AgDay Daily Recap -March 16, 2016

March 17, 2016 02:57 AM
 

TODAY ON AGDAY


MARCH 16, 2016
OPENING HEADLINES:

COMING UP TODAY ON AGDAY,
AG LENDING FIGURES ARE UP IN 2015 WE'LL BREAK IT DOWN BY REGION. FLOODWATERS RETREAT BUT RIVERS THREATEN FARTHER SOUTH. IN AGRIBUSINESS...A LOOK AT THE SOUTH AMERICAN HARVEST. "IT’S GOING TO BE A RECORD NO DOUBT ABOUT IT."AND MEET A SKILLED TENNESSEE RESEARCHER WHO'S ALSO MAKING HIS MARK AS A COUNTRY MUSIC SONG WRITER.
FARM BANKS PREPARE FOR INCREASED FARM LENDING:
GOOD MORNING I'M CLINTON GRIFFITHS. FARM BANKS ARE PREPARING FOR INCREASED FARM LENDING THIS YEAR AFTER UPPING LOANS IN 2015.
THE AMERICAN BANKERS ASSOCIATION'S ANNUAL FARM BANK PERFORMANCE REPORT, SHOWS BANKS INCREASING AG LOANS LAST YEAR.  OVERALL, LENDING ROSE BY 8 PERCENT WITH FARM LOANS TOTALING 100-BILLION DOLLARS.  BREAKING IT DOWN BY REGION, THE NORTHEAST, SAW THE BIGGEST INCREASE. BANKS INCREASING FARM LOANS BY NEARLY 20 PERCENT.
THE A-B-A REPORTS MORE THAN 97 PERCENT OF FARM BANKS WERE PROFITABLE IN 2015, WITH 63 PERCENT REPORTING AN INCREASE IN EARNINGS.
INTEREST RATES WILL NOT INCREASE:
SPEAKING OF LENDING...THE FEDERAL RESERVE WILL NOT INCREASE INTEREST RATES AT THIS WEEK'S MEETING. BUT IT'S LIKELY TO HINT THAT RATE HIKES ARE ON THE HORIZON. THAT'S ACCORDING TO REUTERS. THE FED INDICATING THAT AS LONG AS U.S. INFLATION AND JOBS CONTINUE TO STRENGTHEN, ECONOMIC WEAKNESS OVERSEAS WON'T BE ENOUGH TO STOP RATES FROM INCREASING.
RATE HIKES PREDICTED AROUND MID-YEAR:
NEW FORECAST THIS WEEK FOLLOWING THE MEETING ARE EXPECTED TO INDICATE THE POSSIBLY OF TWO OR MORE RATE HIKES, STARTING AROUND MID-YEAR.
LEADERS LOBBY AGAINST AG CUTS:
HOUSE GOP LEADERS WILL TRY THIS WEEK TO WIN OVER BUDGET HAWKS OPPOSED TO LAST YEAR'S SPENDING DEAL. THE DECEMBER AGREEMENT REVERSING A TEN-YEAR, $3 BILLION CUT IN CROP INSURANCE. OVER 250 AGRICULTURE-RELATED GROUPS ARE LOBBYING AGAINST FURTHER CUTS TO FARM SAFETY NET, CONSERVATION AND NUTRITION PROGRAMS.
PRESIDENT OBAMA PROPOSED IN HIS FISCAL 2016 BUDGET A TEN-YEAR, $18 BILLION CUT TO CROP INSURANCE. FELLOW DEMOCRAT--INDIANA SENATOR JOE DONNELLY SAYS HE'S FIGHTING TO PREVENT THOSE CUTS. 
THE HOUSE AGRICULTURE COMMITTEE ARGUED LAST MONTH TO THE BUDGET COMMITTEE THAT THE 2014 FARM BILL ALREADY MADE $16 BILLION IN CUTS OVER A TEN-YEAR PERIOD.
GMO LABELING:
SENATORS LIKE DONNELLY ARE HAVING A BUSY WEEK. PAT ROBERTS' VOLUNTARY GMO LABELING BILL IS NOW REVISED. THE BILL SENATORS ARE CONSIDERING INCLUDES A MANDATORY LABELING PROGRAM IF 70 PERCENT OF THE MARKET DOES NOT MOVE TO SOME FORM OF DISCLOSURE ON THEIR OWN. SOME ARE TRYING TO PUSH THAT GMO LABELING BILL THROUGH THE SENATE. VOTES ARE EXPECTED AS EARLY AS WEDNESDAY. THAT BILL PREEMPTS INDIVIDUAL STATE LABELING LAWS SUCH AS VERMONT'S SET TO GO IN EFFECT JULY FIRST.
