AgDay Daily Recap - November 16, 2010

November 16, 2010 05:59 AM
 

TODAY ON AGDAY:
NOVEMBER 16, 2010

CROP PROGRESS:
USDA IS JUST ABOUT READY TO CLOSE-OUT ITS WEEKLY CROP PROGRESS REPORTING OF THE MAJOR COMMODITIES FOR ANOTHER SEASON. ON MONDAY AFTERNOON'S REPORT, IT DIDN'T EVEN MENTION CORN OR SOYBEANS ON A NATIONAL SCALE. BARE FIELDS ARE THE RULE THIS YEAR IN THE CORNBELT. THE ONLY THING GROWING ON THIS BARREN LAND FIELD IN LIVINGTON COUNTY, ILLINOIS IS WIND ENERGY. AT THIS TIME LAST YEAR, ONLY ABOUT A THIRD OF THE CORN AND SOYBEANS HAD BEEN HARVESTED. THIS YEAR, BOTH OF THOSE CROPS ARE VIRTUALLY FINISHED. BUT THERE ARE STILL SOME OTHER IMPORTANT CROPS YET TO BE FINISHED, INCLUDING COTTON. USDA SAYS 78% IS NOW READY FOR THE GIN. THAT'S 14-POINTS AHEAD OF AVERAGE. OTHER THAN ARIZONA, ALL OTHER MAJOR COTTON GROWERS ARE WELL AHEAD OF THEIR STATE'S FIVE YEAR AVERAGE. SORGHUM HARVEST IS JUST ABOUT OVER. THE LATEST FIGURES SHIOW 93% IS DONE. THAT'S A GAIN OF FOUR POINTS FROM LAST WEEK. AND EVEN FOR THOSE STATES WHO HAVEN'T FINISHED, THEY'RE WELL AHEAD OF THE NORMAL PACE.  MEANWHILE, WINTER WHEAT CROP IS PROGRESSING. 87% HAS EMERGED, THAT'S NEAR AVERAGE. THERE WAS A SLIGHT IMPROVEMENT IN THE QUALITY RATING. 46% IS CALLED GOOD OR BETTER. BUT 37% IS FAIR.

TENN HARVEST:
IN TENNESSEE, FARMERS CAN DESCRIBE THIS YEAR IN THREE WORDS - - SEASON OF EXTREMES. IT WENT FROM RECORD FLOODING IN MAY TO A RECORD NUMBER OF DAYS OF EXTREME HEAT. IN THIS REPORT FROM THE UT INSTITUTE OF AGRICULTURE, CHUCK DENNEY SAYS GOOD PRICES SAVED THEM FROM A BAD YEAR. THE SAME FLOODING ALSO SEVERELY DAMAGED THE GAYLORD-OPRYLAND HOTEL AND RESORT. IT RE-OPENED YESTERDAY AFTER BEING SHUT-DOWN FOR SIX MONTHS. DAMAGE ESTIMATES WERE AS HIGH AS 200-MILLION DOLLARS AND FORCED THE COMPANY TO LAY-OFF 1,700 WORKERS. THE ADJACENT GRAND OLE OPRYHOUSE RE-OPENED IN SEPTEMBER.

STATE BY STATE:
THANK YOU MIKE. NOW HERE ARE SOME OTHER FARM-HEADLINES, STATE BY STATE. IN FLORIDA, THE EPA ISSUED ITS FINAL STANDARDS TO CUT FARM AND URBAN RUN-OFF. THE STANDARDS WERE THE RESULT OF A FEDERAL LAWSUIT FILED BY ENVIRONMENT GROUPS AGAINST EPA. THE RULES ARE DESIGNED TO REDUCE DISCHARGES FROM SEWAGE PLANTS AND NUTRIENT RUN-OFF FROM FARMS. THE STANDARDS WERE RELEASED DESPITE REQUESTS FROM FLORIDA'S NEWLY ELECTED GOVERNOR AND AGRICULTURE COMMISSIONER TO DELAY THE RULES. BARRING ANY NEW LEGAL ACTION, THEY GO INTO EFFECT IN 15 MONTHS. IN OKLAHOMA, NEWLY-ELECTED ATTORNEY GENERAL SCOTT PRUITT SAYS HE'LL LOOK AT THE MERITS OF A LAWSUIT THAT THE STATE FILED AGAINST POULTRY COMPANIES IN NEIGHBORING ARKANSAS. IT'S A LONG-RUNNING BATTLE OVER THE HEALTH OF THE ILLINOIS RIVER WATERSHED IN NORTHEAST OKLAHOMA. THE SUIT WAS BROUGHT BY PRUITT'S PREDECESSOR, WHO SAID POULTRY LITTER CONTAMINATED THE RIVER. PRUITT HAS BEEN CRITICIZED FOR ACCEPTING CAMPAIGN CONTRIBUTIONS FROM FIRMS REPRESENTING THE POULTRY INDUSTRY.

