON TEH AGRIBUSINESS DESK BRYAN DOHERTY STEWART PETERSON LET'S TALK ABOUT WHAT FUNDAMENTALLY WHAT FACTORS DO YOU SEE OUT THERE THAT ARE REALLY DRIVING THE RALLY WE'VE SEEN IN COMMODITIES HERE LATELY WELL THERE'S THERE'S A NUMBER OF THINGS THAT JUST THAT ONE THING BUT LET'S GO BACK A LITTLE BIT PRICES WERE PRETTY SUPPRESSED AND DEPRESSING FOR FARMERS AND YOUR YOUR VIEWERS WHO ARE MOSTLY FARMERS BUT LET'S LOOK AT THE OTHER SIDE OF THE COIN EXCELLENT VALUE FOR END USERS SO YOU HAD GOOD VALUE PROPOSITION FORA BUYERS OUT THERE YET THEY WERE LACKADAISICAL WENT HAND TO MOUTH THAT HUMAN NATURE IT'S THERE I'LL JUST BY WHAT I NEED "
NATIONAL WEATHER:
MIKE HOFFMAN JOINS US AGAIN FOR WHETHER MIKE YOU SHOWED US SOME VIEWERS WHO ARE BALING HAY THIS WEEK ITS A HOT ONE OF THE BALING HAY IN MOVING HAY. I BAILED HAY BY BY HAND WHEN I WAS YOUNGER SO THAT THAT'S A LITTL EHARD THAN SOM EO FTHESE BIG BALES ANYMORE BUT THE HEAT IS DEFINITELY ON ACROSS THE SOUTHERN PLAINS BUT WE ARE GOING TO CUT BACK ON THE HEAT JUST A LITTLE BIT IN THE NORTHERN PLAINS GREAT LAKES OHIO VALLEY AS THIS COLD FRONT MOVES SOUTHEAST WHERE IT'S NOT EXACTLY COOL BEHIND IT IS LESS HUMID BUT IF YOU LIVE SOUTH OF THE STATIONARY FRONT IN THE CENTRAL PLAINS FROM KANSAS SOUTH FOR THE HEAT'S NOT GOING TO ABATE ANYTIME SOON LET'S PUT THE MAPS INTO MOTION A STORM SYSTEM OVER EASTERN AND SOUTHERN PORTIONS OF THE GREAT LAKES WICONTINUE TO MOVE SLOWLY SOUTHEAST FOR SOME SHOWERS AND THUNDERSTORMS IN EASTERN OHIO VALLEY DURING THE DAY TODAY POP UP SHOWERS AND THUNDERSTORMS STILL IN PARTS OF FLORIDA AND OTHER SECTIONS OF THE SOUTHEAST BUT LOOK AT THE SOUTHWEST IN THE SOUTHERN PLAINS IS JUST DRY AND HOT WHEN THEY SAY DRY NO RAIN BUT IT'S STILL PRETTY HUMID EAST OF THE ROCKIES.
REGIONAL WEATHER:
NOW LET'S TAKE A LOOK AT SOME LOCAL FORECASTS FIRST OF ALL FOR FLAGSTAFF ARIZONA A SUNNY BREEZY AND COMFORTABLE AND A HIGH TEMPERATURE OF SEVENTY SIX DULUTH MINNESOTA A MIXTURE OF CLOUDS AND SUNSHINE AND RATHER COOL HIGH OF SIXTY FIVE IN FLORENCE SOUTH CAROLINA A WARM AND HUMID MAY BE SPOTTY AFTERNOON STORM HIGH NINETY FOUR
TEASE:
BEFORE YOU FIRE-UP A HOT BEVERAGE TO START YOUR DAY, LET US TELL YOU ABOUT SOME NEW RESEARCH THAT'S GOT PEOPLE TALKING. AND NEXT WE LOOK AT PRICES IN THE MEAT CASE AS WE PREPARE TO CELEBRATE 'DEAR OLE DAD" WITH A STEAK.
