USFR Weekly Recap - July 11, 2015, 2014, 2015, 2015

July 11, 2015 03:30 AM
 

TODAY ON USFR
JULY 11-12, 2015

HEADLINES:
WELCOME TO U.S. FARM REPORT. I'M TYNE MORGAN, AND HERE'S WHAT WE'RE WORKING ON FOR YOU THIS WEEKEND…RECORD CROP? USDA GIVES THEIR THOUGHTS ON YIELD, BUT NOT ALL ANALYSTS AGREE...WE'RE IN IOWA FOR THIS WEEK'S MARKET DISCUSSION, WHERE CROPS LOOK GOOD, WELL AT LEAST FROM THE ROAD. FINDING THE BALANCE IN IMMIGRATION REFORM WELL-KNOWN PHILANTHROPIST HOWARD BUFFET SAYS LOCKING DOWN THE BOARDS ISN'T THE ANSWER AND IN JOHN'S WORLD.... JOHN REMEMBERS THE GOLDEN DAYS OF TRADING...
CHINA:
CHINA'S BENCHMARK STOCK INDEX MADE ITS BIGGEST GAIN SINCE 2009 ON THURSDAY. THAT'S AS THE GOVERNMENT TRIES TO RESTORE INVESTOR CONFIDENCE IN THE MARKET WHICH HAS LOST 3 POINT 9 TRILLION DOLLARS IN A MONTH. THE CRISIS IN CHINA IS VIEWED TO SOME AS A BIGGER RISK THAN THE ECONOMIC DISASTER IN GREECE.
NYSE:
THE VOLATILITY WEIGHS ON THE U-S STOCK MARKET, BUT IT WAS A TECHNICAL ISSUE PROVING TOO MUCH FOR THE NEW YORK STOCK EXCHANGE TO HANDLE. TRADING WAS HALTED FOR NEARLY 4 HOURS ON WEDNESDAY, ONLY THE FOURTH TIME THIS HAS HAPPNED IN THE PAST 15 YEARS. THE NYSE SAYS THE ISSUE IS DUE TO A PROBLEM WITH THE SYSTEMS - NOT ANY SORT OF EXTERNAL ATTACK.
MEAT EXPORTS:
 U-S MEAT EXPORTS SIZZLED OUT IN MAY.THE U-S MEAT EXPORT FEDERATION SAYS AFTER APRIL'S IMPRESSIVE PERFORMANCE, BEEF EXPORTS DROPPED OFF 14 PERCENT FROM A YEAR AGO IN MAY. AND SO FAR THIS YEAR, THOS SAME EXPORTS ARE DOWN 10 PERCENT FROM 2014. PORK DEMAND PERFORMED BETTER THAN BEEF, WITH EXPORTS DOWN 2 PERCENT FROM A YEAR AGO AND DOWN 6 PERCENT THIS YEAR.
PITCH TO MIKE:
THOSE ARE THE HEADLINES...METEOROLOGIST MIKE HOFFMAN JOINS US NOW WITH WEATHER... MIKE, IT TURNED OUT TO BE A CHILLY WEEK FOR SOME OF OUR VIEWERS WITH RECORD LOW HIGHS IN PLACE.
TEASE ONE:
THANKS, MIKE. THIS WEEK WE HAD THE PRIVELEDGE OF VISITING VIEWERS IN IOWA FOR THE ANNUAL WYFFELS HYBRIDS CORN STRATEGIES. THAT'S WHERE OUR MARKETING ROUNDTABLE DISCUSSION TOOK PLACE. AND IT'S COMING UP AFTER THE BREAK.
JOHN’S WORLD PITCH:
WE'RE OFF TO JOHN'S FARM FOR THIS WEEK'S JOHN'S WORLD FOR A GLIMPSE OF THE PAST. JOHN.
