Good morning I’m Tyne Morgan, filling in for Clinton Griffiths. Two of the big analytical firms revise their crop forecast as the nation's corn belt withers.
Allendale incorporated also released its estimates of the upcoming USDA reports. Allendale expects US corn production at 14.2 billion bushels with an average yield of 150 bushels to the acre. And the company said it expects to lower that estimate in coming weeks. Soybean yield remains unchanged at 43.9 with production of 3.3 billion bushels. As far as wheat, Allendale lowered its yield expectations by 2/12 bushels. Farm Director Al Pell discusses the USDA report, as far as potential yield drop and demand impact with Allendale’s Bill Biedermann.
Not only have the crop conditions declined, so has pasture land.
Oklahoma State’s Derrell Peel says pasture conditions have been deteriorating rapidly across much of the US the past two weeks. And as this happens, he says it's having a negative impact on many sectors of agriculture, but especially the cattle market.
This morning's cropwatch takes us from New England to Nebraska as we continue to gauge the struggling crops. Mike Hoffman joins us from the Agday weather-center.
Dairy provisions in the House version of the Farm Bill which were released on Thursday mirror those in the Senate-passed version. But according to our partners at Dairy Today there are some differences.
The dairy market stabilization program is causing opposing views across the dairy industry. While National Milk Producer’s Federations says it's in favor of the proposed dairy policy reforms, the International Dairy Foods Association opposes the stabilization program. In support National Milk Producer’s Federation says the bill "allows dairy farmers to better manage their risks, in a deliberate approach that offers a superior safety net, reduces government involvement in our industry and positions our entire industry to compete in a global marketplace."
In other news - an international food safety organization has decided to continue to review the safety of two key additives used in livestock agriculture. The Codex Alimentarius Commission - or CO-DEX is the scientific arm of the world health organization. It now says certain levels of Ractopomine in cattle and pork is safe for use.
The CO-DEX has also decided to review the safety RBST. RBST is used to increase milk production in cows. Its use is approved in several nations including the US. Countries can decide themselves whether products - like these - are to be used within their borders. Other countries, however, rely on the CO-DEX commission to determine the safety. The organization uses a multi-step approval process. And like any regulatory process, it'll take some time. It took 3 attempts to get Ractopamine approved. Elanco Animal Health markets both products
In agribusiness, the latest unemployment numbers were released Friday. The report shows unemployment rate unchanged at 8.2 percent. The Labor Department says employers added 80 thousand jobs in June. That number is lower than many speculators expected. An average of 150 thousand jobs have been added each month since the first of the year. That’s lower than the average of 161 thousand during the first half of 2011.
Whether beef is on your menu at home or at a restaurant it takes a lot of work to get it there. As supplies grow tighter and prices spike higher, it becomes even more of a challenge. In this report provided by the Beef Checkoff, Brian Baxter shows us how some of the nations top chefs get creative in keeping beef on restaurant menus.
FOOD AND YOUR FAMILY:
In food and your family, if you think the drought is just taking its toll on farmers, think again. It could also cause a spike in food prices. We have new information to fuel your caffeine addiction.