USFR Weekly Recap - June 2-3, 2018

June 2, 2018 03:30 AM
 

TODAY ON AGDAY
JUNE 2-3, 2018

HEADLINES

WELCOME TO U.S. FARM REPORT THIS FIRST WEEKEND OF JUNE. I'M TYNE MORGAN, AND HERE'S WHAT'S IN  STORE OVER THE NEXT 60 MINUTES.  .TALK OF A TRADE WAR REBOOTS AS THE U-S FOLLOWS  THROUGH ON THREATS OF STEEL AND ALUMINUM  TARIFFS ON THE E-U, AND NAFTA TRADING PARTNERS.  SHORTLY AFTER, RETALIATION RHETORIC AND LISTS HIT  THE NEWS < "I THINK THAT WE'VE ALL HAD JUST ABOUT ENOUGH OF DONALD TRUMP  AFTER YEARS OF TALK, COULD RURAL BROADBAND  REALLY BE ON ITS WAY TO FARM COUNTRY? FROM USDA STANDPOINT, 29 PERCENT OF OF FARM HOUSEHOLDS  HAVE NO ACCESS TO RURAL BROADBAND> THAT'S AS THE ADMINSTRATION PUSHES TO ADDRESS A GROWING CHALLENGE IN RURAL AMERICA. HE'S A BASEBALL GREAT WHO NEVER MADE IT IN TEH  BASEBALL HALL OF FAME.  AND IN JOHN'S WORLD 

NEWS
NOW FOR THE NEWS, A POSSIBLE TRADE WAR NOW BACK ON THE TABLE, THAT'S AS HTE U-S MADE ITS  MOVE TO SLAP TARIFFS ON IMPORTS OF STEEL AND  ALUMINUM FROM THE E-U, CANADA AND MEXICO.  RETALIATION FOLLOWED WIHT THE E-U CALLING IT,  QUOTE A BAD A BAD DAY FOR WORLD TRADE." THE 25 PERCENT TARIFF ON STEEL AND 10 PERCENT  DUTY ON ALUMINUM WENT INTO EFFECT AT MIDNIGHT  THURSDAY.  IMMEDIATELY AFTER THE NEWS, THE E-U FIRING BACK  WITH A LIST OF 3 BILLION DOLLARS WORTH OF GOODS  THAT IT WILL RELATLIATE AGAINST. THAT INCLUDES  AMERICAN MADE SWEET CORN, CRANBERRIES, RICE,  TOBACCO AND KINDEY BEANS.  MEXICO, THE TOP BUYER OF U-S ALUMINUM AND PORK,  HITTING BACK WITH TARIFFS ON U-S PORK PRODUCTS, APPLES, GRAPES, CHEESES AND FLAT STEEL. AND CANADA ANNOUNCING THURSDAY AFTERNOON IT  WILL SLAP TARIFFS ON STEEL AND ALUMINUM FROM THE  U-S, PLUS A LIST OF AG GOODS INCLUDING POULTRY,  ORANGE JUICE, YOGURT AND WHISKEY.  COMMERCE SECRETARY WILBUR ROSS DOWNPLAYING  THE TARIFF DISPUTE, SAYING THE ISSUES WITH MEXCO  AN<THERE ARE OVERALL DISCUSSIONS LONG UNDERWAY REGARDING NAFTA.  SO THIS WOUDL PRESUMABLEY BE PART OF THAT CONTINUING  DISCUSSION. > BUT CANADIAN LEADERS SAYING THEY'VE HAD ENOUGH.  AND LEADERS ASY CANADA IS NOT A NATIONAL SECURITY THREAT TO THE U-S. <THIS IS 16.6 BILLION DOLLARS OF RETALIATION. THIS IS THE STRONGEST  TRADE ACTION CANADA HAS TAKEN IN THE POST WAR ERA> < KATHLEEN WYNNE, PREMIER OF ONTARIO: "I THINK THAT WE'VE ALL HAD JUST ABOUT ENOUGH OF DONALD TRUMP. THIS IS A PRESIDENT WHO RULES BY TWEET. HE'S A MAN, HE DOESN'T  SEEM TO GET THAT HIS BLUSTER AND HE IS BULLYING ARE COSTING PEOPLE  REAL JOBS IN HIS OWN COUNTRY, IN CANADA AND IN ONTARIO." > CANADA SAYS IT'S CONSIDERING ADDITONAL  RETALIATORY ACTIONS.  