JOHN’S WORLD:
THE AG MEDIA HAS EXPENDED COUNTLESS WORDS AND COLORFUL VIDEO TO MARK THE END OF OPEN OUTCRY AT THE CHACAGO MERCANTILE EXCHANGE. VETERANS OF THE PITS AND PRODUCERS WHO VISITED THE FLOOR ARE OFFERING WISTFUL REMEMBRANCES. FOR THE LAST FEW DECADES A VISIT TO THE BOARD OF TRADE WITH AN INTRICATE EXPLANATION OF HOW THEY WORKED WAS AN OBLIGATORY STOP FOR ANY FARM GROUP PASSING WITHING 100 MILES OF CHICAGO. I TOO, HAVE FOND MEMORIES OF THE TRADING PITS. BEFORE FARM JOURNAL ACQUIRED U-S FARM REPORT, AL PELL HOSTED WEEKEND MARKETPLACE, AND I REMEMBER THE EXCITEMENT OF BEING ASKED TO BE A PANELIST, WHICH ESSENTIALLY BEGAN MY WORK ON TELEVISION. EVEN THEN, HOWEVER, THE SPREADING USE OF WHAT WE CALLED MICROCOMPUTERS, MADE IT OBVIOUS TO ME AND OTHER OBSERVERS THAT OPEN OUTCRY HAD MET ITS MATCH. THE REMARKABLE ASPECT TO THIS STORY IS HOW LONG FLOOR TRADERS WERE ABLE TO LAST DESPITE THE SUPERIOR SPEED AND ECONOMICS OF COMPUTERIZED TRADING. THIS IS A BIG LOSS FOR THE MEDIA AS WELL. WHAT WE CALL B-ROLL - THE STOCK VIDEO THAT PLAYS TO ILLUSTRATE A NARRATION - WILL NEVER BE THE SAME... IT IS IMPOSSIBLE TO VISUALLY ILLUSTRATE MOMENTS OF VOLATILE MARKET ACTION WITH FLICKERING COMPUTER SCREENS AND IMMOBILE TRADERS IN A DARK ROOM. BUT SHOUTING AND WAVING IN THE PITS - NOW THAT'S A GREAT TV. SO I WOULD OFFER THIS PERHAPS ODD COMMENT AS WE SAY GOODBYE TO THE ECONOMIC THEATER OF OPEN OUTCRY: THE FUTURE WILL PROBABLY MORE BORING IN MANY WAYS BECAUSE OF AUTOMATION. WHILE THIS IS GOOD ECONOMICALLY, BECAUSE EXCITED PEOPLE OFTEN MAKE VERY BAD DECISIONS, EVERYDAY LIFE MAY BECOME SLIGHTLY LESS COLORFUL.
TAG & CLOSE:
JOHN, YOU HAVEN'T AGED A BIT. JOHN.THE SOLUTION TO SECURING OUR BORDERS ISN'T THAT SIMPLE. WELL-KNOWN PHILANTHROPIST HOWARD BUFFET GIVES US HIS VIEW STRAIGHT FROM THE BORDER. THAT'S AFTER THE BREAK.
HEADLINES:
WELCOME BACK TO U-S FARM REPORT.W E HAVE MUCH MORE AHEAD THIS WEEKEND.
BETTER RESPONSE... POULTRY PRODUCERS THINK USDA SHOULD DO IMPROVE HOW THEY HANDLE MAJOR DISEASE OUTBREAKS. AND THE MESSAGE WENT STRAIGHT TO WASHINGTON PROTECTING OUR BORDERS. OUR FARM JOURNAL REPORT EXPLORES ALTERNATIVE VIEWS ON HOW WE CAN HAVE BETTER BORDER SECRUITY, WHILE STILL ANSWERING THE CALL FOR MORE FARM LABOR. IN CUSTOMER SUPPORT, A VIEWER THINKS JOHN'S VIEW OF THE ECONOMY IS ALWAYS A GLASS HALF FULL APPROACH. JOHN EXPLAINS WHY, AND BAXTER'S CATTLE HANDLING TIPS ARE PRETTY OBVIOUS, BUT YOU'LL STILL GET A CHUCKLE.
AVIAN FLU:
NOW FOR THE HEADLINES, USDA'S RESPONSE TO AVIAN FLU WAS IN THE HOT SEAT IN WASHINGTON THIS WEEK, AS A HEARING OVER THE MATTER BROUGHT UP PRODUCERS' FRUSTRATION.
MILK DUMPING:
U-S FARMERS ARE CURRENTLY PRODUCING SO MUCH MILK THAT SOME HAVE RESORTED TO DUMPING OUT THEIR PRODUCT. ACCORDING TO BLOOMBERG, NEW ENGLAND FARMERS HAVE ALREADY DUMPED ABOUT 300 TONS OF MILK SO FAR THIS YEAR. TO PUT THAT INTO PERSPECTIVE, THAT'S 31 PERCENT MORE THAN LAST YEAR. DOMESTIC MILK PRODUCTION IS EXPECTED TO HIT A NEW RECORD THIS YEAR. WHILE GLOBAL DEMAND HAS PICKED UP, IT'S NOT ENOUGH TO CONSUME ALL THAT MILK.
JAPAN BUTTER:
ONE COUNTRY THAT COULD USE THAT MILK IS JAPAN AS RETAILERS ARE RUNNING OUT OF BUTTER.THE BUTTER SHORTAGE IS DUE TO NOT ONLY THE GOVERNMENT'S RESTRICTIONS ON IMPORTS, BUT MORE JAPANESE DAIRY FARMERS DECIDING TO RETIRE. PART OF THE ISSUE COULD BE RESOLVED THROUGH TRANS PACIFIC PARTNERSHIP, AS LOOSENING THOSE RESTRICTIONS ON BUTTER IMPORTS IS ONE OF THE PIECES CURRENTLY BEING NEGOTIATED.  HOWEVER IT'S A TOUGH FIGHT WITH JAPANESE OFFICIALS, WHO PERFER TO RAMP UP MILK PRODUCTION DOMESTICALLY INSTEAD OF OPENING THEIR DOORS TO IMPORTS.
