AgDay Daily Recap - July 10, 2012

July 10, 2012 05:57 AM

JULY 10, 2012


Good morning I’m Clinton Griffiths. As crop conditions take another sizeable drop, the markets take a big leap.


Last week's intense heat through-out the Midwest had a devastating effect on the crops.

That was the big picture. State-by-state may be even more telling. Kentucky is now in the single digits. Zero is called excellent. Just five percent is good. That's a 15 point drop. Three-quarters is poor to very poor. The soybean crop is in similar shape. In Missouri, 12% is on the high end. The rest of the state's corn is divided fairly evenly from fair to very poor. Well over half is in the low end of the scale.


In the big eye states - all three saw significant drops. In Indiana, the states' farmers saw the condition of the corn decline to just 13% good to excellent. Agday meteorologist Mike Hoffman went-out to inspect first-hand the impact of the drought on one Northern Indiana farmer.


You'll soon find a Pepsi product in the dairy aisle. PepsiCo incorporated will soon have yogurt on US store shelves. PepsiCo has teamed up with Theo Muller Group, which is the largest privately held dairy in Germany and a yogurt-producer in Europe. The yogurt will be unique in it's a European-style premier yogurt that hasn't been available to the US market in the past. Consumers can find the new European-style yogurt products in various supermarkets across the US starting this summer.


In agribusiness -public comment ended yesterday on the USDA's evaluation of new report times.

The agency is considering changes following the Chicago Board of Trade's extended trading day.

Current release times are 8:30 a.m. and 3 p.m. USDA says those will remain in effect until further notice.


Meanwhile, USDA will release its latest supply-demand report tomorrow. Grain traders are expecting the AG Department will cut its yield expectations for corn. The market has already been trading a lower yield based on the month long drought & heat pattern. Farm Director Al Pell has more in analysis.


When you think of Missouri, Japanese vegetables probably don't spring to mind. Agday's Tyne Morgan gives us a taste of Japan from southwest Missouri on an 18-acre farm.  And it's the story and journey of this Japanese grower that makes his fresh produce so unique. Frank says Edamame is a green soybean that tends to be sweeter in flavor.  It is picked about 30 days before conventional soybeans and is unique because it has the vitamins of a vegetable and the proteins of a soybean.


In food and your family - Smithfield Foods is taking vertical integration to a new level.  The Virginia-based pork producer is opening a restaurant that will sell its own products. It opens today in the town of Smithfield, where the company headquarters are located. Customers can buy salads and sandwiches at the restaurant aptly named "the taste of Smithfield." Smithfield's brands include Smithfield, Armour and Farmland. The company CEO says he hopes the restaurant will attract more visitors to Smithfield and give the company a place to showcase its products.


It appears many American households are now reverting back to home-cooked meals as a way to reduce their food expenses.



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