FATHER’S DAY GRILLING EXPECTED TO BOOST MEAT DEMAND:
IN DROVERS T-V, AS WE APPROACH FATHER'S DAY WEEKEND, DEMAND IS EXPECTED TO PICK UP AS MORE FAMILIES FIRE UP THE GRILLS TO CELEBRATE DAD. BUT IT'S ALSO MORE ATTRACTIVE PRICES AT THE COUNTER THAT'S HELPING BOOST DEMAND. OUR PARTNERS AT DROVERS TELL US WHOLESALE BEEF PRICES ARE 16 PERCENT LOWER THAN LAST YEAR. THAT'S HELPED RETAILERS MOVE QUITE A BIT OF PRODUCT IN THE PAST FEW WEEKS, HELPING SUPPORT CATTLE PRICES. DROVERS EDITOR GREG HENDERSON SAYS THE KEY FOR CATTLE PRICES NEARTERM IS HOW MUCH PRICE DECLINE IS SEEN IN MIDDLE MEAT CUTS, LIKE PORTERHOUSE OR RIBEYES. WHAT'S SUPPORTING PRICE RIGHT NOW IS THAT PACKERS ARE SHWOING AN EVEN GREATER INTEREST IN QUALITY GRADES AS CHOICE SELECT SPREAD IS NOW AT 23 TO 24 DOLLARS. THAT'S BOTH HISTORICALLY AND SEASONALLY WIDE, AND A RESULT OF TWO FACTORS. FEEDYARDS ENCOURAGED TO PULL CATTLE FORWARD, TJHAT'S CREATING SHORTERS DAYS ON FEED, AND RETAILERS THAT HAVE SEITHCED FROM SELECT STORE PROGRAMS TO CHOICE STORE PROGRAMS.HENDERSON SAYS AS AMPLE CATTLE REMAIN ON FEED, PRICES ARE EXPECTED TO HEAD LOWER THE NEXT FEW WEEKS.
NEW STUDY SHOWS CONSUMERS WILL EAT OUT MORE:
MEANWHILE, A NEW STUDY OUT OF OKLAHOMA STATE UNIVERSITY SHOWS CONSUMERS ARE EXPECTING HIGHER PRICES FOR ALL MEAT PRODUCTS AND SO PLAN TO EAT OUT MORE. IT ALSO FOUND THEY PLAN TO BUY MORE CHICKEN AND LESS RED MEAT IN JUNE THAN IN MAY. THE SURVEY SHOW A 13 POINT 2 PERCENT DECLINE IN PEOPLE WILLING TO PAY FOR STEAK. MEANWHILE, COSTCO SAYS FRESH PRODUCE IS GAINING ON MEAT PURCHASES AT THEIR STORES. THE COMPANY'S LATEST EARNINGS REPORT SHOWS PRODUCE SALES ARE NOW AS BIG AS PROTEIN, APPROACHING 6 BILLION DOLLARS.  DESPITE INCREASED COMPETITION FROM OTHER RETAILERS LIKE WHOLEFOODS, COSTO ISN'T CONCERNED. COSTO'S OVERALL SALES INCREASED 2 PERCENT DURING THE THIRD QUARTER.
TEASE:
UP NEXT, WHAT DOES A SCORCHNG CUP OF COFFEE AND GLYPHOSATE HAVE IN COMMON? THAT'S NEXT ON AGDAY.
IN THE COUNTRY:
THE SAME AGENCY THAT SAYS GLYPHOSATE IS A POSSIBLE CARCINOGEN NOW SAYS THE SAME THING ABOUT VERY HOT DRINKS. THE INTERNATIONAL AGENCY FOR RESEARCH ON CANCER HAS BACKED-OFF ON ITS CLAIM THAT HOT COFFEE CAUSES CANCER. BUT NOW IT SAYS VERY HOT BEVERAGES COULD POSSIBLE CAUSE CANCER OF THE ESOPHAGUS IN HUMANS. THEY SAYS IT'S THE TEMPERATURE AND NOT THE BEVERAGE ITSELF THAT'S THE CULPRIT. SO NOW -DRINKING VERY HOT BEVERAGES IS CLASSIFIED AS PROBABLY CARCINOGENIC TO HUMANS. THAT'S THE SAME CLASSIFICATION AS GLYPHOSATE.
CLOSING:
THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN. FOR ALL OF US AT AGDAY, I'M TYNE MORGAN. HAVE A GREAT DAY IN FARM COUNTRY.
PROMO:
I'M TYNE MORGAN FRIDAY ON AGDAY -OUR PARTNERS AT PROFARMER DISCUSS LIVESTOCK MARKETS AND THE OPPORTUNITIES THEY PRESENT. AND A GREAT AMERICAN BARN YOU DON'T WANT TO MISS. WATCH US FRIDAY ON AGDAY.

 

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