TODAY ON AGDAY
JULY 20, 2012
RECORD GRAIN PRICES:
Good morning I’m Clinton Griffiths. Another drought monitor, another disappointment. Grains hit a new high following the continued expansion of US Drought.
Pushing that rally, the latest drought monitor from NOAA. According to the national drought monitor, 81% of the contiguous US Is covered by some form of drought, which compares to 36% last year at this time and 49% at the start of the year. The monitor says limited-rainfall hasn't been able to keep up with above-normal temps across the nation. Unfortunately, it looks like the dome of high pressure that has been dominating the continental United States will continue to park itself over the plains and parts of the Midwest for at least the next two weeks. More than likely this will persist through the remainder of the 2012 crop season.
And according to NOAA, this hot dry weather is expected to last through October. Mike Hoffman joins us now with crop watch and a closer look at the drought monitor - Mike.
Livestock groups are calling for changes to the renewable fuels standard which requires 10% of the nation’s gasoline supply be made from corn-based ethanol. AgDay’s national reporter Tyne Morgan is here with the latest on the RFS as the debate continues to heat up.
Russia is one-step closer to permanent normal trade relations with the US. The Senate Finance Committee signed-off on the trade deal this week. The House has yet to move on a companion bill. PNTR would give the US preferred trading status with Russia, which offers big export market potential for US Farmers, especially livestock producers. AG exports - in general - are a key to the long term health of the US AG economy. AgDay’s Michelle Rook looks at what trade deals are currently in the pipeline.
With 85% of the cornbelt in serious drought and more than a third of the corn and soybean crops in poor to very poor condition, there's no doubt it's a disaster-in-the-making. According to our partners at Profarmer Newsletter, four of the five top corn producing states are now below trend line yields. Chip Flory and Brian Grete join us from our Profarmer studios for this week's profit briefing.
With dry conditions across much of the country, a small spark can quickly erupt into a major wildfire. A new training tool helps fire fighters learn to look for clues in a suspicious blaze.Kent Faddis with University Missouri Extension has more.
FOOD AND YOUR FAMILY:
In food and your family, you could feel the impact of the drought to your wallet. Its anticipated the drought's impact on crops and livestock could cause an increase in food prices. There’s no doubt obesity rates have been a concern for Americans over the last decade. Now a new survey says it's the number one health concern.
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Market Snapshot, Noon CT -- July 20, 2012