MEANWHILE,  THERE'S STILL TRADE DEAL WITH CHINA,  AND CHINA'S TARIFF ON U-S PORK REMAINS ON TEH  TABLE IOWA STATE UNIVESRITY ECONOMIST DERMOT HAYES  SAYS U-S PORK PRODCUERS ARE LOSING 2 POIT 2  BILLION ON AN ANNUAL BASSIS DUE TO NOT ONLY THE EVENTS LEADING UP TO BUT ALSO FOLLOWING CHINA'S  25 PERCEN TPUNITITIVE TARIFFS. THAT'S AS PORK  FUTURES HAVE DROPPED 18 DOLLARS PER ANIMAL  SINCE MARCH FIRST.  LAST WEEK, USDA ROLLED OUT ITS MAY CATTLE ON  FEED NUMBERS. AND IT SHOWED THE SECOND HIGHEST  TOTAL IN THE HISTORY OF THE REPORT--DATING BACK  TO 1996. AS OF MAY FIRST THERE WERE MORE THAN 11 AND A HALF MILLION CATTLE ON THE NATIONS LARGEST  FEEDLOTS. THAT'S UP 5 PERCENT FOR THE YEAR AND TNEBRASKA  AND TEXAS HAD THE HIGHEST TOTALS. PLACEMENTS AT 1 POINT 65 MILLION WERE DOWN 8  PERCENT. MARKETING FELL 6 PERCENT (1.80).  FROM TOO WET TO TOO DRY, THE SEVERE WEATHER  ADDING FUEL TO THE COTTON MARKETS, WITH SOME  CONTRACTS HITTING THE HIGHEST LEVEL SINCE 2011. THE TROPICAL STORM THAT BARRELLED INTO THE  SOUTHEAST LAST WEEKEND ADDING TO THE PLANTING  PRESSURE FARMERS WERE ALREADY SEEING. FARMERS IN AREAS OF GEORGIA HAVING TROUBLE  GETTING THE CROP INT EH GROUND THIS YEAR DUE TO  EXCESSIVE MOISTURE. AND NOW FARMERS SAY  REPLANT IS INEVITABLE WITH AS MUCH AS 10 INCHES IN  JUST A MATTER DAYS.  AND IN TEXAS, LITTLE RAIN MEANS FARMERS ARE  HESTITANT TO PLANT YET.  JOHN PAYNE OF DANIELS TRADING SAYS IT'S NOT JUST  SUPPLY DRIVING THE MARKET RIGHT NOW.  <YOU HAVE THE DEMAND SIDE THAT'S COMING FROM OVERSEAS  MARTKETS, EMERGING MARKETS LIKE VIETNAM, INDONESIA HAVE REALLY COME TO THE U.S. MARKET STRONG HERE IN THE LAST COUPLE OF MONTHS  GIVEN THAT INDIA AND CHINA HAVE HAD SHORTFALLS IN THE LAST COUPLE  OF YEARS. THAT'S ONE REASON THAT'S BEING PUSHED IS THE DEMAND  SIDE, DEMAND IS REALLY REALLY GOOD. MEANWHILE, COTTON IS 62 PERCENT PLANTED. THAT'S JUST 3 POINTS AHEAD OF THE FIVE YEAR AVERAGE.  GEORGIA, AND THE CAROLINA'S ARE BEHIND THE FIVE  YEAR PACE. TEXAS ONLY PICKING UP 4 PERCENTAGE POINTS LAST  WEEK IS JUST PAST THE HALF WAY POINT. (51%) ON CORN PLANTING, THE NATION'S FARMERS POURED  THE HEAT TO FIELD WORK AND ARE NOW AT 92  PERCENT PLANTED.  THAT'S AHEAD OF THE FIVE YEAR AVERAGE OF 90  PERCENT. NOTABLY, ILLINOIS IS DONE, INDIANA STANDS AT 95  PERCENT AND IOWA 96 PERCENT PLANTED.  EVEN MINNESOTA WHICH WAS SO FAR BEHIND, HAS  PLANTED 93 PERCENT OF ITS CORN CROP--A 16 POINT SURGE IN THE LAST WEEK AND IS NOW AHEAD OF  AVERAGE. 79 PERCENT OF CORN IS RATED GOOD TO  EXCELLENT...14 POINTS BETTER THAN LAST YEAR. AND  THE HIGHEST INITIAL RATING SINCE 1996 ON SOYBEANS, 77 PERCENT OF THE CROP IS IN THE  GROUND. 15 POINTS AHEAD OF THE FIVE YEAR AVERAGE. BUT MICHIGAN IS 15 POINTS BEHIND AVERAGE.  