USFR Weekly Recap - August 19-20, 2016

August 22, 2016 03:30 AM
 

TODAY ON U.S. FARM REPORT
AUGUST 20-21, 2016


OPENING HEADLINES:
FROM THE STUDIOS OF FARM JOURNAL BROADCAST, THIS IS U.S. FARM REPORT. WELCOME TO U.S. FARM REPORT. I'M TYNE MORGAN, AND HERE'S WHAT WE'RE WORKING ON FOR YOU. RICE HITS A 5-YR HIGH, BUT IT'S COMING AT THE PRICE  OF WATER LOGGED CROPS. LOWER CROP PRICES ARE CREATING A NEW NORMAL  FOR EQUIPMENT DEALERS.    3.50 DOLLAR CORN IS PROBABLY HERE TO STAY FOR A WHILE.  WE'RE ON THE ROAD WITH MACHINERY PETE TO IOWA TO SEE WHY DESPITE THE ROLLERCOASTER YEAR, LOCAL FARMERS AND DEALERS ARE CAUTIOUSLY  OPTIMISTIC.   THE POSSIBLE IMPACT OF BREXIT ON TRADE...  IT'S NOT BEEN THOUGHT THROUGH, UNFORTUNATELY. OUR FARM JOURNAL REPORT LOOKS INTO WHY LEAVING THE E-U COULD MEAN LOSING A CERTAIN PROTECTION IN TRADE.   AND IN JOHN'S WORLD...  THOSE BIG CROP NUMBERS, ARE THEY WORTH ARGUING ABOUT?  

FLOODWATERS HIT SOUTH:
NOW FOR THE NEWS THAT MOVED THE MARKETS THIS WEEK, RICE PRICES HITTING A 5-YEAR HIGH THIS WEEK, ON NEWS RECORD BREAKING RAINFALL IN LOUISIANA  AND ARKANSAS WILL PUT A MAJOR DAMPER ON YIELDS. ARKANSAS IS THE NUMBER ONE RICE PRODUCER.  HARVEST IS JUST STARTING IN THAT STATE. HERE'S ARE SOME PICTURES OF CROPS UNDERWATER FROM THE UNIVERSITY OF ARKANSAS' AG DEPARTMENT. IT'S CAUSING THE RICE TO SPOURT PREMATURELY, WHICH  MEANS MILLING AND YIELD LOSS WHEN HARVEST STARTS. BUT IN LOUISIANA - THE NUMBER THREE PRODUCER IT'S PEAK HARVEST SEASON AND EARLY ESTIMATES SHOW THE FLOODING WIPED OUT 14 MILLION DOLLARS WORTH OF THE STATE'S RICE CROP. THE U-S RICE FEDERATION AYS ABOUT 80 PERCENT OF RICE IN SOUTHWEST LOUISIANA HAD BEEN HARVESTED BEFORE THE RAINS HIT, BUT IT'S THE REMAINING 20 PERCENT IS MORE THAN LIKELY GONE. 
RAINS COULD HURT COTTON CROP:
 THOSE RAINS COULD ALSO TAKE THEIR TOLL ON LOUISIANA'S COTTON CROP. PRIOR TO THE RAIN, THE STATE HAD THE HIGHEST USDA CONDITION RATINGS, WITH 71 PERCENT GOOD TO EXCELLENT AND A THIRD OF THE CROP HAD BOLLS OPENING.  NATIONWIDE, 48-PERCENT OF THE CROP IS GOOD TO   EXCELLENT. SOYBEANS RATINGS UNCHANGED FROM LAST WEEK.  72-PERCENT IS GOOD TO EXCELLENT.  80-PERCENT IS SETTING PODS. AND THE CORN ALSO LOOKS GOOD,  74-PERCENT GOOD  TO EXCELLENT.  THE DRYNESS IN OHIO IS BRINGING DOWN RATINGS THERE, WITH A THREE POINT DECLINE IN TAHT STATE. 21-PERCENT OF THE CROP IS AT DENT STAGE....WHICH IS RIGHT ON PAR WITH THE FIVE YEAR AVERAGE. SOYBEANS AND CORN ARE SITTING UNDER WATER IN SOUTHERN ILLINOIS. 
THAT'S AS FARMERS DEAL WITH MORE RECORDING BREAKING RAINFALL. IN ILLINOIS, IS STARTED SATURDAY, WITH CLOSE TO TEN INCHES FALLING IN A COUPLE DAYS. I WAS IN VERGEENS, ILLINOIS THIS WEEK, AND LOCAL FARMER WAYDE ALLARD SAYS CROPS WILL BE LOST.  WE RECEIVED SIX AND HALF INCHES RIGHT HERE IN VERGENNE'S. BUT NORTH NORTH OF US REPORTS SEVEN TO OVER ELEVEN INCHES OF RAIN... WHICH WILL BE COMING DOWN THIS WAY. WE'RE AFRAID WE'RE WERE ALL LOSE CLOSE TO THREE HUNDRED ACRES AT THIS POINT.  > ALLARD SAYS HIS SOYBEANS LOOK EXCEPTIONALLY   GOOD, WITH EVEN DOUBLE CROP SOYBEANS EXPECTED TO YIELD AROUND 10 BUSHELS ABOVE AVERAGE. THE LATEST DROUGHT MONITOR SHOWING THOSE RECORD RAINS IN LOUISINA ARE TOO MUCH OF A GOOD  THING, WITH THE DROUGHT PRETTY MUCH DISAPEARING IN THE STATE. NO SURPRISE THERE. THE AREA CALLED ABORMALLY DRY SEEING A 14 POINT IMPROVEMENT THIS WEEK. AND OHIO FARMERS BENEFITTING FROM RECENT RAINS. SEVERE DROUGHT IS NOW GONE, AND MODERATE DROUGHT IS 20 POINTS BETTER.  

