SENATE FARM BILL:
Good morning I’m Clinton Griffiths. By a vote of 64 to 35 the Senate approves a new 5 year Farm Bill.
WHITE HOUSE VETO:
The White House is threatening to veto a 20-13 Agricultural spending bill. The administration says funding for the Commodity Futures Trading Commission or CFTC is far too low. According to the Dodd-Frank Financial overhaul legislation the CFTC is marked to increase market oversight. The White House says the Appropriations Bill undermines that charge.
CATTLE ON FEED:
Later this morning the USDA will release its cattle on feed report. Analysts expect placements to increase sharply.
Hay is a big focus for producers this year.
Barns in central and eastern Texas are filling with thousands of bales of hay this year.
Farmers there were fortunate to get winter rains. The industry is cutting and gathering as much as possible after last year's drought. With cattle prices still high and worries of another dry spell, this stuff is as good as gold. Nathan Smith from the Texas Farm Bureau has the report.
Thanks Nathan. A farmer in the eastern corn belt says this year's severe dryness is looking even worse than the crop-killer of 1988. Cindi Clawson has the numbers in cropwatch.
In agribusiness today US plantings of rice have fallen almost 30% in the last 2 years. Many of those growers have switched to crops providing a better return, like corn. That's according to a new report by Rabobank. Most of the Nation's rice crop is produced in the southeast. Rabobank's report shows that grain quality, increased pressure from overseas and high input costs are to blame. The study shows California rice growers are less likely to give-up the crop. Rabobank says California rice growers have positioned themselves to keep up demand by focusing on strong markets - specifically short- and medium-grain rice.
In today's Pro-Farmer profit briefing, we've heard plenty of farmers say the weather, the crops, the markets are all acting like it's the Fourth of July. Chip Flory and Brian Grete join us from our Pro Farmer studios in Cedar Falls, Iowa to explain the "fireworks" associated with these markets. Thanks fellas. In addition to details on how to manage risk in a weather market, this week's Pro Farmer newsletter includes the corn belt's "have's and have-not's" on corn and bean yield potential. Perspective on how the cash corn market is re-allocating old-crop supplies. And it details the winners and losers in the Senate's version of the 2012 Farm Bill.
If you happen to see a group of kids applying paint to a horse, you might think there's some mischief underway. But in Tennessee, painting a horse is actually a science project. Some Tennessee 4-H'ers are learning about the biology of horses through a unique exercise. Chuck Denney has details in this report provided by the UT Institute of Agriculture. Chuck says it takes about 45 minutes to paint all the bones and muscles.
In food and your family - a new study shows fewer people are buying fresh produce because of the fear it's contaminated with traces of pesticides.
If you find yourself depressed or bogged down with anxiety, you may try an afternoon walk or jog in the park or the woods.