TORRENTIAL RAINS IN THE SOUTH:
DAMAGE CONTINUES TO COME IN FROM THE SOUTH FOLLOWING LAST WEEK'S TORRENTIAL RAINS. THE LSU AGCENTER SAYS THE NORTHERN PARISHES OF LOUISIANNA HAD ALREADY PLANTED 30-THOUSAND ACRES...MUCH OF THAT WILL NEED TO BE REPLANTED. HUNDRED OF CATTLE WERE LOST.
BUT EVEN AS NORTHERN FLOODWATERS RECEDE EMERGENCY OFFICIALS ALONG THE STATE'S SOUTHEASTERN BORDER WITH MISSISSIPPI ARE CONCERNED ABOUT RISING RIVERS.
SANDY KOZEL REPORTS.
FIVE THOUSAND HOMES DAMAGED IN LOUISIANA FLOODING:
THE MASSIVE FLOODS COVERING MUCH OF LOUISIANA ARE EXPECTED TO FOCUS THEIR FURY ON THE THAT STATE'S SOUTHEASTERN BORDER WITH MISSISSIPPI. AUTHORITIES ARE CONCERNED ABOUT HOW HIGH THE PEARL RIVER COULD RISE. SOME DOWNSTREAM AREAS OF THE RIVER ARE STILL RISING ON TUESDAY MORNING. FORECASTERS ARE EXPECTING IT TO FALL SHORT OF IT'S 21-FOOT RECORD, AND SAY IT'S UNCLEAR IF IT WILL COVER INTERSTATE TEN. LOUISIANA EMERGENCY OFFICIALS SAY NEARLY FIVETHOUSAND HOMES WERE DAMAGED STATEWIDE SINCE THE FLOODS BEGAN.
AUTHORITIES ADMIT, THE TRUE EXTENT OF THE DAMAGE REMAINS UNCLEAR.
FLOOD WARNINGS REMAIN IN EFFECT:
THE WATER HAS STARTED TO RECEDE IN NORTHERN PARTS OF THE STATE, ALTHOUGH FLOOD WARNINGS REMAIN IN EFFECT. FOUR PEOPLE ARE KNOWN DEAD IN LOUISIANA.
SOME RESIDENTS WITH AIR BOATS ARE GOING FROM HOME TO HOME, TO CHECK ON NEIGHBORS.

CROP COMMENTS:
GOOD MORNING, CLINTON.  LET'S START OFF IN SAN JOSE, CALIFORNIA.
GLENN HAMMON SAYS THE RAIN HAS BEEN PLENTIFUL.  IT'S MADE EVERYTHING IN THE AREA VERY LUSH.  THIS IS CALERO CREEK IN SAN JOSE. HAMMON SAYS HE HAS NEVER SEEN THE CREEK THIS FULL.
WATER STORAGE IS RUNNING AHEAD OF EXPECTATIONS AND NEW DATA SHOWS FARMERS IN THE SACRAMENTOSAN JOAQUIN RIVER DELTA LAST SUMMER USED 32 PERCENT LESS WATER THAN THEY DID IN 2013.
TEASE:
WHEN WE RETURN, WE'LL TAKE A LOOK AT THE WEATHER IN SOUTH AMERICAN AND CHECK IN ON HARVEST THERE INCLUDING ITS IMPACT ON PRICES.
AND LATER THIS WORLD RENOWNED TENNESSEE RESEARCHER ALSO ENJOYS SEARCHING HIS SOUL FOR GOOD MUSIC.
FROM THE FLOOR OF THE CME:
CHICAGO SOYBEANS TRADING LOWER MONDAY AFTER HITTING THEIR HIGHEST MARK IN MORE THAN THREE MONTHS.
LET'S SEE HOW THE MARKETS CLOSED ON TUESDAY ON THE CME FLOOR.