DRY POCKETS SHOW IN TEXAS:
NOW IT'S NOT ALL GOOD NEWS, WE DID SEE DRY CONDITIONS IMPROVE OVERALL IN TEXAS, BUT NEW   POCKETS SHOWING UP IN THE WEST TEXAS AREA.  AND IN THE NORTHEAST, IT'S STILL DRY. 57 PERCENT OF THE REGION IS ABNORMALLY DRY AND MORE THAN 2 PERCENT IS NOW IN THE EXTREME DROUGHT CATEGORY. WHILE GRAINS ARE EXPECTED TO HIT NEW RECORDS IN 2016, USDA ALSO THINKS ALFALFA HAY PRODUCTION WILL RISE. ITS ANTICIPATING 61 AND A HALF MILLION TONS THIS YEAR--4 PERCENT HIGHER THAN 2015. OTHER TYPES OF HAY ARE ALSO HIGHER WITH 2016 ON PACE TO SEE RECORD HIGH PER ACRE AVERAGE YIELDS AND THE 3RD LARGEST "OTHER HAY" CROP EVER.   CRUDE OIL PRODUCTION COULD POTENTIALLY FREEZE TO AID PRICES:
CRUDE OIL SEEING LIFE THIS WEEK, OVER TALKS OF A POSSIBLE FREEZE IN PRODUCTION.  OIL PRICES ROSE FOR SIX STRAIGHT DAYS WITH BRENT HITTING AN EIGHT WEEK HIGH. BOTH WEST TEXAS INTERMEDIATE CRUDE AND BRENT CRUDE HAVE RISEN MORE THAN 20 PERCENT SINCE EARLY AUGUST. 
NATIONAL WEATHER:
THOSE ARE THE HEADLINES...METEOROLOGIST CINDI CLAWSON IS IN FOR MIKE HOFFMAN THIS WEEK. CINDI, FROM TOO DRY TO NOW TOO WET, MANY VIEWERS COULD USE A BREAK FROM THE RAIN. YET NO KIDDING TYNE IT'S BEEN A I JUST KINDA CRAZY KNOW FIRST WE HAD MARILYN THEN LOUISIANA STILL TRYING TO CLEAN UP FROM THERE IN SOUTH BEND EARLIER THIS WEEK WE HAD SOME VERY VERY HEAVY RAIN IN SOME PRETTY BAD FLOODING UP HERE AS WELL FAR AS THE DROUGHT MONITOR WE'VE SEEN IS SOME IMPROVEMENT IN SOME NOT SO MUCH BUT WHERE WE'VE SEEN IMPROVEMENT OVER THE LAST WEEK IS PRETTY MUCH THE WESTERN GREAT LAKES AND ALL THE WAY THROUGH MUCH OF THE PLAIN STATES THE EASTERN PART OF THE FOUR CORNERS REGION WEHAVE SEEN A THE WESTERN PARTS OF THE GULF COAST A THEATER PART REALLY HAVEN'T CHANGED A WHOLE LOT AND WE HAVEN'T SEEN A LOT OF CHANGE AT LEAST YET I THINK NEXT WEEK'S U S DROUGHT MONITOR WILL  
TEASE:
WELL, THESE COMMODITY PRICES HAVE BEEN FAIRLY  RESISTANT SINCE USDA HIT US WITH BIG CROP PRODUCTION NUMBERS. WE'LL FIND OUT WHY FROM BRIAN BASTING AND BRAD MATTHEWS AFTER THE BREAK.
ROUND TABLE 1:

WELCOME BACK TO U S FARM REPORT ON THE MARKETING ROUND TABLE WITH ME THIS WEEK BRIAN BASTIN GOF ADVANCE TRADING AND BRAD MATTHEWS OF ROACH AG ALRIGHT LAST FRIDAY WE HAD THIS USDA REPORT WERE STILL TALKING ABOUT IT BECAUSE PEOPLE WANT TO KNOW WITH THIS ONE SEVENTY FIVE POINT ONE CORN YIELD HOW DID PRICES NOT DROP AND JUST BOTTOM OUT.
ROUNDTABLE 2:
WELCOME BACK WELL AND I AND OUR NEWS BLOCK YOU HEARD ABOUT SOME OF THE FLOODING THAT'S GOING ON IN LOUISIANA AND FURTHER SOUTH A SOUTHERN ILLINOIS WE HAD FLOODING UP HERE IN INDIANA IS IT PROOF THAT THERE STILL A LOT OF CROP YEAR LEFT AT YEAH THERE IS IN SOYBEANS AND THEY SAY THAT BEANS ARE MADE IN AUGUST IN THERES A LOT OF AUGUST LEFT AND EVEN PART OF EARLY SEPTEMBER THE THING IS THAT USUALLY WHATS GONNA THREATEN THE CROP IN THE HEAT AND WE HAVEN'T SEEN THAT SO WE ARE LOSING SOME YIELD ON THE DELTA AREA FROM ALL THIS FLOODING AT THE SAME TIME IN A LOT OF OTHER AREAS THE RAIN'S BEEN VERY BENEFICIAL NOW SO THE BIGGEST THING TO THE CROP HONESTLY AT THIS POINT I'M IN MY OPINION WOULD BE IF THERE'S AN EARLY FROST MARKETS NOW:
WELCOME BACK TO MARKETS NOW BRAD LET'S HEAR YOUR CLOSING THOUGHTS THIS WEEK THE BIGGEST THING FOR PRODUCERS AFTER THE SIZE OF THE DOWN MOVE THAT WAS SEEN IN CORN AND SOYBEANS A LOT OF PEOPLE ARE FEARFUL THAT THEY MISSED IT AND A LOT OF GUYS TALKING ABOUT SELLING CORN DOWN HERE MY BIGGEST THING IS IF YOU'RE GOING TO BE NEEDING TO SELL CORN BECAUSE YOU DON'T HAVE THE STORAGE IN EVEN GUYS WHO MIGHT HAVE NOT SOLD ALL THEIR WHOLE CROP.
TEASE:
THERE'S STILL A LOT OF TALK ABOUT LAST WEEK'S USDA CROP PROTECTION REPORT, INCLUDING FROM   JOHN PHIPPS.  
JOHN’S WORLD:
MORE THAN A FEW OF US WERE SURPRISED BY THE AUGUST CROP REPORT, AND EVEN MORE SURPRISED BY THE MARKET REACTION - OR LACK OF REACTION - TO THE SEEMINGLY HUGE NUMBERS. AS I TRIED TO SALVAGE MY OWN MARKETING STRATEGY FOR THIS CROP IN THE AFTERMATH, I WAS REMINDED OF A NEGOTIATION TECHNIQUE I LEARNED   YEARS AGO. THE EDITOR OF TOP PRODUCER MAGAZINE SENT ME TO A THREE-DAY SHORT COURSE ON NEGOTIATION AT NORTHWESTERN UNIVERSITY WHICH WAS CONDUCTED BY TWO LEADING EXPERTS IN THE FIELD
TEASE:
THANKS, JOHN.
DESPITE THE ROLLER COASTER RIDE OF THESE  COMMODITY RPICES THIS YEAR, EQUIPMENT DEALERS   AND GROWERS ARE CAUTIOUSLY OPTIMISITC. WE'LL  TELL YOU WHY AS WE HEAD ON THE ROAD WITH   MACHINERY PETE.  
SECOND HALF OF THE SHOW OPENING HEADLINES:
FROM THE STUDIOS OF FARM JOURNAL BROADCAST, THIS IS U.S. FARM REPORT. WELCOME BACK  TO U-S FARM REPORT, WE HAVE MUCH MORE AHEAD OVER THE NEXT 30 MINUTES.THE BREXIT VOTE COULD HAVE A MAJOR IMPACT ON  TRADE, AND IT ALL HAS TO DO WITH GEOGRAPHICAL  INDICATORS. WE'LL EXPLAIN IN OUR FARM JOURNAL REPORT. FARMERS AND EQUIPMENT DEALERS ARE CAUTIOUSLY OPTIMISTIC IN IOWA. WE'RE OFF TO WINTERSET AS WE HEAD ON THE ROAD WITH MACHINERY PETE. AND IN CUSTOMER SUPPORT, WHY SO MUCH TALK ABOUT CASH RENTS WHEN WE DISCUSS CUTTING EXPENSES? JOHN EXPLAINS.
RURAL MAIN STREET INDEX:
NOW FOR THE HEADLINES, AMERICA'S RURAL BANKERS ARE RAISING THE CAUTION  FLAG ON FARM INCOMES FOR THE END OF 2016 AND 2017, AS CREIGHTON UNIVERSITY'S RURAL MAINSTREET INDEX FELL AGAIN IN JULY THE RMI IS A MONTHLY SURVEY OF BANK CEOS IN RURAL AREAS OF A 10-STATE REGION IS OUT FOR JULY. THE INDEX FELL AGAIN LAST MONTH--DROPPING BELOW 40. YOU MAY REMEMBER 50 IS CONSIDERED GROWTH NEUTRAL.  THIS IS THE 11TH STRAIGHT MONTH THE INDEX HAS   REMAINED BELOW THAT GROWTH NEUTRAL STAGE. AS A RESULT OF WEAKER FARM ECONOMIC   CONDITIONS, BANKERS EXPECT ALMOST ONE IN FIVE CROP FARMERS, OR NEARLY 20 (19.5) PERCENT, TO SUFFER NEGATIVE CASH FLOWS IN 2016...WHERE CASH EXPENSES EXCEED REVENUES.  

