AgDay Daily Recap -October 16, 2014

October 16, 2014 02:57 AM
 

TODAY ON AGDAY
OCTOBER 16, 2014

OPEN HEADLINES:
COMING UP TODAY ON AGDAY IT WAS A TURBULENT DAY IN MARKETS BUT IS THE RURAL ECONOMY ALREADY SOFTENING. WE TALK WITH AN ECONOMIST WHO SAYS YES. PLUS, COULD EBOLA PUT AN END TO THE RECENT RECORD RUN OF THE U.S. CATTLE MARKET. IN AGRIBUSINESS CATCHING UP ON HOGS HIGHER HIGHS IN SEPTEMBER OVER AUGUST FOLLOWED BY HIGHER HIGHS IN THE OCTOBER NOVEMBER DECEMBER. AND THESE SOUTHERN GRAPES ARE GAINING IN POPULARITY AT FRESH FRUIT MARKETS. AGDAY-BROUGHT TO YOU BY CHEVY SILVERADO 2014 NORTH AMERICAN TRUCK OF THE YEAR.
RURAL ECONOMICS:
GOOD MORNING I'M CLINTON GRIFFITHS. WHETHER ON WALL STREET IN NEW YORK OR THE BOARD OF TRADE IN CHICAGO, WEDNESDAY WAS AN ANXIOUS DAY FOR TRADERS…AND RAISES QUESTIONS ABOUT THE HEALTH OF THE ECONOMY THAT INCLUDES FARM COUNTRY. AND THAT'S OUR TOP STORY ON AGDAY.
CROP WATCH:
IN CROPWATCH, NOT ONE MENTIONS OF CORN OR SOYBEANS…INSTEAD WE'RE FOCUSED ON PEANUTS AND POTATOES! HERE'S MIKE HOFFMAN.
DOW ENLIST:
AMERICAN FARMERS ON THE VERGE OF GETTING ANOTHER TOOL FOR THE TOOLBOX IN THE BATTLE AGAINST UNWANTED WEEDS... THE E-P-A APPROVING THE HERBICIDE ENLIST DUO FROM DOW AGRO-SCIENCES. THE CHEMICAL--PART 2-4-D AND PART GLYPHOSATE-- WORKS IN PARTNERSHIP WITH MATCHING GENETICALLY ENGINEERED CROPS.
USDA ASSIST:
MEANWHILE AG SECRETARY TOM VILSACK ANNOUNCED PLANS TO ADDRESS HERBICIDE RESISTANT WEEDS IN THE U-S. VILSACK SAYS USDA WILL WORK WITH EPA TO COME-UP WITH PRACTICES FARMERS CAN IMPLEMENT TO MANAGE WEED CONTROL WITHOUT HERBICIDES.
VILSACK IS INSTRUCTING NRCS AND 'APHIS' TO PROVIDE FINANCIAL ASSISTANCE AND CREATE BEST MANAGEMENT PRACTICES THAT COULD BE ADOPTED TO CONTROL THE SPREAD OF RESISTANT WEEDS.
BIOTECH ACCESS:
A CONSORTIUM OF FEED, SEED AND GRAIN GROUPS ARE URGING THE WHITE HOUSE TO MAKE MARKET ACCESS TO CHINA A TOP PRIORITY AT AN UPCOMING ASIAN-PACIFIC SUMMIT.
NEXT MONTH PRESIDENT OBAMA WILL MEET WITH HIS COUNTERPARTS FROM VARIOUS PACIFIC-RIM NATIONS...THE GROUPS - COLLECTIVELY KNOWN AS U-S BIOTECH CROPS ALLIANCE - WANT THE PRESIDENT TO PUSH CHINA FOR TIMELY IMPORT APPROVAL OF BIOTECHNOLOGY PRODUCTS. THE ALLIANCE SAYS THE U-S AG CHAIN NEEDS PREDICTABLE AND STABLE TRADE TO CHINA WITH G-M-O PRODUCTS.
TEASE:
IT APPEARS THE HOT GLOBAL PORK MARKET COULD BE STARTING TO COOL DOWN. WE'LL TAKE A CLOSER LOOK. PLUS, WE'LL CHECK IN AT THE CME WHICH HAD A BUSY DAY IN CHICAGO.
ANALYSIS INTRO:
HERE WITH MORE ON THE CURRENT HOG MARKETS AND WHAT TO WATCH FOR IS FARM DIRECTOR AL PELL.
ANALYSIS INTRO:
OUR GUEST HERE AT THE AGRIBUSINESS DESK TODAY IS SUE MARTIN WITH AG AND INVESTMENT SERVICES AND I'D LIKE TO TALK A LITTLE BIT ABOUT THE PORK MARKET BECAUSE THE HOG PRODUCERS ARE REALLY IN A REAL PROBLEM FOR A WHILE BUT THEY SEEM TO BE COMING BACK. I THINK SO I THINK THAT FOR ONE THING YOU KNOW IT WAS EXPECTED I THINK WHAT BROKE THE MARKET WAS THE REALIZATION THAT THE WEIGHTS WE'RE KIND OF COMPENSATING A LOT FOR THE PED VIRUS. RIGHT, BUT THEN IF YOU LOOK AT THE OCTOBER FUTURES THEY GO OFF THIS NEXT WEEK HERE AND I THINK THAT THEY'RE GOING TO PROBABLY GO OFF FAIRLY STRONG SO ALL OF A SUDDEN NOW YOU'VE GOT THE OCTOBER STRONG AND IT'S BECAUSE WE AREN'T SEEING AS MANY HOGS SHOWING UP WHICH WE SHOULDN'T HAVE AND SO THE BIG THING IS DEMAND SEEMS TO BE STARTING TO PERCOLATE A LITTLE BIT FOR PORK OVERSEAS AND I THINK THAT ONCE THAT WE GET THESE PRODUCERS GOING AND IF YOU CAN YOU KNOW BEEF IS SO HIGH PRICED THAT ALL OF THE SUDDEN PORK STARTING TO LOOK A LITTLE BIT COMPETITIVE AND OF COURSE WE STILL HAVE TO WORRY ABOUT THE POULTRY INDUSTRY TO COMPETE A LITTLE BIT BUT TO ME THE  HOG PERSON HAS GOT SOME POTENTIAL HERE WE'VE HAD A BIG BREAK AND WE'VE DEALT WITH IT BECAUSE THESE TRADERS SPREAD EVERYTHING THEY'VE BEEN LONG CATTLE SHORT HOGS YOU KNOW AND AS THEY UNDO CATTLE THEY'LL BE PROPPING UP HOGS I THINK THE DECEMBER HOG CONTRACT HAS POTENTIAL TO GO UP TO AROUND 105 POSSIBLY 110 AND SO ON GOOD HARD BREAKS DO YOU BUY THE FUTURES YOU CAN BUT THERE'S SOME OPPORTUNITIES IN THE OPTIONS TO BE BUYING CALL OPTIONS AND MAYBE BUYING THE 105 OR THE 104 OR THE 110 CALLS YOU AREN'T GOING TO SPEND SQUAT FOR THEM AND THEN MAYBE THEY'LL END UP BEING A HIGH FLYER BUT THERE'S AN OLD SAYING IN THE HOG MARKET FROM YEARS BACK HIGHER HIGHS IN SEPTEMBER OVER AUGUST FOLLOWED BY HIGHER HIGHS IN THE OCTOBER NOVEMBER DECEMBER SO WE'LL SEE. WE'LL SEE TAKE ADVANTAGE IS THE NAME OF THE GAME SUE MARTIN OUR GUEST HERE AT AGDAY BACK WITH MORE IN A MOMENT.
TEASE:
UP NEXT, COULD THE EBOLA OUTBREAK PUT A WRENCH IN THE RECORD RUN UP IN BEEF PRICES... I'LL EXPLAIN NEXT.
BTR CATTLE PRICES:
AFTER WEEKS OF HIGHER CATTLE FUTURES PRICES, THE RUN HAS PULLED BACK THIS WEEK. CATTLE PRICES FALLING AGAIN IN TRADE AT THE CME ON WEDNESDAY...
BTR CHECKOFF:
THE NATIONAL CATTLEMENS' BEEF ASSOCIATION ANNOUNCING THAT 45 STATE CATTLEMENS' ASSOCIATIONS DON'T WANT USDA SECRETARY VILSACK TO CREATE A SUPPLEMENTAL BEEF CHECKOFF. THEY MADE THAT STATEMENT IN A LETTER THIS WEEK. VILSACK SAYS HE IS CONSIDERING THE ALTERNATIVE CHECKOFF AFTER A WORKING GROUP HAS FAILED TO BRING FORTH ANY PROPOSALS FOR REWORKING THE CURRENT PROGRAM.
BTR BRAZILIAN BEEF:

THE NATIONAL CATTLEMENS' BEEF ASSOCIATION ANNOUNCING THAT 45 STATE CATTLEMENS' ASSOCIATIONS DON'T WANT USDA SECRETARY VILSACK TO CREATE A SUPPLEMENTAL BEEF CHECKOFF. THEY MADE THAT STATEMENT IN A LETTER THIS WEEK. VILSACK SAYS HE IS CONSIDERING THE ALTERNATIVE CHECKOFF AFTER A WORKING GROUP HAS FAILED TO BRING FORTH ANY PROPOSALS FOR REWORKING THE CURRENT PROGRAM.
ITC MUSCADINES:
IF YOU LIVE IN THE NORTH, CHANCES ARE YOU'VE NEVER HAD A CHANCE TO ENJOY FRESHLY PICKED MUSCADINES.  THE GRAPE VARIETY THRIVES IN THE SOUTH BECAUSE OF ITS TOLERANCE TO HEAT AND HUMIDITY. IN THIS REPORT FROM THE ARKANSAS FARM BUREAU, KEN MOORE SAYS INTEREST IN THE FRESH MARKET PRODUCTION OF MUSCADINE GRAPES IS GROWING.
CLOSE:
AGAIN, MUSCADINES ARE A FALL CROP IN THE SOUTH, SO IT CAN HELP FARMERS DIVERSIFY THEIR MARKETING SEASON. THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN.

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