SOUTH DAKOTA TRAILS AVERAGE BY 4 POINTS. MAJOR IMPROVEMENTS IN THE SOUTHEAST.. WITH TOO MUCH IMPROVEMENT IN PLACES FROM TEH TROPICAL  STORM THIS WEEK. BUT DROUGHT IS PRETTY MUCH WIPED OFF THE MAP. A  DRASTIC CHANGE FROM THREE MONTHS AGO WHEN  NEARLY 50 PERCENT OF THE REGION WAS FACING  DRYNESS. TODAY, ONLY 3 PERCENT OF THE AREA IS SEEING ABNORALLY DRY CONDITONS.  RECENT RAINS ALSO SHOWING SLIGHT IMPROVEMENT  IN THE MOST SEVERE PORTIONS OF HTE TEXAS AND OKLAHOMA PANHANDLES  AND POCKETS OF NORTHWEST KANSAS ALSO GETTIN  GA LITTLE HELP FROM MOTHER NATURE. MODERATE DROUGHT  AND WHAT'S CONSIDERED ABORNORMALLY  DRY BOTH IMPROVING 6 POINTS.  BAYER BUYING OUT MONSANTO IS ON TRACK TO CLOSE   IN TWO MONTHS.  THAT'S AS THE COMPANIES RECEIVED KEY APPROVALS FROM BOTH THE U-S AND CANADA. BOTH THE OKAY  CAME WITH THE CONCESSIONS.  ON TUESDAY, THE U-S DEPARTMENT OF JUSTICE  SIGNING OFF ON CONDITIONAL APPROVAL FOR THE  BUYOUT, CALLING FOR ADDITIONAL DIVESTMENTS TO  MEET ANTI-TRUST CONCERNS NOW WITH A TALLY OF  SOME 9 BILLION DOLLARS. AND ACCORDING TO THE GOVERNMENT, THOSE CONCESSIONS ARE THE LARGEST IN A U-S MERGER ENFORCEMENT CASE.  BAYER AND MONSANTO CONTINUE TO OPERATE  INDEPENDENTLY UNTIL THEY COMPLETE NECESSARY  DIVESTMENTS-MANY OF WHICH ARE GOING TO BASF.

TEASE
STILL TO COME, ALL OF THIS TARIFF TALK THIS WEEK,  BUT HOW COULD IT PLAY OUT IN THE MARKETS? THAT'S  ANALYSIS.  PLUS, JOHN PHIPPS LOOKS INTO IMPLICATIONS OF A  MAJOR LAWSUIT IN TEH SEED INDUSTRY.  

WEATHER
AS WE HEAD INTO OUR FIRST FULL WEEK OF JUNE, IT'S  TIME NOW TO CHECK WEATHER AND METEOROLOIGST  CINDI CLAWSON IS FILLING IN FOR MIKE HOFFMAN THIS  WEEK.  CINDI- WE WRAPPED UP THE MONTH OF MAY WITH ONE  OF HTE HOTTEST MAYS ON RECORD. DOES THAT HEAT  CONTINUE INTO JUNE? WELL TYNE IT LOOKS LIKE FOR A LOT OF THE COUNTRY THE HEAT WILL  CONTINUE AS WE GET INTO THE BEGINNING OF SUMMER. BUT AS WE  HAVE HEAT WE ALSO TEND TO SEE DRIER CONDITIONS AND AS WE TAKE A LOOK AT THE LATEST U.S. DROUGHT MONITOR YOU CAN SEE WE REALLY  HAVE SOME VERY VERY DRY CONDITIONS IN THE SOUTHWEST.  EXCEPTIONAL DROUGHT IN A LOT OF OKLAHOMA AND NORTHERN TEXAS  AND INTO MUCH OF THE FOUR CORNERS REGION. IT IS EXTREMELY DRY IN  THE SOUTHWEST UNITED STATES. TAKE A LOOK OVER THE PAST FOUR  WEEKS WE'VE REALLY SEEN THAT DROUGHT JUST COMPLETELY DIMINISH IN THE SOUTH EAST BUT WE'VE REALLY SEEN THE DROUGHT EVEN CONTINUE  TO EXPAND IN MUCH OF THE SOUTHWESTERN QUADRANT OF THE UNITED  STATES. LET'S TAKE A LOOK AT OUR JET STREAM AS WE HEAD THROUGH  THE WEEK AHEAD OF US. WE'RE GOING TO BE SEEING THE HOT  TEMPERATURES CONTINUING ESPECIALLY IN THE WESTERN AND CENTRAL PARTS OF THE UNITED STATES SOUTH CENTRAL