USFR Weekly Recap - Dec. 19, 20, 2015

August 30, 2014 03:30 AM
 

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U.S. FARM REPORT
DEC. 19-20, 2015


OPENING HEADLINES:
WELCOME TO U.S. FARM REPORT. I'M CLINTON GRIFFITHS. IN FOR TYNE MORGAN,  AND HERE'S WHAT'S AHEAD ON THE PROGRAM.  RATE READY...THE FEDERAL RESERVE TAKES INTEREST RATES HIGHER.  FEEDER FEAR....FEEDYARD PROFITS CONTINUE TO FALL.  IN JOHN'S WORLD...
"TERRORISM IN THE COUNTRY, WHERE SHOULD IT BE ON MY WORRY LIST?"  CHRISTMAS TRAVEL..  CATFISH CONTROVERSY...A LOOK AT THE CHANGING WORLD FOR THESE FISH FARMERS  AND PRE NUP OR NOT...SHOULD THE FARM BE PROTECTED BEFORE SAYING I DO?
FEDS RAISE INTEREST RATES:
NOW FOR THE NEWS THAT MOVED THE MARKETS THIS WEEK...THE FEDERAL RESERVE MAKING THE MUCH ANTICIPATED DECISION TO RAISE INTEREST RATES.  FED CHAIRWOMAN JANET YELLEN ANNOUNCING THE FEDERAL RESERVE IS  RAISING INTEREST RATES BY A QUARTER OF A PERCENTAGE POINT... INDICATING  THE BANK EXPECTS FOUR MORE QUARTER POINT INCREASES IN 2016. 
THIS IS THE FIRST INCREASE IN NEARLY A DECADE. 
WHAT BANKS ARE SAYING ABOUT THE FARM ECONOMY:
SPEAKING OF BANKERS...THE RURAL MAINSTREET INDEX--A SURVEY OF RURAL BANKERS IN KEY AG STATES--TELLING A DIFFERENT STORY ABOUT THE FARM ECONOMY.
ERNIE GOSS SAYS IN NOVEMBER THE OVERALL INDEX FELL BELOW GROWTH NEUTRAL FOR A FORTH STRAIGHT MONTH.
FARM EQUIPMENT SALES DECLINED TO RECORD LOW LEVELS.
AND BANKS THINK FARMLAND PRICES WILL FALL ROUGHLY 6 PERCENT IN 2016.
THAT DROP IS ALREADY UNDERWAY IN IOWA ACCORDING TO A NEW SURVEY. 
VALUES DROPPING IN 2015 FOR THE SECOND STRAIGHT YEAR..DOWN NEARLY 4 PERCENT--AND OFF ALMOST 13 PERCENT 2013 HIGHS. 
GRAIN MARKET ROLLER COASTER:
IT WAS AN UP AND DOWN WEEK FOR GRAIN MARKETS.
IN SOUTH AMERICA, AS PROMISED, THE NEW ARGENTINE PRESIDENT-- ELIMINATING EXPORT TAXES ON AGRICULTURAL GOODS INCLUDING BEEF, WHEAT  AND CORN WHILE CUTTING A TARIFF ON SOYBEANS TO 30 PERCENT  HE ALSO LIFTED FOUR YEARS OF CURRENCY CONTROLS.
THE PESO NOW ALLOWED TO FLOAT--EXPECTED TO PULL MILLIONS OF TONS OF SOYBEANS INTO THE MARKET. 
OIL TRENDS LOWER:
OIL PRICES CONTINUING TO TREND LOWER...BRENT CRUDE NOW TRADING BELOW 35 DOLLARS A BARREL....OR NEAR 11 YEAR LOWS...ALL THE WAY TO BACK  TO 2004 PRICES.
NEW DATA THIS WEEK STILL SHOWING GROWING SUPPLIES.
FEEDER CATTLE STRUGGLE IN MARKET:
IT WAS ANOTHER DISMAL WEEK FOR FEEDERS ACCORDING TO THE LATEST STERLING BEEF PROFIT TRACKER.  FEEDYARDS LOSING AN AVERAGE OF 681 DOLLARS PER HEAD--A FULL 70 DOLLARS PER HEAD WORSE THAN THE WEEK BEFORE.  THE 5 AREA CASH PRICES AVERAGING 118- AND A HALF.