FARM LOAN DEFAULTS EXPECTED TO RISE:
ON AVERAGE, FARM LOAN DEFAULTS ARE EXPECTED TO RISE BY MORE THAN 5 PERCENT OVER THE NEXT YEAR. PRESIDENT AND CEO OF AMERICAN FARM MORTGAGE AND FINANCIAL SERVICES, ALAN HOSKINS, SAYS WE NEED TO SEE CASH RENTS FALL 20 TO 25 PERCENT. "2017 - IF WE DON'T SEE AN ADJUSTMENT IN INPUTS, WE DON'T SEE AN ADJUSTMENT IN CASH RENTS AS A WHOLE. AND WE SEE COMMODITY   PRICES STAY FLAT WITH WHERE IT APPEARS THEY'RE GOING TO BE, NO QUESTION THERE'S GOING TO BE RED INK. TO WHAT LEVEL WILL THAT RED  INK GOING TO BE? ON A PER ACRE BASIS, OBVIOUSLY IT'S GOING TO VARY  FROM PRODUCER TO PRODUCER, BUT I DON'T THINK 50-100 DOLLARS AN  ACRE WOULD BE OUT OF THE QUESTION."> 

EPA:
THE EPA IS PUTTING FARMERS AND AG PROFESSIONAL  ON NOTICE, IT'S INVESTIGATING THE ALLEGED MISUSE OF DICAMBA IN FARM FIELDS. IT SAYS EXTENSION EXPERTS CONTINUE TO REPORT DAMAGE FROM WHAT APPEARS TO BE THE ILLEGAL USE OF DICAMBA IN FIELDS NEAR OR ADJACENT TO DICAMBA  
RESISTANT COTTON AND SOYBEANS. THE EPA STRESSES IT HAS NOT REGISTED ANY DICAMBA  HERBICIDES FOR APPLICATION OVER THE TOP DURING THE SEASON FOR COTTON OR SOYBEANS.  IN MISSOURI ALONE, THE STATE IS REPORTING 117 INSTANCES OF MISUSE AND A NEGATIVE IMPACT ON   SOME 42-THOUSAND ACRES. IF YOU'RE PLANNING ON ATTENDING THE FARM PROGRESS SHOW IN BOONE IOWA THIS YEAR, YOU MAY WANT TO PENCIL US IN. WE'LL BE AT THE SHOW THE FIRST TWO DAYS, DOING LIVE TAPINGS. 

PITCH TO TUESDAY:
ON TUESDAY, WE'LL BE AT THE CHANNEL BOOTH FROM  11:30 TO ONE. I HAVE AN IMPRESSIVE LINE-UP OF ANALYSTS, INCLUDING JOE VACLAVIK, MATT BENNETT AND ANGIE SETZER. WE'LL BREAK DOWN THESE CRAZY MARKET PRICES. WE WILL BE SERVING LUNCH, BUT IT'S  FIRST COME FIRST SERVE.  THEN ON WEDNESDAY, JOIN US AT THE ASGROW  DEKALB BOOTH. CHIP FLORY AND MACHINERY PETE   WILL JOIN ME TO DISCUSS YIELDS AND EQUIPMENT.  PLUS, WE'RE GIVING AWAY A YETI COOLER TO ONE   LUCKY VISITOR. WE HOPE TO SEE YOU THERE! 
WEATHER:
 THAT'S IT FOR NEWS.. LET'S CHECK BACK IN WITH CINDI CLAWSON. CINDI, WHAT'S ON TAP THE NEXT 30 DAYS?   WELL WE'RE GOING TO BE SEEING SOME INTERESTING CHANGES IN OUR  FORECAST WAS FIRST LOOK AT THE WEEK AHEAD AND START OFF WITH THE  JET STREAM WE'VE HAD A LITTLE SYSTEM THAT PUSHED THROUGH BOUTS OF WET WEATHER TO THE CORN BELT OVER THE WEEKEND WE'RE GOING TO SE A BIT OF A WARM UP AS WE GET INTO THE MIDDLE PART OF THE WEAK BUT NOTICE ANOTHER TROUGH WITH ANOTHER STORM SYSTEM THAT WILL MOVE THROUGH LATER ON IN THE WEEK TOO MUCH OF THE NATION'S MID SECTION AND THAT WILL KEEP IT THOUGH THE TEMPERATURE STILL NOT REALLY REALLY COLD OUT PRETTY AVERAGE ESPECIALLY IN THE NORTHERN  UNITED STATES ALRIGHT AS WE TAKE A LOOK AT THOSE THIRTY DAY TEMPERATURES IN MUCH RED NORMAL AREA BUT WERE LOOKING TO SEE ABOVE NORMAL ALONG THE EAST COAST IN MUCH OF THE GULF COAST AS LONG AS AS WELL AS THE WEST AND THEN A LITTLE BIT ON THE COOL SIDE   IN PARTS OF THE UPPER MIDWEST AND INTO THE NORTHERN PLAINS TAKING A LOOK AT THE PRECIPITATION FOR THE NEXT THIRTY DAYS ON THE WHAT  
GLOBAL TRADE:
THANKS, CINDI.   GLOBAL TRADE HAS BEEN A HOT TALKING POINT THIS  PRESIDENTIAL CAMPAIGN SEASON. BUT FOR AMERICAN AGRICULTURE, TRADE IS NOT JUST A POLITICAL  TALKING POINT, IT'S AN ECONOMIC ISSUE...DIRECTLY RELATED TO EXPORTS OF U-S GROWN FARM  PRODUCTS. ONE ISSUE - IN PARTICULAR - IS A MAJOR STUMBLING BLOCK IN NEGOTIATING A TRADE DEAL WITH THE EUROPEAN UNION - AND THAT'S GEOGRAPHICAL INDICATORS. G-I'S REFER TO WELL KNOWN PRODUCTS  THAT COME FROM A CERTAIN COUNTRY OR REGION, LIKE CHAMPAGNE FROM FRANCE OR GORGONZOLA  CHEESE FROM ITALY. 
PRODUCTS REMAIN PART OF NATIONAL IDENTITY:
IN THIS FARM JOURNAL REPORT, CLINTON GRIFFITHS TELLS US WHY PROTECTING THOSE PRODUCTS IS   MATTER OF NATIONAL IDENTITY...             "EUROPE IS GETTING OTHER COUNTRIES TO SAY IF THE NAME OF THE CHEESE HAS A EUROPEAN NAME ON IT YOU CAN ONLY BUY IT FROM EUROPE, YOU CAN'T BUY IT FROM AMERICA.">  PRODUCTS ACT AS TRADE BARRIER:
HOUSE SPEAKER PAUL RYAN REPRESENTS A PORTION  OF WISCONSIN'S FAMED DAIRY INDUSTRY AND IT'S 43-BILLION DOLLAR ECONOMIC IMPACT TO THE STATE. YAN SAYS EUROPE'S PROTECTION OF REGIONAL,  ICONIC, FOOD PRODUCTS IS NOTHING LESS THAN A TRADE BARRIER.  THAT'S WHY YOU NEED TRADE AGREEMENTS TO SAY DON'T AGREE TO THEIR RULES, AGREE TO THESE RULES OUR RULES SO WE CAN HAVE THESE MARKETS FOR OUR PRODUCTS. THAT'S WHY ITS IMPORTANT THAT WE ACTUALLY HAVE TRADE. THE QUESTION IS IS IT A GOOD AGREEMENT OR NOT,"> 

