AgDay Daily Recap -November 10, 2014

November 10, 2014 02:57 AM
 

TODAY ON AGDAY
NOVEMBER 10, 2014

OPEN HEADLINES:
COMING UP TODAY ON AGDAY - THE AG DEPARTMENT MOVES FORWARD ON ITS PLAN TO CREATE A SECOND BEEF CHECKOFF PROGRAM? WHAT DOES THIS MEAN TO THE NATION'S BEEF PRODUCERS? PLUS RESTAURANTS STARTING TO FEEL THE EFFECTS OF HIGHER BEEF PRICES..HOW LONG CAN IT LAST. IN AGRIBUSINESS...TIPS FOR BUYING FARMLAND. AND IT MAYBE THE DESERT BUT THE SUN ISN'T THE ONLY THING CREATING HEAT IN THIS WEST TEXAS TOWN. AGDAY-BROUGHT TO YOU BY CHEVY SILVERADO 2014 NORTH AMERICAN TRUCK OF THE YEAR.
SECOND CHECKOFF:
GOOD MORNING I'M CLINTON GRIFFITHS. THE USDA TAKES ANOTHER STEP TOWARD CREATING A SECOND BEEF CHECKOFF...A MOVE SOME CATTLEMEN ARE CALLING A WASTE OF RESOURCES. AND THAT'S OUR TOP STORY ON AGDAY.
BEEF PRICES:
MEANWHILE TIMES ARE GOOD IN CATTLE COUNTRY. HOWEVER, RECORD-HIGH PRICES ARE STARTING TO TAKE A TOLL ON OF SOME FOOD INDUSTRY PROFITS.  WENDY'S JUST ANNOUNCING LOWER-THAN EXPECTED THIRD-QUARTER PROFIT BECAUSE OF HIGH BEEF PRICES, AND THEY EXPECT THOSE RECORD HIGH PRICES TO CONTINUE. AG DAY'S BETSY JIBBEN LOOKS INTO HOW LONG WE COULD SEE THESE NUMBERS.
SUPPLY DEMAND:
THANKS BETSY ON THE GRAIN SIDE OF THINGS...USDA IS GEARING-UP FOR ITS NEXT MONTHLY GRAIN REPORT WHICH COMES OUT LATER TODAY.
CROP WATCH:
GLOOMY SKIES ARE MAKING FOR LONG HARVEST DAYS. MIKE HOFFMAN HAS THE DETAILS IN CROPWATCH, MIKE.
CME REPORT:
IN AGRIBUSINESS LET’S SEE HOW MARKETS CLOSED THE WEEK. DETAILS FROM THE FLOOR OF THE CME.
ANALYSIS INTRO:
WHEN IT COMES TO PURCHASING LAND, WHAT DO YOU LOOK FOR? THERE ARE SOME VERY BASIC THINGS TO CONSIDER. FARM DIRECTOR AL PELL HAS MORE IN ANALYSIS.
ANALYSIS:
OUR GUEST HERE AT THE AGRIBUSINESS IS MIKE WALSTEN FROM LAND OWNER NEWSLETTER AND MIKE ONE OF THE THINGS I'D LIKE TO ASK ABOUT IF I WANT TO BUY SOME FARM LAND AND HOW OR WHO HAS THE BEST WAY DO I JUST LOOK AT THE AUCTIONS OR DO I GET AHOLD OF SOMEBODY OR WHO DO I TALK TO IN ORDER TO BE ABLE TO BUY SOME FARM LAND TO ADD TO MY UNIT.  FIRST OF ALL THEY GOT TO HAVE A GOOD UNDERSTANDING OF WHAT KIND OF GROUND AND WHAT KIND OF OPERATION IS GOING TO FIT WITH YOUR UNIT REALLY WELL AND THEN FARMERS KNOW WHO THE GOOD OPERATORS ARE THE GOOD LAND OWNERS ARE IN AN AREA AND THEN START DEVELOP SOME RELATIONSHIPS WITH SOME BORKERS OR FARM MANAGERS RURAL APPRAISERS IN THE AREA THAT TO FIND OUT WHAT MAYBE COMING TO THE MARKET PLACE AND THEN WORK THROUGH PRIVATE IF YOU CAN THERE’S A TENDENCY RIGHT NOW TO BRING FARM LAND TO THE MARKET IN AUCTIONS EVEN THOUGH PRICES ARE SOFTENING THEY BRING FARM LAND TO THE MARKET IN AUCTIONS ESPECIALLY IN IOWA TO HELP IDENTIFY THE BUYERS AND TO HELP TO FORCE ACTION OTHERWISE IN A MARKET PLACE THAT PEOPLE THINK PRICE ARE GOING TO GO LOWER THEY'RE NOT REAL EXCITED ABOUT MOVING VERY QUICKLY AND THINKING THAT TOMORROW IT MIGHT BE A LITTLE BIT CHEAPER IF THEY JUST WAIT SO AUCTIONS ARE BEING USED TO FORCE ACTION EVEN IN AUCTION WHERE THERE'S NO SALES THE BUYERS HAVE BEEN IDENTIFIED AND FREQUENTLY 95 PERCENT OF THAT LAND EVEN IN A NO SALE SITUATION SELLS BEFORE THE END OF THE DAY BECAUSE THEY'VE IDENTIFIED WHO IT IS THEY'VE GOT SOME REALISTIC PRICE TARGETS OUT THERE AND THEY GET THE JOB DONE MY ADVICE IS TO PURSUE THEY PRIVATE TREATY ROUTE AS MUCH AS POSSIBLE RIGHT NOW BUT YOU MAY HAVE TO WORK THROUGH THE AUCTION TO GET THAT PARTICULAR PROPERTY THAT FITS WITH YOUR OPERATION.  OKAY THANK YOU VERY MUCH MIKE WALSTEN OUR GUEST HERE ON AGDAY BACK WITH MORE IN A MOMENT.
MACH PETE:
DEPENDING ON WHERE YOU LIVE IN THIS COUNTRY, YOU MAY HAVE A DIFFERENT NAME FOR A CERTAIN PIECE OF EQUIPMENT. BUT AS MACHINERY PETE TELLS US - NO MATTER WHAT YOU CALL IT, THERE'S VALUE IN THAT IRON.
TEASE:
WHERE I GREW-UP, CHILIS WERE LIKE CORN IN THE MIDWEST - THEY'RE EVERY WHERE! WE'LL SEE JUST HOW IMPORTANT OF A CROP IT IS TO ONE TEXAS TOWN, WHEN WE COME BACK.

 

 

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