COW-CALF PROFITS IN THE NEW YEAR ESTIMATED AT ABOUT HALF WHAT THEY WERE A YEAR AGO. 
DAIRY PRODUCTS SEEING BUMPY PRICES THE LAST WEEK OR TWO.  BUTTER:
SPOT BUTTER PRICES AT ONE POINT FALLING MORE THAN 80 CENTS IN THE  MATTER OF A WEEK. 
COLD STORAGE SUPPLIES....AND A DESIRE TO MOVE THAT BUTTER BEFORE THE END OF THE HOLIDAY SEASON...WEIGHING PRICES DOWN.
SPOT CHEESE PRICES ALSO DOWN IN THE LAST COUPLE WEEKS...TRADING THIS WEEK AT ITS LOWEST LEVEL SINCE 2011. 
DENVER GETS DUMPED WITH SNOW AND OTHER WEATHER:
YOU'RE LOOKING AT THE BIGGEST WINTER STORM TO HIT DENVER SO FAR THIS  SEASON.  
THE CITY RECEIVING ALMOST 8 INCHES OF SNOW THIS WEEK....BREAKING A  RECORD FOR THAT DAY SET MORE THAN 100 YEARS AGO.
TO THE NORTH OTHER PARTS OF THE STATE GOT UP TO 10 INCHES FROM THE  SYSTEM.
METEOROLOGIST MIKE HOFFMAN JOINING US...MIKE LAST WEEK STARTED VERY ACTIVE HOW DOES THE HOLIDAY WEEK LOOK FOR FOLKS PLANNING TO TRAVEL.
THANKS, CLINTON. WELL, TRAVELERS DEFINITELY NEED TO STAY TUNED TO THE FORECAST. THERE ARE MULTIPLE SYSTEMS MOVING ACROSS THE COUNTRY THIS WEEK, WITH SOME SNOW. WE WILL SHOW YOU THE MAPS COMING UP.
DROUGHT MONITOR:
IN THE MEANTIME, YOU CAN SEE THE DROUGHT MONITOR CONTINUES TO SHOW ALMOST NOTHING EAST OF THE CONTINENTAL DIVIDE, THERE ARE JUST A COUPLE OF POCKETS HERE AND THERE, WITH MODERATE DROUGHT, BUT OUT WEST THAT'S THE WORST AREA, ALL THOUGH IT HAS IMPROVED DRAMATICALLY IN WESTERN WASHINGTON, NORTHWESTERN OREGON, EVEN NORTHWESTERN CALIFORNIA OVER THE PAST COUPLE OF MONTHS, SO AT LEAST THERE ARE SOME END ROADS IN THAT. ALL RIGHT, LET'S GO DAY BY DAY. FIRST STORM SYSTEM ON MONDAY IN THE UPPER GREAT LAKES WITH A LITTLE BIT OF SNOW THERE MOST OF THE SYSTEM WILL BE RAIN SHOWERS AS YOU HEAD THROUGH THE MISSISSIPPI, TENNESSEE, OHIO VALLEYS INTO THE SOUTHEAST. LOTS OF SNOW OUT WEST MAINLY IN THE MOUNTAINS, EVEN FROM A NORTHEASTERN CALIFORNIA YOU CAN SEE SOME SNOW THERE THAT SYSTEM WILL THEN MOVE INTO THE UPPER GREAT LAKES AS WE HEAD TOWARDS WEDNESDAY, SO ANOTHER SYSTEM. I KNOW THE MAP LOOKS SIMILAR THERE WITH SOME SNOW IN THE UPPER GREAT LAKES. LOTS OF RAIN THROUGH THE MISSISSIPPI, PARTS OF THE OHIO AND TENNESSEE VALLEYS, SHOWERS IN AND EVEN SOME THUNDER SHOWERS IN THE SOUTHEAST, MORE SNOW SHOWERS ALL THOUGH THIS IS NOT A BIG SYSTEM RIGHT THERE, BY FRIDAY THEN ON CHRISTMAS DAY THAT NEXT STORM THAT'S COMING OUT OF THE SOUTHERN PLAINS PRODUCING SOME SNOW SHOWERS, PARTS OF THE GREAT LAKES. LONGER RANGE FORECAST IN OUR NEXT HALF HOUR. TEASE:
OKAY WHEN WE COME BACK, MARK GOLD AND MIKE NORTH JOIN ME TO DISCUSS  MARKETS AND SHARE THEIR ADVICE FOR WRAPPING UP 2015.