ESPECIALLY A COUPLE OF  TROUGHS ONE IN THE EAST THAT'S GOING TO BRING A POTENTIALLY STORMY  WEATHER CERTAINLY COOLER WEATHER FOR FOLKS IN THE NORTHEAST. WE'VE GOT ANOTHER TROUGH IN THE NORTHWEST THAT'S GOING TO BE  BRINGING SOME COOLER AIR AT LEAST BRIEFLY. BUT LOOK AT HOW THIS  RIDGE REALLY BUILDS IN TOWARDS THE END OF THE WEEK AND THAT'S GOING TO MEAN SOME VERY HOT AIR EXTENDING ALL THE WAY UP  THROUGH THE PLAIN STATES AND EVEN INTO SOUTHERN PARTS OF CANADA  THE COOL AIR WE PROBABLY HAVE TO GO TO THE FAR NORTH EAST OR FAR  NORTHWEST TO SEE THAT. ALL RIGHT LET'S TAKE A LOOK THEN AS WE GET  INTO SATURDAY WE'LL START TO SEE THE TROUGH AGAIN.  GEORGINA WILL MOVE OUT OF THE NORTHEASTERN UNITED STATES HEADING INTO MONDAY WE'RE GOING TO BE SEEING WARM  TEMPERATURES IN MUCH OF THE EASTERN PART OF THE COUNTRY  ESPECIALLY THE SOUTHEAST. SOME SHOWERS MAYBE SOME RUMBLES  OF THUNDER FOR THE NORTHEASTERN UNITED STATES WE'VE GOT A  TRAILING FRONT IN THE SOUTHERN PLAINS THAT'S GOING TO BRING SOME  SHOWERS AND THUNDERSTORMS AND MAYBE A LITTLE BIT OF WET WEATHER FOR PARTS OF THE PACIFIC NORTHWEST. BUT AN OVERALL  PLEASANT DAY IN MUCH OF THE NORTH CENTRAL PART OF THE COUNTRY  HEADING OVER TO WEDNESDAY IT'S GOING TO BE HOT ONCE AGAIN A LOT OF THE SOUTHERN PLAINS AREA WE MIGHT SEE SOME BODY SHOWERS  HERE OR THERE AS WELL AS THE SOUTHEAST AS WE HAVE A STATIONARY  FRONT DRAPED ACROSS THERE. WE'RE ALSO GOING TO SEE THE CHANCE OF A COLD FRONT BRINGING SOME SHOWERS AND THUNDERSTORMS TO THE  UPPER MIDWEST AND INTO THE NORTHERN PLAINS A LITTLE WET IN THE  NORTHEAST BUT AGAIN WE'LL SEE SOME MOSTLY DRY WEATHER FOR MUCH OF THE CORN BELT EAST CENTRAL AND EASTERN SCUSE ME PARTS OF THE  CORN BELT AND THEN ON INTO FRIDAY A LITTLE BIT OF RAIN AGAIN FOR THE  NORTHEAST. THAT FRONT STILL HOLDING OFF AROUND THE GULF COAST  STATES AND THEN WE'LL SEE ANOTHER FRONT MOVING THROUGH BRINGING  A CHANCE FOR SOME RAIN IN PARTS OF THE CENTRAL PLAINS AND MAYBE  SOME MUCH NEEDED RAIN EVEN INTO THE FOUR CORNERS REGION. AS  FAR AS TEMPERATURES OVER THE NEXT 30 DAYS UNFORTUNATELY IT'S STILL GOING TO BE ON THE WARM SIDE ESPECIALLY IN THE SOUTHEAST AND IN  A GOOD CHUNK OF THE WESTERN UNITED STATES.  THE COOLEST TEMPERATURES ARE GOING TO BE FOR THE MOST PART  AROUND THE GREAT LAKES AND INTO THE FAR FAR NORTH EASTERN PART OF  THE COUNTRY. AS FAR AS PRECIPITATION GOES LOOKS LIKE IT'S GOING TO  BE A CONTINUED WET IN THE SOUTHEASTERN QUARTER OF THE COUNTRY. BEEN ON THE DRY SIDE IN THE FAR NORTHEAST AND UNFORTUNATELY IT  LOOKS LIKE THE DRY WEATHER WILL CONTINUE IN THE FOUR CORNERS REGION  AND ALONG THE WEST COAST. THAT'S HOW IT'S SHAPING UP. NOW BACK  TO TIME. 