TUESDAY IN THE GRAIN MARKET HAS ALL THE MARKETS OFF SLIGHTLY. MAYBE SOYBEANS A LITTLE BIT MORE THAN REGULAR. WE HAVE THE REPORT TODAY, WHICH IS THE NATIONAL OIL SEED PROCESSORS REPORT AND THAT'S ON THE CRUSH AND IT CAME IN HIGHER THAN EXPECTED. THAT SENT MEAL OIL AND SOYBEANS DOWN LOWER. SOYBEANS WAS DOWN 7 OR 8 CENTS. NOW IT'S DOWN ABOUT 5. IT REACHED ITS HIGH IT HASN'T SEEN IN 7 OR 8 WEEKS. SOYBEANS OFF MAYBE A NICKLE RIGHT NOW. CORN ALSO SINKING A LITTLE BIT A COUPLE OF CENTS. EVEN WHEAT IS OFF SOMEWHAT. ALTHOUGH THE TREND IS HIGHER AND WE'RE OF COURSE GETTING READY FOR THE BIG NUMBER OF THE YEAR, THAT'S THE ACREAGE NUMBER THAT COMES AT THE END OF THE MONTH. THE MARKET LOOKS LIKE IT'S CHOPPY. VOLATILITY IN THE OPTIONS IS STILL RELATIVELY HIGH. THAT TELLS ME PEOPLE ARE WATCHING AND EXPECT THE MARKET TO INCREASE IN VOLATILITY OVER THE NEXT FEW DAYS. THAT'S ALL FROM THE FLOOR OF THE CME GROUP. I'M VIRGINIA MCGATHEY.
AGRIBUSINESS:
TYNE MORGAN JOINS US NOW WITH MORE ON THE IMPACT OF SOUTH AMERICAN CROPS IN TODAY'S ANALYSIS. 
WE ARE HERE NOW WITH BRIAN GRETE OF PROFARMER. BRIAN, WITH PROFARMER YOU GUYS HAVE A RELATIONSHIP WITH A CONTACT DOWN IN SOUTH AMERICA WHO WATCHES THAT PRODUCTION CLOSELY. WHAT ARE YOU HEARING? IS IT GOING TO BE THAT GOOD THIS YEAR?> IT'S GOING TO BE A RECORD NO DOUBT ABOUT IT. 96.2 MILLION METRIC TONS LAST YEAR WAS A RECORD AND IT IS GOING TO COME IN WELL ABOVE THAT PROBABLY AROUND 100 MILLION METRIC TONS DEPENDING ON HOW IT ALL FINISHES UP HERE. THERE ARE SOME AREAS, LITTLE TINY AREAS, NORTHEAST BRAZIL HAS BEEN TOO DRY. THEY DID GET SOME RAINS HERE RECENTLY AND THAT IS ONLY ABOUT 10 PERCENT OF THEIR PRODUCTION, SO I THINK THAT WHAT WE SAW IS THE NUMBERS WERE REALLY BIG TO START OFF WITH AND THEN THEY BACKED DOWN AS WE HAD THE DRY NOVEMBER, DECEMBER TIME FRAME ESPECIALLY IN MOTTO GROSSO IN CENTRAL BRAZIL, BUT NOW THEY HAVE STARTED TO INCREASE A LITTLE AGAIN AND I THINK THAT MOST OF THEM ARE CENTERING AROUND 100 MILLION TONS. >
NATIONAL WEATHER:
WELCOME BACK TO AGDAY WITH METEOROLOGIST MIKE  HOFFMAN. MIKE, WE'RE KIND OF WATCHING THIS SYSTEM WORK THROUGH THE MIDDLE OF THE COUNTRY. IT BROUGHT SOME SEVERE WEATHER. YEAH, IT DID YESTERDAY. I THINK IT WILL BE A LOT LESS TODAY. HERE'S THE INTERESTING THING. THAT LOW IS GOING TO SIT THERE. IT'S NOT MOVING MUCH AT ALL.
AND SO WHAT THAT MEANS IS THE ENERGY AREA AROUND THE AREA OF LOW PRESSURE JUST KIND OF SITS THERE. THE COLD FRONT MOVES AWAY FROM IT.
WHICH MEANS THERE WILL BE A LOT LESS IN THE WAY OF SHOWERS AND THUNDERSTORMS ALONG THIS FRONT AS WE HEAD THROUGH TODAY IN A LOT LESS OF SEVERE WEATHER THAN WE SAW YESTERDAY. YOU WILL NOTICE THE WESTERN FRINGE OF THIS STARTING TO DRAW IN SOME COLDER AIR SO IT STARTS TO SNOW AND IT'S GOING TO SNOW AND SNOW AND SNOW FOR AWHILE. THAT'S NORTHERN MINNESOTA, NORTHERN WISCONSIN, WESTERN U-P OF MICHIGAN AS WE HEAD THROUGH TIME AND AS THE SECONDARY POINT OF LOW PRESSURE FEEDS IN WITH AN ARCTIC COLD FRONT BEHIND IT.