<YOU'RE WATCHING U.S. FARM REPORT WITH HOST TYNE MORGAN, COMMENTATOR JOHN PHIPPS, AGRIBUSINESS DIRECTOR AL PELL AND METEOROLOGIST MIKE HOFFMAN. U.S. FARM REPORT. TRUSTED. TIMELY.  TRADITION.>
ROUNDTABLE 1:
WELCOME BACK TO U.S.  FARM REPORT.  JOINING ME HERE TODAY MARK GOLD, TOP THIRD, AND MIKE NORTH WITH COMMODITY RISK MANAGEMENT GROUP.
NOW, YOU WANTED TO GO BY FORCE TRADING, RIGHT?
STAR WARS TRADING.
STAR WARS TRADING, YEAH, IT'S THAT KIND OF WEEK, ISN’T IT?
[ LAUGHTER ]
>> FIRST WE GOT TO WISH EVERYBODY A MERRY CHRISTMAS OUT THERE.
>> ABSOLUTELY, MERRY CHRISTMAS.
>> AND A HAPPY NEW YEAR, AND IT'S NICE TO SEE EVERYBODY, AND HOPE EVERYBODY HAS A GREAT HOLIDAY SEASON.
>> YEAH, YOU KNOW, WE'VE BEEN TALKING ABOUT THESE MARKETS OVER THE LAST FEW WEEKS, AND IT HAS JUST BEEN A STRUGGLE.
IT'S BEEN A STRUGGLE, I THINK, MENTALLY AND YOU ALMOST FEEL LIKE PHYSICALLY TO GET THROUGH WHAT WE SEE AS KIND OF A TOUGH STRETCH HERE FOR AMERICAN AGRICULTURE.
IS THAT THE READ YOU'RE GETTING?
>> YEAH, ABSOLUTELY.
OBVIOUSLY AS GUYS CLOSE OUT THE YEAR AND START DOING TAX PLANNING AND LOOKING FORWARD TO THE NEXT YEAR AND PREPARING BUDGETS IT’S CERTAINLY GOT PEOPLE DOWN BECAUSE THE OPPORTUNITIES OUT THERE ARE SLIM TO NONE, AND IT'S HARD TO LOOK FORWARD INTO A YEAR THINKING YOU'RE NOT REALLY GOING TO MAKE MUCH OR YOU'RE GOING TO LOSE MONEY.
 ROUNDTABLE 2:                                     ​                         ​          
 WELCOME BACK TO U.S. FARM REPORT. MARK GOLD, MIKE NORTH, OUR GUESTS HERE TODAY.
LET’S START BY TALKING ABOUT THE CATTLE MARKET. IT HAS JUST BEEN HAMMERED.
IN FACT, I SAW SOME NUMBERS THIS WEEK. WE’VE LOST $2 BILLION IN EQUITY IN THE FEEDING PART OF THAT INDUSTRY IN THE LAST TWO MONTHS.
>> YOU KNOW, HOW LOW IS LOW? WITH ANY LUCK WE SAW THE HARD SELLOFF ON THURSDAY.
WE HAD THE LIMIT UP ON FRIDAY.
WE'LL SEE HOW WE GET THROUGH THE CATTLE ON FEED NUMBERS ON MONDAY, BUT I DON'T WANT TO BE TOO BEARISH DOWN HERE.
I THINK THERE'S STILL SOME MORE RISK OUT HERE, BUT I THINK ENOUGH'S ENOUGH, AND AS WE HEAD INTO THE NEW YEAR I THINK WE CAN RECOVER.
  MARKETS NOW:
  MIKE NORTH AND MARK GOLD OUR GUESTS HERE DURING MARKETS NOW.
WELL, I THINK AS WE LOOK AT 2016 CERTAINLY IN THE MOMENT EVERYTHING SEEMS VERY DARK, VERY BEARISH, BUT I’M VERY OPTIMISTIC THAT THERE'S GOING TO BE A FEW OPPORTUNITIES ALONG THE WAY BETWEEN MARKET STRUCTURE AND WEATHER AND A NUMBER OF OTHERS.
