AgDay Daily Recap -June 8, 2016

June 8, 2016 02:57 AM
 

TODAY ON AGDAY
JUNE 8, 2016


OPENING HEADLINES:
COMING UP TODAY ON AGDAY - A CHECK OF OPTIMISM IN FARM COUNTRY...SHOW MAY WASN'T QUITE AS SUNNY AS APRIL. IN AGRIBUSINESS...HOG PRICES ARE HOLDING. PRICES LOOK PHENOMINAL RIGHT NOW WE CLOSED THE WEEK OUT AT CONTRACT HIGHS IN JULY AND AUGUST HOGS THIS WEEK. THE PACKER TV TAKES US TO PEPPER HARVEST IN THE GOLD STATE. AND A SAFETY REMINDER FOR THE SUMMER GRILLING SEASON.
AG ECONOMY BAROMETER MAKES FARMERS LESS OPTIMISTIC:
GOOD MORNING I'M CLINTON GRIFFITHS. A NEW ECONOMIC TOOL IN FARM COUNTRY SHOWING FARMERS ARE NOT QUITE AS OPTIMISTIC AS THEY WERE IN APRIL....BLAMING A SLUMP IN THE LIVESTOCK SECTOR. PURDUE UNIVERSITY AND THE C-M-E JOINTLY RELEASED THE RESULTS OF THEIR BRAND NEW "AG ECONOMY BAROMETER". THE BAROMETER DROPPED FROM 106 IN APRIL TO 97 IN MAY. THE NUMBERS ARE BASED ON SURVEYS WITH PRODUCERS. PURDUE ECONOMISTS SAY THE READING JUMPED HIGHER IN APRIL DUE TO IMPROVED GRAIN PRICES. BUT THEY DIPPED IN MAY DUE TO PRODUCER SENTIMENT OVER LIVESTOCK PRICES, ESPECIALLY FEEDER CATTLE AND LIVE CATTLE. THE SAME SURVEY OF THE 400 PRODUCERS ASKED ABOUT FARMER'S PROFITABILITY OVER THE NEXT 12 MONTHS. ONLY TEN PERCENT EXPECT PROFITABILITY TO IMPROVE IN THE YEAR.
FEDERAL RESERVE BOARD CHAIR HAS DROPPED TIMELINE FOR RAISING INTEREST RATES:
FEDERAL RESERVE BOARD CHAIR JANET YELLEN ACKNOWLEDGED A DISMAL JOBS REPORT THAT CAME OUT LAST WEEK....SIGNALLING DOUBTS SHE HAS ABOUT THE STRENGTH OF THE U-S ECONOMY. THE FED CHAIR SEEMS TO BE BACKING-OFF FROM HER STANCE THAT A RATE HIKE IS LIKELY "IN THE COMING MONTHS", WHICH SHE SAID LAST MONTH.DURING A SPEECH IN PHILADELPHIA MONDAY, YELLEN STOPPED SHORT OF PUTTING A NEW TIMELINE ON AN UPWARD ADJUSTMENT ON INTEREST RATES. FEDERAL RESERVE CHAIR JANET YELLEN IS SIGNALING HER BELIEF THAT THE U.S. ECONOMY IS IMPROVING BUT REMAINS DEFINED BY SO MANY UNCERTAINTIES THAT IT'S UNCLEAR WHEN THE FED SHOULD RESUME RAISING INTEREST RATES. YELLEN'S SPEECH HAD BEEN HIGHLY ANTICIPATED GIVEN THAT IT COMES JUST A WEEK BEFORE THE FED'S NEXT MEETING ON JUNE 14-15.DESPITE OUTLINING RISKS TO THE U.S. ECONOMY AND LABELING THE JUNE 3 MAY EMPLOYMENT REPORT AS "DISAPPOINTING," FED CHAIRWOMAN JANET YELLEN SAID SHE STILL EXPECTS GRADUAL INCREASES IN THE FED FUNDS RATE BUT SHE STOPPED SHORT OF PUTTING ANY TIMELINE ON AN UPWARD ADJUSTMENT IN INTEREST RATES.
BEEF AND PORK EXPORTS:
AFTER THE FIRST QUARTER OF THE YEAR, EXPORTS OF U-S BEEF AND PORK TO FOREIGN PORTS REMAIN STEADY WITH LAST YEARS PACE...AT LEAST IN VOLUME. BUT THE DOLLARS ASSOCIATED WITH THOSE SALES ARE DOWN. THE U-S MEAT EXPORT FEDERATION SAYS PORK EXPORTS FROM JANUARY TO APRIL ERE 723-THOUSAND METRIC TONS. THAT'S ABOUT THE SAME AS 2015. BUT THE VALUE DROPPED NINE PERCENT. U-S-MEF SAYS PORK TO CHINA IS UP CONSIDERABLY FROM A YEAR AGO. ON THE BEEF SIDE - 343-THOUSAND METRIC TONS WERE SHIPPED. AGAIN THAT'S ABOUT THE SAME AS THE FIRST QUARTER OF LAST YEAR. BUT THE VALUE DROPPED BY 13- PERCENT. ANALYSTS SAW SIGNIFICANT INCREASES IN SHIPMENTS TO CENTRAL AND SOUTH AMERICA.
AG DEPARTMENT PLANS TO HELP COTTON PRODUCERS:
 THE AG DEPARTMENT ANNOUNCING PLANS TO HELP U-S COTTON GROWERS WHO'VE STRUGGLED WITH LOW PRICES AND BIG GLOBAL SUPPLIES.USDA SAYS COTTON PRODUCERS WILL SHARE AN ESTIMATED 300 MILLION DOLLARS AS PART OF A COTTON GINNING COST-SHARE PROGRAM. THE ONE TIME PAYMENT IS CAPPED AT 40-THOUSAND DOLLARS PER INDIVIDUAL. IT WILL HELP DEFRAY PROCESSING COSTS.THE PAYMENT WILL BE ABOUT 40-PERCENT OF AVERAGE GINNING COSTS, BASED ON 2015 COTTON ACRES.COTTON PRODUCERS HAVE FROM JUNE 20 THROUGH AUGUST FIFTH TO SIGN-UP.
BRAZIL SEEKS TO PRODUCE MORE WHEAT:
WHILE BRAZIL IS THE NUMBER ONE SOYBEAN COMPETITOR TO THE U-S, THE SOUTH AMERICAN NATION IS NOT A BIG PRODUCER OF WHEAT. THE COUNTRY IMPORTS ABOUT 260 MILLION BUSHELS OF WHEAT EVERY YEAR.THE COUNTRY WANTS TO CHANGE THAT. "IT'S NOT THE SAME WHEN YOU ARE BUYING GRAIN AT A COMPUTER IN YOUR OFFICE IN BRAZIL, AND THEN SEEING THE VESSEL COME AND UNLOADING. THIS ACTUALLY HELPS THEM WHEN THEY COME AND SEE WHEN IT GOES FROM THE FARM AND HOW THE WHOLE SYSTEM WORKS. IT OPENS THEIR MIND.PARTICIPANTS LEARNED ABOUT CROP PRODUCTION, AS WELL AS BEST MARKETING PRACTICES AND FLOUR MILL MANAGEMENT.THE STUDENTS HOPE TO DEVELOP THE COUNTRY'S BURGEONING WHEAT MARKET.
CROP COMMENTS:
MIKE HOFFMAN IS BACK THIS MORNING WITH A LOOK AT TODAY'S CROP COMMENTS. HELLO CLINTON.WE START WITH THIS PHOTO FROM ALAN HOEHNE POSTED TO OUR FACEBOOK PAGE. ALAN LIVES OUT IN STANTON COUNTY NEBRASKA. HE'S ENJOYING THE VIEW ESPECIALLY SINCE ALL OF HIS CORN AND BEANS ARE IN THE GROUND AND GROWING FAST !!! THEY HAD 10 AND A HALF INCHES OF RAIN BETWEEN APRIL 18 AND MAY 31. HE SAYS IT RAINED 22 OF THE 43 DAYS DURING THAT STRETCH. BUT IN TRUE NEBRAKSA FASHION THEY STILL HAD TO RUN PIVOTS IN MID MAY TO BREAK UP THE SOIL CRUST AND HELP THE CORN POP THROUGH.90 PERCENT OF CORN HAS EMERGED AND 64 PERCENT OF SOYBEANS ACCORDING TO USDA.
TEASE:
WHEN WE COME BACK WE'LL CHECK ON HOG MARKETS AS THINGS HEAT UP AT THE WORLD PORK EXPO. PLUS, THE PRODUCE CASE IS FULL OF FRESH PEPPERS RIGHT NOW. FIND OUT WHAT IT TAKES TO GET THEM FROM THE FIELD TO THE SUPERMARKET - FROM OUR FRIENDS AT THE PACKER. LATER....A WARNING THIS MORNING ABOUT THE PROPER TOOLS USED TO CLEAN YOUR GRILL.DETAILS LATER ON AGDAY.
FROM THE FLOOR OF THE CME:
AFTER A STRONG START TO THE TRADING WEEK, LETS SEE WHERE MARKETS CLOSED TUESDAY. FOR THAT WE HEAD TO THE FLOOR OF THE CME IN CHICAGO. TUESDAY IN THE GRAIN MARKET HAS EVERYTHING REALLY VERY STRONG STILL. CORN UP TWO OR THREE CENTS RIGHT NOW IS SHOWING A REALLY GOOD STRENGTH HERE AT THE 4.28 MARK ALSO THE DECEMBER CORN IS UP TO 4.30. I'M VIRGINIA MCGATHEY.
AGRIBUSINESS:
JULY LEAN HOG CONTRACTS TRADING NEAR 87 DOLLARS PER HUNDRED TUESDAY. AS THE INDUSTRY MEETS IN IOWA AT THE WORLD PORK EXPO, TYNE MORGAN JOINS US IN ANALYSIS FOR A CHECK ONHOG--MARKETS. HERE NOW WITH CRAIG VANDYKE FROM TOP THIRD. CRAIG TALK TO SOME SOME HOG PRODUCERS OUT THERE. PRICES ARE LOOKING MORE FAVORABLE AND YOU THINK THE DEMAND PICTURE IT'S ONLY GOING TO BODE WELL FOR HOG PRODUCERS. FIRST PRICES LOOK PHENOMENAL RIGHT NOW WE CLOSE THE WEEK OUT AT CONTRACT HIGHS IN JULY AND AUGUST HOGS THIS WEEK. WHAT WE'VE SEEN  TWO-THREE WEEKS AGO WE SAW CHINA STATE THAT THERE WERE GOING TO RELEASE SOME OF THEIR PORK STOCKPILES. WELL WE'VE ALL HEARD THAT STORY BEFORE IN OTHER MARKETS GRAIN MARKETS AND HERE WE ARE NOW THIS WEEK ALSO IN CHINA AS A KIND OF BACKTRACKING ON THAT ACTION.  
NATIONAL WEATHER:
WELCOME BACK TO AGDAY HERE WITH METEOROLOGIST MIKE HOFFMAN. MIKE AS WE WATCH THE WEATHER THROUGH THE MIDDLE OF THE COUNTRY WE'VE GONE FROM REALLY HOT TO PRETTY COOL AND NOW MAY BE BACK TO HOT. OK IN FACT THE PLAINS STATES LOOKING VERY HOT AS WE HEAD TOWARD THE WEEKEND BUT FOR NOW ANOTHER DOME OF COOL HIGH PRESSURE MOVING INTO THE NORTHEASTERN PLAINS STATES GREAT LAKES, OHIO VALLEY BEHIND THIS COLD FRONT. AND THAT'LL KEEP IT COOL FOR ANOTHER DAY OR TWO BEFORE YOU START TO SEE THAT HEAT. AREA OF LOW PRESSURE MOVING ACROSS FLORIDA.
REGIONAL WEATHER:
THAT'S A LOOK ACROSS THE COUNTRY NOW LET'S TAKE A LOOK AT SOME LOCAL FORECASTS. WE HEAD TO PUEBLO COLORADO FIRST OFF PARTLY SUNNY AND HOT MAYBE AN AFTERNOON STORM HIGH OF NINETY FIVE DEGREES. EVANSVILLE INDIANA LOTS OF SUNSHINE AND COMFORTABLE HIGH OF SEVENTY EIGHT. AND DOVER DELAWARE WINDY AND COOL MAYBE S THUNDERSHOWER HIGH AROUND SEVENTY ONE DEGREES.
TEASE:
HOW OLD IS THAT WIRE BRUSH YOU USE TO CLEAN YOUR GRILL?  IT COULD BE A HEALTH HAZARD. WE'LL EXPLAIN WHY, LATER ON AGDAY.
BUT FIRST WE'LL TRACK THIS SEASON'S GREEN PEPPER CROP - FROM FIELD TO SUPERMARKET - WITH OUR FRIENDS FROM THE PACKER.
TIME FOR BELL PEPPER HARVEST IN CALIFORNIA:
PEPPERS CAN BE PURCHASED THROUGHOUT THE ENTIRE YEAR. BUT NOW IT'S THE PEAK OF THE HARVEST SEASON IN SOUTHERN CALIFORNIA.TODAY THE PACKER TV, AND NATIONAL REPORTER BETSY JIBBEN TAKES US FROM THE FIELDS TO THE PACKING HOUSE BEFORE THE CROP HITS SUPERMARKET SHELVES.IN THE MIDDLE OF THE DESERT WORKERS HAVE BEEN HURRYING SINCE DAY-BREAK, BEATING THE HEAT.. "AND PICKING BELL PEPPERS AT THEIR PEAK.
"IT'S A RACE AGAINST THE CLOCK TO GET IT PICKED, PACKED, SHIPPED, ON THE DISPLAY AT THE STORE WHILE IT STILL HAS A NUTRITIONAL AND FLAVORFUL VALUE FOR THE CONSUMER," THAT'S THE SCIENCE...AS PRIME TIME INTERNATIONAL WORKERS PICK AND DUMP INTO BINS BY HAND SEVERAL TIMES, UNTIL JULY.. UNTIL THE DESERT HEAT TAKES OVER IN THE COACHELLA VALLEY.
REPORTING IN COACHELLA, CALIFORNIA, I'M BETSY JIBBEN. SCHMIDT SAYS RED PEPPERS ARE THE MOST POPULARVARIETY. RETAILERS ARE ALSO ASKING FOR MORE SPECIALIZED PACKAGING. HE SAYS THAT'S ONE OF THE BIGGEST TREND CHANGES IN RECENT YEARS.
TEASE:
NEXT - DO YOU CLEAN YOUR GRILL EVERY TIME YOU USE IT? WE'LL TELL YOU ABOUT A SAFETY RISK THAT YOU MAY HAVE OVERLOOKED. DETAILS WHEN WE COME BACK.
IN THE COUNTRY:
GRILLING SEASON IS HERE. NOTHING LIKE A BIG JUICY RIBEYE ON THE WEBER TO MAKE YOUR ILLS GO AWAY. BUT IF YOU'RE NOT CAREFUL, YOU COULD UN-INTENTIONALLY SWALLOW A HAZARDOUS PIECE OF MATERIAL. IN THIS REPORT FROM THE UNIVERSITY OF MISSOURI HEALTH SYSTEM, KENT FADDIS TELLS US ABOUT THAT "PRICKLY PROBLEM." IT'S THE LEAST FAVORITE PART OF BARBEQUING OUTSIDE… CLEANING THE GRILL. MANY AMERICANS USE WIRE BRUSHES TO SCRAPE OFF FOOD DEBRIS.BUT DOCTORS SAY THESE WIRE BRUSHES COULD BE HAZARDOUS TO YOUR HEALTH. A TINY WIRE FROM A BRUSH COULD SEND YOU TO THE EMERGENCY ROOM. FROM THE UNIVERSITY OF MISSOURI, KENT FADDIS REPORTING.
CLOSING:
THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN. FOR MIKE HOFFMAN, AND AL PELL. I'M CLINTON GRIFFITHS. HAVE A GREAT DAY.
PROMO:
I'M CLINTON GRIFFITHS. THURSDAY ON AGDAY - OUR REPORTING PARTNERS AT DROVERS JOIN US WITH THE LATEST NEWS FROM THE BEEF SECTOR. MIKE HOFFMAN IS TRACKING YOUR MID-WEEK FORECAST. AND MARKET ANALYSIS FROM CHICAGO. WATCH US WEEKDAYS ON AGDAY.

 

 

 

 

 

 

 

 

 

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