Good morning I’m Clinton Griffiths. Despite all of the accolades Senate members are getting for passing a Farm Bill, many southern growers are not pleased with the outcome.
Also down south, cotton growers continue to watch prices fall. Traders dumped July futures positions last week after weak manufacturing and global economy concerns.
Some very spotty showers fell across the eastern corn belt late last week, but for some farmers it may be too little too late. Very dry and abnormally warm weather has tapped moisture reserves across the Midwest. According to last Monday’s crop progress report, 70% of the Illinois top soil is short or very short of moisture. In Ohio, it's 77% and Indiana is 85% short or very short. Bob expects a lot of market turbulence this week. This is what you'll need to watch - the latest progress report comes out this afternoon which would show further decline in the crops. And this Friday - USDA releases its quarterly grain stocks and acreage reports.
CATTLE ON FEED:
The USDA released its latest cattle on feed report Friday. It showed more than 11 million head on feed for slaughter in US, feedlots with a capacity of 1,000 head or more. That's up 2% over last year. The largest shift was in placements--or the number of cattle coming into feedlots. May placements ran 15% higher than last year, with the largest numbers coming from calves 700 pounds and up. That’s higher than analysts expected. Many of those cattle were chased off of dry pastures in the northern and central tier of states.
It was another record setting World Pork Expo in Des Moines this year attracting more than 20,000 pork producers. The trade show was also sold out with over 400 companies exhibiting. They showcased some of the latest in new technology for the pork industry to help producers be more efficient, make more money or even solve a problem in their operations. AgDay's Michelle Rook shows us some of the hottest technology at the show.
In agribusiness today, oil prices continue to fall. Prices for crude fell below 80 dollars a barrel last week, the lowest in 8 months.
FARM RAISED CATFISH:
Catfish farmers seem to be a dwindling breed in Arkansas. As Ken Moore with Arkansas Farm Bureau shows us, the state's catfish farmers are finding more efficient ways in order to keep their head above water and stay in business. Cain says once consumers understand how farm-raised catfish are produced and the number of protocols farmers must follow, then consumers will have a better appreciation for their product.
ICE CREAM FAVORITES:
National ice cream month starts on Sunday. So to celebrate, the international ice cream association asked its members what are the most popular flavors, based on sales.
STINKY COTTON SHIRTS:
And finally this morning, t-shirts are an important part of a farmer or ranchers wardrobe. A Canadian scientist wanted to find out what material does a better job at controlling body odor - cotton or polyester.