THERE'S A FEW THINGS THAT ARE KIND OF HIDING IN THE BUSHES SO TO SPEAK THAT COULD STICK THEIR HEAD UP AND PROVIDE SOME OPPORTUNITY, BUT I THINK WE NEED TO BE SMART ABOUT OPPORTUNITY AS WE HEAD INTO 2016.
WE'RE NOT LIKELY LOOKING AT $5 CORN AND $12 SOYBEAN SCENARIOS.
MAYBE MORE LIKE $4.20 TO $4.50 CORN OR $9 TO $9.50 BEANS.
WE HAVE TO MAKE SURE WE'RE FRAMING UP A PLAN RIGHT NOW TO TAKE ADVANTAGE OF THOSE TYPE OF PRICES AND THEN USING OPTIONS TO GIVE US SOME FLEXIBILITY IN THE MARKET.

JOHN’S WORLD:
JOHN PHIPPS HAS SOME THOUGHTS ON THE PROSPECT OF TERROISTS IN FARM COUNTRY.
JOHN.  EVEN AS WE SLOWLY CLIMB DOWN FROM THE NEAR HYSTERIA OVER THE TRAGIC PARIS AND CALIFORNIA TERROR ATTACKS, I THINK MANY OF US IN THE COUNTRY QUIETLY REMIND OURSELVES THAT THE SAME DISTANCE ISSUE THAT MAKES GETTING REPAIR PARTS A PAIN ALSO IS A POWERFUL PROTECTION AGAINST THE  TINY CHANCE OF BEING A TERRORIST TARGET. WE'RE JUST TOO HARD TO GET TO AND TOO SPREAD OUT IN RURAL AMERICA TO BE WORTH THE TROUBLE. IN FACT, IT'S ONE REASON MANY RURAL RESIDENTS FEEL VAGUELY UNCOMFORTABLE  VISITING THE CITY.
NOR IS THIS THE ONLY OVERLOOKED UPSIDE TO LIVING IN RURAL AMERICA.  WE'RE NOT GETTING SHORT-CHANGED ECONOMICALLY AS MUCH AS WE THINK.   WE'RE SIMPLY DOING A POOR JOB OF COUNTING UP OUR ASSETS. THAT SAID, I THINK MANY OF US SHARE THE HORROR AND FEAR OF URBAN  AMERICA AT THE PROSPECT OF TERRORIST ACTS. BUT RUSHING TO EMBRACE  WILDLY DISPROPORTIONATE DRACONIAN MEASURES TO PREVENT FUTURE  EVENTS SEEMS A LITTLE FORCED TO ME HERE IN FARM COUNTRY. NOBODY IS GOING TO AIM A PLANE AT MY GRAIN BINS, I DOUBT. HOWEVER, THE INFINITESIMALLY SMALL ODDS OF BEING A VICTIM OF A TERRORIST ATTACK ARE VIRTUALLY THE SAME FOR URBAN AND RURAL  RESIDENTS ALIKE – APPROXIMATELY ZERO. DESPITE WALL-TO-WALL COVERAGE, THE FACTS CLEARLY SHOW YOU ARE MUCH MORE LIKELY TO DIE AT FROM THE ACTION OF A HORSE OR EVEN A COW THAN A TERRORIST.  ALL THESE NUMBERS DO NOT CHANGE OUR VISCERAL REACTION TO THE TYPES  OF FEARS WE TAKE SERIOUSLY AND THOSE WE IGNORE. BUT MY POINT IS IF YOU ARE DEMANDING STRONGER GOVERNMENT PROTECTION FROM TERRORISM AND EVEN WILLING TO COMPROMISE SOME FUNDAMENTAL AMERICAN RIGHTS DESPITE CLEAR EVIDENCE THE RISKS ARE VIRTUALLY ZERO, DON'T BE SURPRISED OTHER CITIZENS WANT THE SAME IRRATIONAL PROTECTION FROM IMAGINED RISKS LIKE GMO'S.
WE'LL EVENTUALLY TIRE OF BEING AFRAID, BUT INAPPROPRIATE AND INEFFECTIVE RESPONSES COULD ENCUMBER OUR LIVES FOR A LONG TIME.