BHP POTASH:
IN AGRIBUSINESS, AUSTRALIAN COMPANY BHP BILLITON HAS STOPPED ITS PURSUIT OF THE POTASH CORPORATION. POTASH-CORP IS THE WORLDS LARGEST FERTILIZER MAKER. BHP HAS WITHDRAWN ITS OFFER OF 130-DOLLARS A SHARE, SAYING IT COULD NOT MEET THE CONDITIONS THAT CANADA PLACED ON THE FIRM. BHP MADE ITS FIRST OFFER IN AUGUST OF ABOUT 38-BILLION DOLLARS, BUT POTASHCORP'S BOARD SAID THE OFFER SIGNIFICANTLY UNDERVALUED THE COMPANY.

10 DOLLAR CORN:
MEANWHILE, CORN PRICES REBOUNDED FROM FRIDAY'S LOSSES AFTER WORD CAME-OUT THAT CHINA MAY BE BUYING CORN FROM ARGENTINA. ACCORDING TO OUR MARKET ANALYSTS, TRADERS SAW THAT AS A BULLISH SIGNAL FOR U.S. CORN, EVEN IF CHINA BUYS IT FROM SOUTH AMERICA. WITH CORN STILL TRADING WELL-ABOVE FIVE DOLLARS A BUSHEL, CAN YOU IMAGINE IF THAT PRICE DOUBLED? ACCORDING TO WWW.CATTLENETWORK.COM , SOME TRADERS IN CHICAGO BOUGHT CALL-OPTIONS LAST WEEK THAT WOULD PAY IF CORN HIT TEN DOLLARS NEXT SPRING. IN THIS MORNING'S ANALYSIS, WE DISCUSS THE RISK AND TIGHT SUPPLIES.

ANALYSIS:
JUSTIN KELLY

IN THE COUNTRY; BEEF KNOWLEDGE:
WHERE DO YOU THINK CONSUMERS GET MOST OF THEIR INFORMATION ABOUT FOOD AND NUTRITION? ACCORDING TO SOME RECENT RESEARCH, THE ANSWER IS TV, THE INTERNET AND PRINT. IN THIS REPORT PROVIDED BY THE BEEF CHECKOFF, BRIAN BAXTER TAKES US TO A CLASSROOM IN CALIFORNIA WHERE NUTRITION JOURNALISTS ARE LEARNING SOME NEW LESSONS ABOUT BEEF IN A HEALTHY DIET.

TURKEY PRICES:
AS YOU GET READY TO PURCHASE YOUR TURKEY FOR THANKSGIVING DINNER, CONSUMERS WILL BE GLAD TO KNOW THERE'S AN ABUNDANT SUPPLY, BUT MAY COST MORE AT THE CHECKOUT. DETAILS IN FOOD AND YOUR FAMILY. ACCORDING TO AG ECONOMISTS AT PURDUE UNIVERSITY, THERE ARE ABOUT TWO PERCENT FEWER TURKEYS THIS YEAR. AS A RESULT, WHOLESALE PRICES ARE UP ABOUT 20% FROM A YEAR AGO. AT THE CHECK-OUT CONSUMERS WILL PAY ABOUT A DOLLAR A POUND. LAST YEAR IT WAS ABOUT 84-CENTS A POUND ON A NATIONAL AVERAGE. TURKEY IS OFTEN USED AS A LOSS-LEADER. GROCERS WILL OFFER BIG DISCOUNTS ON THE BIRDS, KNOWING CONSUMERS WILL FILL THEIR CARTS WITH OTHER PRODUCTS FOR THE FEAST.

PECANS:
ANOTHER FALL FAVORITE IS PECANS. THEY'RE USED TO FILL-PIES OR SIMPLY AS SNACKS. COMING UP TOMORROW, WE'LL TAKE A LOOK AT THIS YEARS PECAN CROP. WE'LL VISIT LOUISIANA WHERE THE CROP WAS IMPACTED BY THE DRY SUMMER. WE'LL ALSO AT THE POTENTIAL FOR EXPORTS. THAT'S TOMORROW ON AGDAY.
 

 

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