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AgDay Daily Recap -October 29, 2014

07:57AM Oct 29, 2014

TODAY ON AGDAY
OCTOBER 29, 2014

OPEN HEADLINES:
IT'S MID-HARVEST, YET WE'RE STILL SEEING A PRICE RALLY IN BEANS. WHY? WHEN YOU 'DO' HAVE A RALLY, HOW CAN YOU TAKE ADVANTAGE? THE FIRST THING THEY CAN DO IS MAYBE LET GO A LITTLE BIT OF THEIR CORN AND BEANS. COULD THE APPLE ORCHARD BECOME A THING OF THE PAST WITH THIS UNIQUE DESIGN? AND 4-H'ERS SEND ROCKETS TO THE RESCUE! AGDAY-BROUGHT TO YOU BY CHEVY SILVERADO 2014 NORTH AMERICAN TRUCK OF THE YEAR.
SOYBEAN RALLY:
GOOD MORNING I'M CLINTON GRIFFITHS.SOYBEAN PRICES DEFYING HARVEST TRENDS…NOVEMBER BEANS RALLYING EVEN WHILE FARMERS CUT A RECORD CROP ...AND THAT'S OUR TOP STORY ON AGDAY…
BB 180 HARVEST TOUR:
THE I 80 HARVEST TOUR IS BROUGHT TO SPONSORED BY THE ENLIST WEED CONTROL SYSTEM FROM DOW AGROSCIENCES. A NEW HERBICIDE AND TREAT SYSTEM THAT WILL BUILD ON GLYPHOSATE…
180 EASTERN IOWA:
IT'S BEEN A YEAR OF EXTREME WEATHER FOR FARMERS IN EASTERN IOWA.
AND AS A RESULT, SOME IN THE AREA SAY THEY ARE RUNNING ABOUT 2 WEEKS BEHIND.
AG DAY'S BETSY JIBBEN EXITED OFF IN IOWA AND HAS THE STORY.
CROP WATCH:
TODAY'S CROPWATCH SHOWS US JUST HOW MESSY HARVEST CAN BE IN MISSOURI. WE ALSO STOP IN MONTANA AND GEORGIA. HERE'S MIKE HOFFMAN.
DAIRY MEETING:
THE DAIRY INDUSTRY IS HOLDING IT'S ANNUAL GATHERING THIS WEEK IN DALLAS TEXAS.
AND ALREADY SOME BIG CHANGES ARE ROLLING OUT OF THE MEETING...INCLUDING A MANDATORY PARTICIPATION IN THE FARM PROGRAM.
CNH JOBS:
MORE TALES OF THE AG ECONOMY...FOR THE SECOND TIME IN TWO AND A HALF YEARS, THE CASE NEW HOLLAND PLANT IN MOUNT PLEASANT IS CUTTING BACK ON WORKERS.
UNION OFFICIALS SAY 150 EMPLOYEES WILL BE LAID OFF INDEFINITELY ON DECEMBER 1.
CNH BLAMES THE DECISION ON A SLOWDOWN IN SALES DUE TO LOWER COMMODITY PRICES, ESPECIALLY IN CORN AND SOYBEANS.
TEASE:
PLENTY MORE AHEAD ON AGDAY INCLUDING A DISCUSSION ABOUT TAKING ADVANTAGE OF PRICE RALLIES...WE ALSO HAVE AN IDEA THAT COULD MAKE HAULING HAY BALES SAFER.
ANALYSIS INTRO:
WHEN PRICES RALLY, HOW DO YOU TAKE ADVANTAGE OF IT. FARM DIRECTOR AL PELL LOOKS FOR SOME ANSWERS.
ANALYSIS:
OUR GUEST HERE AT THE AGDAY AGRIBUSINESS DESK IS MATT BENNETT FROM BENNETT CONSULTING AND ONE OF THE THINGS ID LIKE TO ASK YOU MATT IS HOW CAN A PRODUCER TAKE ADVANTAGE OF THESE RALLIES THAT WE'VE SEEN IN THE MARKET. WELL THE FIRST THING THEY CAN DO IS MAYBE LET GO A LITTLE BIT OF THEIR CORN AND BEANS AND I THINK WHENEVER YOU LOOK AT WHERE WE'VE BEEN, IT REMINDS ME A LITTLE BIT OF, YOU