TEASE
THANKS, CINDI. STILL TO COME, TARIFF TALK CONSUMING HEADLINES THIS WEEK... BUT COULD IT  RATTLE PRICES IN THE DAYS AHEAD? BOB UTTERBACK  AND MARK FEIGHT JOIN ME NEXT.  

ROUNDTABLE 1
WELCOME BACK. AS I MENTIONED BEFORE THE BREAK MARK FEIGHT, BOB UTTERBACK JOINING ME THIS WEEK SO MUCH TO TALK ABOUT TARIFF'S LATER IN THE WEEK SAW KIND OF THIS TARIFF DISPUTE BACK UP ON FRIDAY BEFORE WE GET INTO THAT A LITTLE BIT BOB. KIND OF A DISAPPOINTING FINISH TO THE GRAIN MARKETS ON FRIDAY EVEN HIGHER AFTER A REALLY LOW DAY THE DAY BEFORE. AND THEN WE ENDED UP ANY LOWER I MEAN WHAT DOES THAT SIGNAL TO YOU FROM MEMORIAL DAY TO FOURTH OF JULY SEASONALLY IS A STRONGER TIME PERIOD IS DIRECTLY SPEAKING. WE'VE NOW GOT A DOUBLE TOP FOR HIGH. FIRST I WENT BACK TO 428 FAILED. SO THE CHARTISTS ARE SAYING THERE'S SOME SIGNIFICANCE HERE BUT THERE'S ALSO A TON OF BUYING ENTHUSIASM BELOW THE MARKET FOR 5 TO 3 95 TO DEC. I THINK WE'RE GOING TO CAUGHT IN A TRADING RANGE BETWEEN THE DOWNSIDE AND THE UPSIDE. WE'LL HAVE A LOT OF OLD IN-BETWEEN BUT I THINK IT'LL TAKE A POLLINATION BEFORE WE GET A SUSTAINED DOWNTREND STARTED OR BREAK OUT TO THE UPSIDE. SO THERE'S YOU KNOW AFTER THE JUNE SUPPLY DEMAND REPORT IS GOING TO BE I THINK A VERY SIGNIFICANT TIME TO WATCH IT TODAY BEFORE WE GET INTO SOME OF THE WEATHER THAT WE COULD POSSIBLY SEE WITH THIS MARKET TODAY IT JUST SEEMS LIKE NOW WE'VE GONE INTO KIND OF FROM A BULL MARKET TO A BEAR MARKET. ALL MOST THAT WE JUST CAN'T GET OUT OF THESE LOWER PRICES. WELL THIS IS A FIRST TEST FOR THE FOR THE BULLS IN THIS MARKET IN ABOUT THREE MONTHS SO IT WAS DUE MAYBE OVERDUE. WE'VE STILL GOT A LOT OF WEATHER TO WORK THROUGH AT LEAST THE NEXT THREE OR FOUR WEEKS. AND THERE'S ENOUGH RIDGE THERE'S ENOUGH HEAT AND DRYNESS OUT THERE TO KEEP THE BEARS AT BAY FOR A MOMENT AND WITH THE TARIFF TALK AND THE UNCERTAINTY RIGHT NOW ABOUT WHAT'S GOING TO HAPPEN WITH KEY TRADING PARTNERS LIKE CANADA MEXICO AND CHINA. DO YOU THINK THAT IS ENOUGH TO KIND OF PUT A LID ON PRICES RIGHT NOW. I THINK WE'RE GETTING USED TO THAT RHETORIC AND THE BATTLE BACK AND FORTH IN THE SWINGING OF SABERS. BUT I THINK IT'S IT'S PROBABLY A BIGGER IMPACT TO DAIRY AND SOME OF THE ANIMAL PROTEINS AND IT IS THE GRAINS AND OILSEEDS. NOW DO YOU AGREE WITH MARK I MEAN DO YOU THINK KIND OF THE GRAIN MARKETS HAVE BECOME IMMUNE TO ALL OF THIS RHETORIC. I THINK WE'RE LESS WE'RE DESENSITIZED TO IT BUT WE KNOW IN THE BACK OF OUR MIND THAT CHINA IS THE BIG PLAYER YOU KNOW IN MEATS IS AS A CANADIAN THE MEXICAN CHINA'S REFERENCE TO OIL SEED. I THINK CORN IS GOING TO PROBABLY ESCAPE. BUT OVERALL LONG