BIOTECHS REGIS:
 SEED COMPANIES AND FARMERS AREN'T THE ONLY ONES FRUSTRATED WITH GETTING NEW BIOTECH TRAITS APPROVED. THE WHITE HOUSE RELEASED AN EXECUTIVE MEMORANDUM, REQUIRING USDA, EPA AND F-D-A TO MODERNIZE THE REGULATORY PROCESS. THE WHITE HOUSE SAYS NOT ONLY DO OFFICIALS WANT TO HELP BUILD PUBLIC CONFIDENCE, BUT TO CLEAR UP ANY UNNECCESARY BARRIERS FOR GETTING FUTURE PRODUCTS APPROVED.
HORSE SLAUGHTER:
HORSE SLAUGHTER COULD BE LEGAL AGAIN STARTING IN SEPTEMBER. HOUSE REPUBLICANS NARROWLY BLOCKED AN AMENDMENT TO THE SPENDING BILL WEDNESDAY THAT WOULD PROHIBIT FUNDING FOR HORSE SLAUGHTER FACILITY INSPECTIONS. THE MEASURE ONLY MADE IT OUT OF COMMITTEE AND STILL FACES MORE APPROVALS.
EL NINO:
EVEN THOUGH EL NINO CONTINUES TO STRENGTHEN, THE NATIONAL WEATHER SERVICE IS TELLING THOSE IN THE WEST TO NOT GET THEIR HOPES UP FOR A LOT OF RELIEF. SOME SCIENTISTS ARE CALLING IT THE STRONGEST EL NINO ON RECORD.  BUT NOAA SAYS IT'S UNLIKELY TO BRING RAIN TO DROUGHT STRICKEN WEST THIS SUMMER.  THE WEATHER EVENT ISN'T GOING ANYWHERE, WITH AN 80 PERCENT CHANCE IT STICKS AROUND THROUGH NEXT SPRING.
WEATHER PITCH:
THAT'S IT FOR NEWS...METEOROLOGIST MIKE HOFFMAN JOINS US NOW WITH OUR LONGER-RANGE OUTLOOK.
BUFFET IMMIGRATION:
 THANKS, MIKE. FROM PRESIDENTIAL CANDIDATES, TO COURT ROOMS--THE IMMIGRATION AND BORDER DEBATE REMAINS A HOTTLY DISCUSSED TOPIC. FROM THE FARMER'S PERSPECITVE, THE ISSUE TYPICALLY CENTERS AROUND FINDING AND SECURING A WORKFORCE. CLINTON GRIFFITHS TRAVELED TO ARIZONA WITH HOWARD BUFFETT--A FARMER AND ONE OF THE COUNTRY'S MOST INFLUENCIAL PHILANTHROPISTS, AND IN THIS FARM JOURNAL REPORT, WE GET A FIRST-HAND VIEW OF THE PERVIOUS BORDER.
TRACTOR TALES:
WELL, TYNE, OUR NEXT OWNER DECIDED NOT TO PAINT HIS AGELESS IRON. THIS JOHN DEERE B MIGHT NOT CARRY THE CLASSIC COLORS, BUT HE SAYS IT RUNS JUST FINE. SEE FOR YOURSELF…..
CHURCH SALUTE:
THIS WEEK'S COUNTRY CHURCH SALUTE GOES TO THE CATHOLIC CHURCH OF MARY IMMACULATE OF RURAL GREENBRIER COUNTRY, WEST VIRGINIA. THE CHURCH WAS BUILD BY GERMAN AND IRISH FARMERS IN THE 1870S. THE FIRST TWO CHURCH HOMES BURNED, BUT THE THIRD ONE IS STILL STANDING, AS IS THE ORIGINAL CEMETARY. SOMETHING UNIQUE ABOUT THE CEMETERY IS THE TOMBSTONES FACE THE SUNRISH ON TEH DAY THE PERSON WAS BURIED AND NOT IN A STRAIGHT LINE. OUR THANKS TO THE ALLEGHANY HIGHLANDS COUNCIL OF THE KNIGHTS OF COLUMBUS FOR SHARING THEIR STORY…AS ALWAYS WE WANT TO LEARN ABOUT YOUR HOME CHURCH AS WELL... SALUTES CAN BE SENT TO THE ADDRESS ON THE SCREEN. STAY WITH US - CROPWATCH IS NEXT.
 CONTACT:
AS ALWAYS, WE WANT TO HEAR FROM YOU, SEND YOUR PICTURES TO MAILBAG-AT-U-S-FARM-REPORT-DOT-COM OR CHECK US OUT ON FACEBOOK AND TWITTER.
GOODBYE:
FOR JOHN, AL, MIKE AND CLINTON, 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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