Good morning I’m Clinton Griffiths. What's been called a superweed of the south has now made its way even further north. Palmer Amaranth is also called pigweed or even 'careless weed', but you won't want to be careless about battling it. As Tyne mentioned, it's a fast-growing nuisance - about two inches a day. And it's especially competitive against soybeans. Because of its glyphosate resistance, some farmers in the south now use hand-to-hand combat to remove the bush-sized weed. They hire teams of field crews to chop the weed. And it's a tough job, as some stalks are as thick as baseball bats.
Extreme drought not only had a big impact on feed costs, but it also forced a flurry of borrowing.
The Federal Reserve System’s agricultural finance databook says in the second quarter, farm operating loans rose at their fastest face in five years.
Cattle producers in Nebraska are feeling the strain of drought. The state continues to be in the bull’s-eye for dry weather. Pastures are short and will stay that way through the winter. With feed costs high, many ranchers are turning to other winter grazing options like corn stalks or hay fields. The struggle for feed has owners weaning calves and pre-checking cows early in an effort of cull herds as far as they can.
Meanwhile, beef and veal prices rose more than 5% on the year, leading the latest food price inflation. The latest consumer price index shows a 1.6 increase from September 2011 through September of this year. C-P-I expects beef prices to increase as much as 4.5% in 2012.
Hope for wetter cooler winter in the southern plains is fizzling. According to the Texas Agrilife extension service new reports that El Nino’s strength in the pacific is fading. That means it’s less likely to be a wet winter. State climatologists say the odds are beginning to point toward the redevelopment of La Nina again next year.
Parts of the Midwest were not spared the wrath of Sandy. Mike Hoffman has details in cropwatch.
In agribusiness, Wall Street’s doors were back open for business Wednesday, after two days of no trading due to Hurricane Sandy. Two major AG companies have posted third quarter gains, but negative earnings on the year. BASF says sales were up 6% from January through September. Net income, however, is down 22%. BASF credits the hike in sales to increased crude oil production which benefitted its oil and gas business. Meanwhile, Bayer says third quarter sales spiked 11% while net income dropped 17% on the year. The company attributes the strong quarterly numbers to both its cropscience and pharmaceuticals business. Bayer says legal claims and restructuring caused the lower net income numbers.
As the biofuel industry changes and grows, how will it impact soybean futures? Al Pell sits down with Gregg Hunt of Archer Financial Services to see what's in store for 2013 and beyond.
As a farmer, there are a lot of different options in choosing what to grow. Out in the golden state of California, climate, seasons and customers can have a pretty big influence on that decision. And as Tracy Sellers of California Bountiful reveals some crops leaving you wondering just what it is that's hanging from that vine.
As the demand for more nuts grows with people wanting healthier diets, it's impacting more than just fruit growers. It's also creating a greater need among commercial plant nurseries.
Speaking of high demand, someone has stolen thousands of pounds of walnuts in California.