TERM THIS IS THE BEST THING FOR US LONG TERM TO INCREASE IT. WE'RE GOING TO HAVE TOOLS WHO'S MORE WATER HERE. AND IT'S GOING TO BE DIFFICULT. AND FORTUNATELY A CULTURE IS GOING TO TAKE PROBABLY A DISPROPORTIONAL IT IF IT GETS DIFFICULT. AND THAT'S THE REAL DANGER I SEE FROM JULY TO OCTOBER IS WE GOT OLD CROP CORN AROUND AND TRADE THE CROPS NOT HURTING THEM AND TRADE'S A LITTLE WE COULD HAVE A LITTLE SEASONAL CORRECTION THE WAY. BUT YOU'VE GOT TO BE PREPARED FOR IT. MARK YOU MENTIONED MEATS AND SPECIFICALLY WHEN YOU LOOK AT PORK THAT PORK TARIFF WITH CHINA STILL ON THE TABLE IN MEXICO SAYING NO WE'RE GOING TO FIRE BACK OUR NUMBER ONE PORK BUYER AND IT'S GOING TO PUT TARIFFS POSSIBLY ON U.S. PORK PRODUCTS. SO WHAT DOES THAT DO TO A MARKET RIGHT NOW SEASONALLY THAT WE COULD CONTINUE TO SEE SOME CHANGE IN PRICES. BUT AS YOU HAVE THAT TARIFF ON THE TABLE WHAT DOES THAT MEAN. WELL I THINK IT'S JUST IT'S A NEGATIVE CLOUD OVER THAT OVER THE PORK MARKET. WE'VE ALREADY GOT YOU'VE GOT ONE OF YOUR LARGEST EXPORTERS IN THE U.S. WITH TOO MUCH PORK. YOU'VE GOT THE LARGEST PORK BUYER IN CHINA WITH TOO MUCH PORK AND WE'RE ALREADY IN TROUBLE BEFORE THE TARIFF TALK. I DON'T THINK WE END UP HAVING A REAL ISSUE WITH MEXICO. WE NEED THEIR MARKETS IN SO MANY PLACES. IT'S STILL ABOUT HOW DO WE NEGOTIATE. IT'S VERY LIKELY WE END UP WITH WITH A CHINA TRADE TALK WHERE THEY END UP TAKING MORE AND AGREE TO TAKE MORE SOYBEANS AND MORE ETHANOL MAYBE A LITTLE MORE PORK IN THE END. BUT WE HAVE TO GET THROUGH THE BATTLE FIRST. NOW WE HAVE TO GET THROUGH THAT BATTLE AND RIGHT NOW WHEN YOU LOOK AT SOME OF THESE LIVESTOCK PRODUCERS DO YOU THINK IT TEMPERS GROWTH. DO YOU THINK IT SLOWS EXPANSION IN THE U.S. WHEN WE LOOK AT MEATS. ABSOLUTELY. PORK AND BEEF PRODUCERS HAVE REALLY HAD BEEN KNOCKED AROUND FOR THE LAST YEAR OR SO AND THEY'RE NOT IN A REAL MOOD TO EXPAND AND SO THAT IS PROBABLY THE SILVER LINING BENEFIT IS ONCE WE GET THIS TRADE DISCUSSION RESOLVED I THINK WE'LL SEE INCREASED EXPORTS OF BEEF AND PORK LONG TERM. AND WE HAVE NOT. WE'VE NOT EXPANDED. AND THAT'S GOING TO ADD TO I'D SAY ARE KIND OF LIKE BUYING THE NEXT APRIL KAIDO CONTRACT SOMETIME THIS AUGUST SEPTEMBER SEASONAL LOW. I WOULD LIKE TO BE BUYING BECAUSE I THINK WE PUT ENOUGH PRESSURE ON THE CATTLE MARKET IN THE HOME MARKET. ALL RIGHT WE TALKED A LOT ABOUT TRADE BUT WE HAVE SO MUCH MORE TO TALK ABOUT INCLUDING AREAS THAT THE BLACK SEA. WE HAVE THIS BRAZIL TRUCK STRIKE THAT WAS GOING ON. HOW IS THAT IMPACTING OUR MARKET. WE'LL DO ALL OF THAT LATER IN THE PROGRAM. BUT WE NEED TO TAKE A QUICK BREAK AND JOHN PHIPPS JOINS US NEXT. 