KNOW, EARLIER THIS WINTER GUYS WERE HOPING FOR A RALLY, YEAH. GUYS WERE THINKING MY PROFITABILITY NOT GONNA BE VERY GOOD. THEN YOU COME IN HERE AND YOU RALLY FOR TWO OR THREE MONTHS AND WE DIDN'T GET ENOUGH STUFF HEDGED AHEAD OF TIME. NOW WE COMING INTO OCTOBER 1ST AND MAKE LOWS IN THE CORN AND BEAN MARKET AND WEVE DONE NOTHING BUT PRETTY MUCH RALLY EVER SINCE WITH A FEW SETBACKS RALLY BEANS ALMOST TO A DOLLAR. RALLIED CORN OVER 40 CENTS THAT'S A GIFT. WELL WHAT HAPPENS IN A CASE LIKE THAT. IS THE PRODUCER SAYS IT'S GONNA KEEP GOING UP, HE DOESN'T SELL. THAT'S THE MENTALITY. SO WHAT WE TRY TO ENCOURAGE PRODUCERS TO THINK ABOUT IS AT THESE PRICE LEVELS, HOW PROFITABLE ARE YOU? AND NOW THAT WE KNOW WHAT ARE YIELDS ARE FOR THE MOST PART NOT EVERYONE'S DONE BUT THEYVE AT LEAST BEEN IN AND THEY KNOW PRETTY MUCH WHAT THEIR YIELDS ARE. WE CAN PLUG ACTUAL YIELDS IN, LOOK AT WHAT OUR COST STRUCTURE WAS FOR THE 14 CROP AND WE CAN SAY HEY YOU KNOW WHAT WITH 40 CENTS ADDITIONAL PROFIT, THIS IS HOW MUCH MORE PER ACRE IM GONNA MAKE IF IM GONNA SELL. SO IF YOU KNOW EXACTLY WHAT YOUR SITUATION IS, IT MAKES IT MUCH EASIER TO SELL THAN IF YOU'RE REALLY JUST KIND OF FLOATING IN THE WIND. SO YOU REALLY KIND NEED TO TAKE ADVANTAGE OF, IS KIND OF WHAT I HEAR YOU SAYING. WELL I THINK WHENEVER YOU LOOK AT SOYBEANS I WOULD BE DEFINITLEY MOVING BEANS, I WOULD BE SELLING EM OFF THE COMBINE FOR THE MOST PART. ESPECIALLY IF THEY'RE YIELDING WELL I DON'T WANT TO JUST HAVE A BACK DOOR MENTALITY LOOKING OUT OF MINE, BUT I KNOW THAT IN OUR AREA BEAN YIELDS ARE EXCELLENT. AND SO FOR A GUY TO HAVE THE KIND OF BEANS THAT ARE AVERAGING IN THE 60S SOME GUYS IN THE 70S, IF THEY CAN'T MAKE MONEY ON 9.50 BEANS THEN THERES A PROBLEM. SO WE'RE DEFINITELY ENCOURAGING GUYS, IF YOU KNOW YOU'RE GONNA PROFITABLE GO AHEAD AND GET RID OF THEM. AS FAR AS CORN GOES MOVING FORWARD YOU MIGHT HAVE A CHANCE YOU KNOW FOR A LITTLE BIT OF A RALLY. AND I THINK IF YOU GOT ON FARM STORAGE I DEFINITELY BE STORING SELL THE CARRY AND THEN USE THE CARRY AND BUY YOU A CHEAP CALL. NAME OF THE GAME IS MAKING MONEY. EXACTLY. ALRIGHT MATT BENNETS OUR GUEST HERE AT AGDAY, BACK WITH MORE IN A MOMENT.
TEASE:
STILL TO COME THE RISING PRICES OF FRUITS AND NUTS…
CLOSE:
SINCE 2008 WHEN 4-H BEGAN EMPHASIZING THE SCIENCE INITIATIVE, MORE THAN 5 MILLION YOUTH HAVE PARTICIPATED IN LESSONS IN AREAS INVOLVING AGRICULTURAL AND ENVIRONMENTAL SCIENCE. THAT'S ALL THE TIME WE HAVE THIS MORNING. WE'RE GLAD YOU TUNED IN.

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