JOHN'S WORLD...THANKS JOHN.
TEASE:
STILL TO COME...A RECAP OF ACTION IN WASHINGTON, STRONG ADVICE FOR FARM KIDS PLANNING TO GET MARRIED, AND CLASSIC IRON FROM NORTH OF THE BORDER. 
WE'LL BE RIGHT BACK.  OPENING HEADLINES FOR SECOND HALF:
FROM THE STUDIOS OF FARM JOURNAL BROADCAST, THIS IS U.S. FARM REPORT.  
HERE'S WHAT'S AHEAD ON U.S. FARM REPORT... WASHINGTON WORK...TAXES AND SPENDING GET LAST MINUTE ATTENTION DRONE DROP--FAA DROPS REGISTRATION RULES FOR UAV'S COMPETING IN CATFISH...CAN NEW OVERSIGHT HELP U.S. CATFISH FARMERS  KEEP UP WITH FOREIGN COMPETITION. 
AND LEAVE A LEGACY...SHOULD THE FAMILY FARM BE PROTECTED BEFORE THE I- DO'S. 

SPENDING BILL:
NOW FOR THE HEADLINES...WASHINGTON WORKING HARD TO FINISH UP SOME LAST MINUTE LEGISLATION...BEFORE THE CHRISTMAS BREAK. 
CONGRESS WORKING ON A ONE POINT ONE TRILLION DOLLAR SPENDING BILL  AND A 680 BILLION DOLLAR TAX PACKAGE. 
THE SPENDING BILL INCLUDES LANGUAGE TO REPEAL COUNTRY OF ORIGIN LABELING-POTENTIALLY HALTING RETALITORY TARIFFS FROM CANADA AND MEXICO.
THE BILL WOULD ALSO LIFT A 40 YEAR BAN ON CRUDE OIL EXPORTS.
IT TARGETS THE DIETARY GUIDELINE PANEL AND BLOCKS CHANGES TO CURRENT  GUIDELINES. 
A PROVISION HALTING THE SALE OF G-E SALMON UNTIL IT CAN BE LABLED IS  ALSO  INCLUDED.
CONGRESS ALSO WORKING ON A 680-BILLION PACKAGE OF TAX CUTS. 
THE BILL INCLUDES SOME CRITICAL TOOLS FOR AGRICULTURE INCLUDING  SECTION 179 AND BONUS DEPRECIATION.  
SECTION 179 WOULD BE PERMANENT AT THE 500-THOUSAND DOLLAR LEVEL.  
BONUS DEPRECIATION WOULD BE EXTENDED FOR 5-YEARS. 
WOTUS:
ALSO IN WASHINGTON THIS WEEK, THE GOVERNMENT ACCOUNTABILITY OFFICE ROLLING OUT A NEW REPORT ON THE EPA'S WATERS OF THE U.S. RULE. 
IT SAYS THE EPA BROKE FEDERAL LAW-- BY OVERSTEPPING HOW IT PROMOTED THE RULE ON SOCIAL MEDIA.
IT SAYS THE EPA WAS URGING THE PUBLIC TO BACK THE WOTUS RULE WITH-- QUOTE-- 'COVERT PROPAGANDA AND GRASSROOTS LOBBYING.' 
CO-VERT PROPAGANDA. THAT MEANS THEY WERE DOING THINGS WE DON'T EXPECT GOVERNMENT TO DO FOR A REGULATION WHERE THEY ARE SUPPOSED TO BALANCE ECONOMIC, SOCIAL AND ENVIRONMENTAL OUTCOMES. THEY DIDN'T DO THAT HERE. 14 THEY WERE CAMPAIGNING AND ADVOCATING IN WAYS THAT WE DON'T EXPECT OUR GOVERNMENT TO DO.
EPA DISAGREES WITH THE ASSESSMENT AND SAYS IT USES SOCIAL MEDIA TOOLS  JUST LIKE ALL ORGANIZATIONS TO STAY CONECTED AND INFORM.  IF YOU'RE GIVING OR GETTING A DRONE THIS HOLIDAY SEASON, DON'T FORGET  TO GET IT REGISTERED.  THE F-A-A ANNOUNCING THAT RECREATIONAL USERS OF DRONES OR UNMANNED AERIAL SYSTEMS MUST REGISTER THEIR MACHINE AND THEMSELVES ON A NEW WEBSITE STARTING DECEMBER 21ST. 