JOHN’S WORLD
AS WE HEAD INTO SUMMER, JOHN HAS AN UPDATE ON HIS BUILDING PROJECT BEFORE DIVING INTO A DEEPER  ISSUE. LET'S HEAD NOW TO THE FARM. JOHN.  FIRST A QUICK UPDATE ON THE POOL BUILDING. WE FINISHED IT  FOR THE MOST PART OVER THE HOLIDAY, BUT FRANKLY WORKING CONSTRUCTION IN NEAR 100 DEGREE WEATHER TOOK A TOLL. I TRIED TO  CAPTURE IT ON A SIMPLY GARDEN TIME-LAPSE CAMERA, BUT SOMETHING WENT WRONG AFTER THE FIRST DAY. TO REST UP FROM THAT WORKING HOLIDAY, I BEGAN TO WADE THROUGH  PAPERWORK PILED ON MY DESK. ONE OF THE INCOMING DOCUMENTS WAS THIS SYNGENTA CORN SEED SETTLEMENT NOTICE. MANY OF US  REMEMBER THE STARLINK CORN SETTLEMENT IN 2003. AS I TOLD YOU  EARLIER, MY SHARE OF THAT $110M PAYMENT BOUGHT THIS TABLE SAW. THE SYNGENTA SETTLEMENT IS A TAD LARGER, WITH A MINIMUM OF 1.4  BILLION DOLLARS BEING HANDED OUT TO PRODUCERS ALONE. GRAIN  DEALERS, ETHANOL PLANTS AND OTHERS WILL ALSO GET A CUT. I MAY BE CLOSER TO A NEW LATHE THAN I THINK. BUT THERE IS A SAD AFTEREFFECT OF WINDFALLS LIKE THESE. A COUPLE OF SURVEYS OVER THE YEARS HAVE SUGGESTED THAT ANYWHERE FROM 20  TO 40 PERCENT OF AMERICANS HAVE WINNING THE LOTTERY, SETTLING AN  INJURY LAWSUIT OR AN UNEXPECTED INHERITANCE AS A PART OF THEIR RETIREMENT PLAN. IT KINDA EXPLAINS ALL THOSE LAWYER BILLBOARDS,  DOESN'T IT? I COULD GO INTO HOW WE ALL ARE TERRIBLE CALCULATING  PROBABILITY, BUT IT WOULDN'T HELP, BECAUSE THE SECRET OF THE LOTTERY  IS THE HUGE PRIZE NUMBERS DROWN OUT THE MINISCULE CHANCES OF  WINNING. THE OTHER PROBLEM IS WHEN SOMEBODY YOU KNOW LUCKS INTO AN UNEXPECTED WINDFALL. WHICH BRINGS US BACK TO THE  SYNGENTA SETTLEMENT. WHEN CORN GROWERS START WHISPERING OR  OUTRIGHT BRAGGING ABOUT THE SIZE OF THEIR CHECKS, WE WILL BE A POWERFUL NEGATIVE INFLUENCE ON ALL AROUND US. WE WILL BE ONE  MORE ANECDOTE THAT TRICKS OTHERWISE RATIONAL BRAINS INTO THINKING  SAVING FOR THE FUTURE IS OK, BUT HAVING MONEY FALL OUT OF THE SKY  IS A VIABLE ALTERNATIVE. THANKS, JOHN.  STILL TO COME, A FORD TRACTOR FROM GEORGIA.  TRACTOR TALES IS NEXT.  