WHAT’S GOING TO HAPPEN TO THE PORK PIE?:
INSIDE THIS BUTCHER SHOPPE IN THE TOWN OF  MELTON MOW-BRAY, STEPHEN HALLAM CAREFULLY   CRAFTS THE TOWN'S SIGNATURE DISH - THE MELTON MOWBRAY PORK PIE. IT'S A TRADITIONAL BRITISH COLD MEAT PIE, FILLED WITH CHOPPED PORK AND PORK JELLY. IT'S SEALED IN BAKED CRUST PASTRY. TO THE PEOPLE OF THIS TOWN, THIS NAMED DISH IS A  SOURCE OF REGIONAL PRIDE....AND ECONOMICS. RIGHT NOW THE PRODUCT IS PROTECTED BY A CERTIFICATE OF REGIONAL AUTHENTICITY FROM THE E-U. BUT AFTER THE VOTERS OF THE U-K DECIDED TO BREAK-OFF FROM THE EUROPEAN UNION, THEY NOW RISK LOSING THE PROTECTION OF THEIR "GEOGRAPHICAL  INDICTOR"  FOR U-S FARM REPORT, I'M CLINTON GRIFFITHS.   TEASE:
THANKS, CLINTON. AMERICAN FARM BUREAU TOLD ME THIS WEEK FOR EVERY BILLION DOLLARS OF TRADE CREATED FOR THE U-S, IT'S MEANS 75 HUNDRED JOBS HERE AT HOME.  WHEN WE COME BACK, JOHN PHIPPS.  
CUSTOMER SUPPORT:

EARLIER IN THE SHOW, YOU HEARD FROM AN AG BANKER WHO SAID WE NEED TO SEE MAJOR COST   ADJUSTMENTS IN ORDER FOR FARMERS TO MAKE MONEY NEXT YEAR. ONE FARMER WANTS TO KNOW WHY SO MUCH BUZZ IS ABOUT RENTAL RATES.  AND TO ANSWER, HERE'S JOHN PHIPPS.   DOUG NORTHRUP FROM LETCHER, SOUTH DAKOTA CHIMES IN ON A BIG TOPIC IN FARMER CIRCLES: CASH RENTS.  "CAN YOU TELL ME WHY RENT IS THE ONLY OPTION TO GO DOWN? I KNOW RENT IS HIGH, BUT WE HAVE BEEN TOLD THAT WE MUST PAY MORE FOR 1. THANKS, JOHN. IF YOU HAVE QUESTIONS OR COMMENTS JUST SEND THOSE TO JOHN BY EMAIL OR ON FACEBOOK OR TWITTER. 
TEASE:
WHEN WE COME BACK, IF 3.50 IS THE NEW NORMAL FOR CORN PRICES, HOW ARE EQUIPMENT DEALERS ADJUSTING? WE'RE ON THE ROAD WITH MACHINERY PETE TO WINTERSET IOWA AFTER THE BREAK.  

MACHINERY PETE:
ON THE ROAD WITH MACHINERY PETE IS BROUGH TTO YOU BY JOHN DEERE.  NOTHING RUNS LIKE A DEERE  WELCOME BACK. THERE'S NO DOUBT LOWER  COMMODITY PRICES HAVE BEEN AN ADJUSTMENT. BUT   IN IOWA, IT'S A PROMSING CROP IN THE FIELD PAINTING A BETTER OUTLOOK THIS YEAR. THIS WEEK, AS WE HEAD ON THE ROAD WITH MACHINERY PETE, WE MAKE A STOP IN WINTERSET IOWA WHERE BOTH FARMERS AND DEALERS ARE CONFIDENT THEY CAN WEATHER THE HEADWINDS IN 2016.    TEASE:  WHEN WE COME BACK, MACHINERY PETE REJOINS US FOR THIS WEEK'S TRACTOR TALES.  
TRACTOR TALES:
TRACTOR TALES WITH MACHINERY PETE. THE MOST TRUSTED NAME IN FARM EQUIPMENT.  WELCOME BACK TO TRACTOR TALES FOLKS!  WE'RE OFF TO NORTHEASTERN  ILLINOIS TO MEET THE OWNER OF AN INTERNATIONAL 350. THIS COLLECTOR IS NOT ONLY A VETERAN IN SERVICE, BUT ALSO A VETERAN IN RESTORING CLASSIC TRACTORS.  ALLEN KLINE-ERT REMODELED MOST OF THIS 1957 FARMALL, AND IS VERY PROUD OF HOW IT TURNED OUT! 
COUNTRY CHURCH SALUTE:
THANKS SO MUCH. TODAY'S COUNTRY CHURCH SALUTE GOES TO ST JOHN LUTHERAN CHURCH OF CHARTER OAK IOWA, CELEBRATING THEIR 135TH ANNIVERSARY THIS YEAR. THE CHURCH THAT STANDS TODAY IS 90 YEARS OLD. AND AN INTERESTING FACT, THE CHURCH IS ACTUALLY 10 YEARS OLDER THAN THE TOWN, AS CHARTER OAK CELBERATESED IT'S 125TH ANNIVERSARY IN JUNE. OUR THANKS TO DEL WARREN FOR SHARING THEIR  STORY.  

TEASE:
DON'T GO ANYWHERE. I HAVE VIEWER PHOTOS TO SHARE NEXT.   CROP COMMENTS:
WELCOME BACK. ERIC IS IN CENDAR SPRINGS MICHIGAN. LAST WEEK, HE RECEIVED 2 INCHES OF RAIN IN THE WEST CENTRAL PORTION OF THE STATE. HE SAYS OTHER AREAS HAD ANYWHERE FROM 3 TO 5 INHCES. AND AS A RESULT, THE CROPS ARE HAPPY. WELL, THIS IS WHAT THE ILLINOIS STATE FAIR LOOKED LIKE LAST FRIDAY NIGHT.  
CLOSING:
FOR ALL OF US AT U-S FARM REPORT,  I'M TYNE MORGAN. THANK YOU FOR WATCHING U-S FARM REPORT.  BE SURE TO JOIN US RIGHT HERE AGAIN NEXT WEEK, AS WE WORK TO BUILD ON OUR TRADITION. HAVE A GREAT WEEKEND, EVERYONE.  
 

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