IF YOU OPEN IT OR BUY AFTER THE 21ST--IT HAS TO BE REGISTERED BEFORE YOU TAKE IT AND FLY IT OUTDOORS. 
USDA IS REMOVING FARM PROGRAM PAYMENTS FROM MANAGERS WHO ARE NOT ACTIVELY ENGAGED IN FARMING. 
THE DEPARTMENT FINALIZING A RULE THAT SAYS FARM SAFETY-NET PAYMENTS ARE ONLY ISSUED TO ACTIVE MANAGERS WHO OPERATE AS JOINT VENTURES OR GENERAL PARTNERSHIPS UNDER THE FARM BILL.  
THE RULE GOES INTO EFFECT FOR THE 2016 CROP YEAR.  
DUPONT AND DOW MERGER:
THAT BIG MEGA MERGER BETWEEN DOW AND DUPONT IS GOING TO GET A SHARP EYE FROM CONGRESS.
SENATE JUDICIARY COMMITTEE CHAIRMAN CHUCK GRASSLEY - SAYS THE DEAL  "DEMANDS SERIOUS SCRUTINY". 
HIS COMMITTEE HAS JURISDICTION OVER ANTITRUST POLICY.  THE TWO COMPANIES ANNOUNCING THEIR INTENTIONS TO MERGE, CREATING A  130 BILLION DOLLAR COMPANY. 
NATIONAL WEATHER:
THAT'S IT FOR NEWS...METEOROLOGIST MIKE HOFFMAN JOINS US NOW WITH OUR LONG RANGE FORECAST.  MIKE THE DROUGHT MONITOR SAYS JUST 20 PERCENT OF THE CONTINENTAL U.S.  IS IN MODERATE DROUGHT OR WORSE.
YEAH, THAT'S RIGHT, CLINTON. AND ALMOST EVERY BIT OF THAT IS WEST OF THE CONTINENTAL DIVIDE. I MEAN MOST OF THE PLAIN STATES, EASTERN STATES, JUST NOT SEEING ANY DROUGHT AT ALL. JET STREAM AS WE HEAD THROUGH THIS WEEK-- YOU WILL NOTICE ONE THING THERE'S RIPPLE, AFTER RIPPLE COMING EASTWARD EACH ONE HAS A LITTLE SHOT OF COLD AIR WITH IT. COULD BE PRODUCING SOME RAIN IN THE EAST AND SNOW TO THE WEST OF IT. QUICK SHOT OF COLD AIR IN THE WEST THEN THAT SYSTEM MOVES INTO THE SOUTHWEST AND IT WARMS UP AGAIN, SO CHANGEABLE IS REALLY THE BIG KEY AS WE HEAD THROUGH THIS COMING WEEK, LET'S TAKE A LOOK AT THE THIRTY DAY OUTLOOK THEN. ABOVE NORMAL FOR THE NORTHERN PLAINS, GREAT LAKES, NORTHEAST AND DOWN INTO THE SOUTHEAST, IT WILL BE CHANGEABLE BUT AVERAGING YOUR NORMAL THEN FROM MONTANA DOWN INTO THE SOUTHERN MISSISSIPPI VALLEY AND FROM SOUTHERN AND WESTERN TEXAS THROUGHOUT THE WEST-- BELOW NORMALTEMPERATURES ARE EXPECTED AS FAR AS PRECIPITATION IS CONCERNED REALLY A LOT OF THE COUNTRY IS GOING TO BE ABOVE NORMAL.
THANKS MIKE. 

FARM JOURNAL REPORT:
THE BUSINESS OF FARMING IS BIG...AND DIVERSE.
TODAY IN OUR FARM JOURNAL REPORT, NATIONAL REPORTER BETSY JIBBEN LOOKS AT THE CATFISH INDUSTRY.  IT ‘S IN THE MIDST OF A SIGNIFICANT CHANGE AS TO WHICH GOVERNMENT AGENCY WILL OVERSEE CATFISH INSPECTIONS.  BETSY.  THE CATFISH INDUSTRY HAS BEEN A PART OF TOWNSEND KYSER'S DAY AS LONG  AS HE CAN REMEMBER. 