REGIONAL WEATHER:
THAT'S A LOOK ACROSS THE COUNTRY. NOW LET'S TAKE A LOOK AT SOME LOCAL FORECASTS. FIRST OF ALL, FOR WALLA WALLA, WASHINGTON, PARTLY SUNNY AND RATHER CHILLY TODAY. THE HIGH TEMPERATURE IS 52. NEWTON, KANSAS, PARTLY SUNNY, BREEZY AND MILD. THE HIGH IS 62. AND CANTON, OHIO A MORNING SHOWER IS POSSIBLE. THEN PARTLY SUNNY. THE HIGH IS 61.
TEASE:
WE'LL SEE HOW TRACTOR SALES ARE GOING THIS YEAR-WE'VE GOT THE LATEST FLASH REPORT FROM THE ASSOCIATION OF EQUIPMENT MANUFACTURERS.
AND LATER A SINGING SCIENTIST IN TENNESSEE. MEET A PROFESSOR AND RESEARCHER BY DAY AND MUSICIAN BY NIGHT.
TRACTOR SALES THROUGH FEBRUARY UP FROM LAST YEAR:
THE ASSOCIATION OF EQUIPMENT MANUFACTURER'S SAYS TRACTOR SALES THROUGH FEBRUARY WERE UP 6% COMPARED TO LAST YEAR.  SMALLER TWO WHEEL DRIVE MODELS SURGED 26 PERCENT OVER LAST YEAR WHILE THE LARGER 100 HORSE POWER AND UP FELL MORE THAN 40 PERCENT.
COMBINE SALES ALSO DROPPING 50 PERCENT YEAR OVER YEAR. MANUFACTURERS NOT TOO SURPRISED TELLING US AT NATIONAL FARM MACHINERY SHOW IT WAS GOING TO BE A TOUGH YEAR FOR COMBINES.
SPICY SOLUTION:
FOR THOSE OF US WHO ENJOY A LITTLE CHILE WITH OUR TACOS, A NEW MEXICO STATE RESEARCHER THINKS HE'S COME UP WITH A NEW SOLUTION FOR FARMERS FIGHTING WEEDS.
TALL MORNING GLORY CAN BE A MAJOR PROBLEM, INCLUDING CAUSING INCREASING HARVESTING TIME AND HURTING YIELD. TO HELP BRIAN SCHUTTE BUILT A USER FRIENDLY MODEL.
TEASE:
WHEN WE COME BACK, MEET THE SINGING PROFESSORS AND HIS PASSION FOR BOTH PLANTS AND MUSIC.
IN THE COUNTRY:
THE ACADEMY OF COUNTRY MUSIC AWARDS IS SET FOR SUNDAY APRIL 3RD.  AND YOU CAN BET A PROFESSOR AND NATIONALLYKNOWN RESEARCHER AT UT'S INSTITUTE OF AGRICULTURE WILL BE WATCHING. NEAL STEWART IS CONSIDERED BRILLIANT IN A LAB, BUT HE'S ALSO A PRETTY GOOD COUNTRY SONG WRITER. CHARLES DENNEY SHOWS US THIS HOW THIS BLEND OF GUITAR, LYRICS, TEACHING AND SCIENCE COMES TOGETHER FOR CREATIVE OUTCOMES.
"YOU WANT SIX PACK ABS, YOU GOTTA BE A GYM RAT." THE LYRICS ARE OFTEN FUNNY AND HEARTFELT. DR. NEAL STEWART IS A PROFESSOR OF PLANT SCIENCES AT UT'S INSTITUTE OF AGRICULTURE, BUT HE ALSO HAS ANOTHER PASSION – THE GUITAR, COUNTRY MUSIC AND SONGWRITING. STRUMMING AND SINGING MEETS SCIENCE. MUSIC TO PUMP THE MIND.
CLOSING:
THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN.  FOR MIKE HOFFMAN, AND OTHERS ON AGDAY, I'M CLINTON GRIFFITHS. HAVE A GREAT DAY.
PROMO:
I'M CLINTON GRIFFITHS. THURSDAY ON AGDAY --WE'LL HAVE THE LATEST BEEF NEWS WITH OUR WEEKLY DROVERS TODAY REPORT AND MIKE HOFFMAN HAS YOUR FARM COUNTRY WEATHER.
THAT'S THURSDAY ON AGDAY.

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