GROWING UP IN A CATFISH RAISING FAMILY, HE'S SEEN THE UPS AND DOWNS.  "RIGHT NOW, TIMES ARE GOOD FOR PEOPLE WHO HAVE WEATHERED THE STORM,"  FOR KYSER, THAT STORM FIRST HIT ABOUT A DECADE AGO, WHEN THE PRICE OF BOTH GRAIN AND OIL INCREASED. THAT'S WHEN IMPORTED CATFISH-LIKE SPECIES CALLED PANGASIUS- BEGAN POURING INTO THE U.S. FROM ASIAN COUNTRIES.   HERE'S A LOOK FROM THE NATIONAL FISHERIES INSTITUTE ON HOW CONSUMPTION HAS CHANGED. IN THE LAST DECADE, PANGASIUS NUMBERS HAVE RISEN SHARPLY.  HE SAYS THE CATFISH-LIKE SPECIES RAISED OVERSEAS, ARE GROWN IN UNSAFE OR POLLUTED ENVIRONMENTS- MAKING THE PRODUCT UNSAFE FOR CONSUMERS.  
YAMAHA WINNER:
WE'VE BEEN TALKING ABOUT GIVING AWAY THIS YAHMAMA KODIAK 700 FOR SEVERAL WEEKS NOW.
THIS MORNING....IT'S TIME TO ANNOUNCE THE WINNER.  TURN UP THE VOLUME HERE YOU GO...
THE WINNER OF OUR KODIAK GIVE AWAY IS...JESS THEW OF STAPLES MINNESOTA.
HE'S A FARMER THERE IN THE LAND OF 10-THOUSAND LAKES. MERRY CHRISTMAS JESS.  TEASE:
AND FOR EVERYONE ELSE...THANKS SO MUCH FOR ENTERING THE CONTEST. 
ALRIGHT WHEN WE COME BACK...JOHN PHIPPS TAKES JOINS US WITH A LITTLE  CUSTOMER SUPPORT.
"ARE THE LIMITS ON NITRATES IN WATER REASONABLE?" 
CUSTOMER SUPPORT:
PEOPLE IN AND OUT OF THE AG INDUSTRY HAVE SPENT PLENTY OF TIME  RECENTLY DISCUSSING NUTRIENT MANAGEMENT--- ESPECIALLY WHEN IT COMES TO NITRATES.  THAT TOPIC IS AT THE HEART OF A RECENT MAILBAG QUESTION.  JOHN PHIPPS WITH OUR CUSTOMER SUPPORT.  MANY OF US ARE FOLLOWING THE NITRATE LAWSUIT IN IOWA AND STAN ORTMAN IN KOKOMO, INDIANA HAS A GOOD QUESTION:  "I'VE FOLLOWED THE DES MOINES WATER ISSUE FROM A DISTANCE, AND WOULD APPRECIATE YOUR INSIGHT.  ARE THE STANDARDS REASONABLE, OR ARE THEY SET AT LOWEST DETECTABLE LEVELS?"  TEASE: 
UP NEXT, STRAIGHT TALK FOR FAMILIES WORKING TO LEAVE A LEGACY. 
<MISS ANY OF TODAY'S SHOW? HEAD TO USFARMREPORT.COM TO WATCH THE PROGRAM ONLINE. U.S.  FARM REPORT, THE SPIRIT OF COUNTRYSIDE. >
LEAVE A LEGACY:
THE HOLIDAYS AND THE START OF A NEW YEAR ARE GREAT TIMES TO  REEVALUATE YOU LIFE, YOUR BUSINESS AND YOUR FUTURE.
IN FACT FOLKS GOT A JUMP START ON THAT RECENTLY IN INDIANAPOLIS AT THE   2015 FARM JOURNAL LEAVE A LEGACY CONFERENCE.
OUR PANEL OF EXPERTS WERE ON HAND TO LEAD DISCUSSIONS IN LEGACY PLANNING, COMMUNICATION, LEGAL OR TAX IMPLICATIONS AND OF COURSE  MANAGEMENT.
IT'S NO SECRET... THAT AS LAND PRICES, EQUIPMENT AND ASSET VALUES CREEP HIGHER, SO DOES THE VALUE OF THE FAMILY FARM.  AND TODAY'S IT'S NOT UNCOMMON FOR VALUES TO BE IN THE SIX OR SEVEN FIGURE RANGE.  THAT'S WHY ONE EXPERT SAYS, AS KIDS GET MARRIED AND SPOUSES COME ON  BOARD, IT MAY BE TIME TO CONSIDER PROTECTING THAT ASSET. 
TRACTOR TALES:
WELCOME BACK TO US FARM REPORT. TRACTOR TALES CROSSES BORDERS THIS WEEK AS WE CHECK OUT A CLASSIC MACHINE THAT ORIGINATED IN CANADA. 
BUT IT'S HOME IS NORTH CENTRAL IOWA. 
THERE WE MET A COLLECTOR AND HIS 1957 COCKSHUTT GOLDEN EAGLE.  THIS TRACTOR HAS BEEN IN THE FAMILY SINCE IT ROLLED OUT OF THE FACTORY.  AND IF YOU ASK THE OWNERS, IT DOESN'T LOOK LIKE IT'S GOING ANYWHERE,  ANYTIME SOON.  COCKSHUTT FARM EQUIPMENT MANUFACTURED AND SOLD FARM MACHINERY ACROSS CANADA, SEVERAL  U.S. STATES, AND AROUND THE WORLD FOR MORE THAN 85 YEARS.  IT WAS STARTED BY JAMES COCKSHUTT WHEN HE OPENED THE BRANTFORD PLOW WORKS, IN 1877. 
CHURCH SALUTE:
THIS WEEK'S COUNTRY CHURCH SALUTE GOES TO OUR SAVIOR LUTHERAN  CHURCH OF WAYNE, NEBRASKA.   THIS SPECIFIC CHURCH WAS CREATED JUST 20 YEARS AGO WHEN TWO OTHERS WERE COMBINED.  IN 1994 THE ST PAUL'S EVANGELICAL CHURCH JOINED THE REDEEMER LUTHERAN  CHURCH AFTER A LIGHTNING STRIKE STARTED A FIRE THAT RAVAGED THE REDEEMER BUILDING.  THE TWO CONGREATIONS MAY BE YOUNG AT HEART BUT TOGETHER THERE IS 218 YEARS OF MINISTRY BETWEEN THEM...AND A MEMBERSHIP OF MORE THAN 750 PEOPLE.  OUR THANKS TO SUE OLSON FOR SENDING THEIR INFORMATION IN.  
CROP WATCH:
TAKE A LOOK AT THIS PICTURE FROM NATHAN MUELLER JUST SOUTH OF FREMONT NEBRASKA.  HE SAYS IT'S BEEN ONE OF THE WETTEST DECEMBERS ON  RECORD FOR MANY PARTS OF NEBRASKA. THEY'VE HAD NEARLY 3 INCHES OF  MOISTURE THIS DECEMBER--NORMAL IS LESS THAN AN INCH. HE'S SEEING A LOT  OF FIELDS LIKE THIS--UNDERWATER. 
WEATHER:
MIKE YOUR FINAL THOUGHTS ON WEATHER DURING CHRISTMAS WEEK? 
AND DON'T FORGET NEXT WEEKEND IS OUR ANNUAL CHRISTMAS IN THE COUNTRY SPECIAL..TYNE WILL BE HERE..ALONG WITH MANY OTHERS TO HELP  CELEBRATE THE SEASON. DON'T MISS IT...  FOR JOHN, AL AND MIKE, I'M CLINTON GRIFFITHS. THANK YOU FOR WATCHING U- S FARM REPORT. 
CLOSING:
WE'LL BE BACK NEXT WEEKEND--INCLUDING FRESH MARKET PERSPECTIVE DURING A SHORT HOLIDAY WEEK.  MERRY CHRISTMAS AND HAVE A GREAT DAY IN FARM COUNTRY. 
 PROMO:
I’M CLINTON GRIFFITHS, THIS WEEKEND ON U.S. FARM REPORT WE'LL CATCH UP ON THE LATEST NEWS IMPACTING COMMODITY MARKETS INCLUDING THE FED'S DECISION TO RAISE INTEREST RATES. JOIN ME THIS WEEKEND FOR U.S. FARM REPORT.

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