TRACTOR TALES
WELCOME BACK TO TRACTOR TALES FOLKS THIS WEEK WE'RE IN SUNNY  SOUTHERN GEORGIA AND WE'RE HERE VISITING A COLLECTOR WHO HAS  GREEN BLOOD LOVES JOHN DEERE TRACTORS BUT HE HAS A SOFT SPOT FOR THE OCCASIONAL FORD ITS A 501 FORD WORKMASTER I BOUGHT DOWN IN  MOULTRIE AND IT WAS ALL TWO PIECES SOMEBODY HAD STARTED  REBUILDING A MOTOR IT TORE UP AND SO THE MAN IT WAS REBUILDING IT JUST CURED IT AND HAD IT SOLD AND I BOUGHT IT JUST PIECES AND PUT IT  BACK TOGETHER AND BROUGHT IT HOME IN PAINTED AND FIXED IT LIKE  THIS DROVE IT DOWN THE DRIVEWAY AND THE MOTOR CAME TORE UP AGAIN WERE THEY HALF PATCHED IT SO WE GOT TO REBUILD A MOTOR  TWICE BUT IT WAS NOT TALL LIKE THIS WHEN I BOUGHT IT AND I BOUGHT A  FERGUSON HAD THESE TALLER WHEELS ON IT FOR JUST PARTS AND THE  FERGUSON FORD HAS THE SAME TYPE RIMS ON THE BACK AND SO THEN  THE FRONT AXLE YOU CAN FLIP IT AND GET THE HEIGHT LIKE THAT SO THAT'S THE WAY I COME UP WITH MAKING IT THE HIGH CROP BUT ALL THEY DID  BUILD ONE JUST LIKE IT IT'S A GOOD TRACTOR AND NOW RUNS GOOD AND  DRIVES GOOD THERE'S LITTLE HARD TO GET ON I NEED TO PUT ME A STEP  ON IT THAT HARD TO GET UP ON IT AH I HAVE DONE EVERYTHING ON IT  OTHER THAN PAINT THE FENDERS AND THE HOOD ON IT I LET A BODY SHOP  DO THAT FOR ME BUT FAR AS MECHANICAL REBUILDING THE MOTOR AND  PAINTING EVERYTHING ON THE BOTTOM PART I DO IT. MOST TIME THEY  GROW LIKE PRODUCE ANYTHING THAT'S TALLER THAT MOST OF YOUR HIGH CROP TRACTORS COME DOWN AROUND FLORIDA AND STUFF WHERE THEY  GROW SUGARCANE AND STUFF LIKE THAT THIS AREA WE DID NOT FARM WITH  HIGH CROP TRACTORS THERE'S NOT MANY ONE FORD TRACTORS AROUND IN THIS AREA.  YOU KNOW I DON'T KNOW WHEN NOBODY ELSE HAD WON. THANKS SO MUCH. 

TEASE
WHEN WE COME BACK, RURAL BROADBAND IS A TOPIC THAT'S RECEIVED A LOT OF TALK, BUT OUR FARM  JOURNAL REPORT SHOWS YOU WHY THERE'S A LOT  MORE ACTION THAT NEEDS TO BE TAKEN IN ORDER TO  CONNECT THE CORNERS OF AMERICA. THAT'S NEXT.  

FARM JOURNAL REPORT
THERE ARE PLENTY OF HOT TOPICS IN WASHINGTON THESE DAYS. FROM TRADE, TO FARM BILL--ALL THE USUAL SUSPECTS  ARE COVERED. BUT ONE ISSUE SEEMS TO BE GATHERING SPEED BOTH  IN THE NATION'S CAPITOL AND AT HOME-- RURAL  BROADBAND. WITH MILLIONS OF AMERICAN'S STILL WITHOUT A  RELIABLE AND AFFORDABLE HIGH SPEED CONNECTION,  THE ISSUE HAS TAKEN ON NEW RELEVANCY.CLINTON GRIFFITHS HAS THIS WEEK'S FARM JOURNAL  REPROT.  FARMER KRIS KAVAN IS A NATIVE OF RURAL  NEBRASKA...WHAT'S NOT NATIVE...FAST AND RELIABLE  INTERNET SERVICE.  PEAK TIMES OF THE DAY ITS REALLY SLOW. WEATHER AFFECTS IT. 24:00 A FRUSTRATING CONNECTION FOR A FARMER BUILDING  HIS FUTURE WITH TECHNOLOGY  IT WOULD BE NICE THEY COULD SOMEHOW FIND A WAY TO GET  FIBREOPTICS INTO OUR RURAL GRID. A RURAL ISSUE WITH A LONG LEASH-- <"BUT WE MUST DO MORE TO ENSURE THE BENEFITS OF THE INFORMATION REVOLUTION FLOW TO EVERY AMERICAN. THAT MEANS WORKING TO CLOSE THE DIGITAL DIVIDE." ​> AND AN EVEN LONGER HORIZON. CURRENTLY ABOUT 34  MILLION AMERICANS DON'T HAVE ADEQUATE ACCESS TO  HIGH SPEED INTERNET. ABOUT 80 PERCENT OF THOSE PEOPLE LIVE IN RURAL AREAS. IN MISSOURI FOR  EXAMPLE BETWEEN 50 AND 60 PERCENT OF THE  POPULATION DON'T HAVE ACCESS TO BROADBAND.  WHY? COST AND POPULATION DENSITY ARE THE MAIN  REASONS.  BUT YOU KNOW TO DRAG A CABLE 3/4 OF A MILE JUST TO GET TO  THE NEXT HOUSE IT DOESN'T SEEM VERY COST EFFECTIVE. BUT IT WOULD BE NICE IF THEY COULD FIND A WAY TO MAKE THAT HAPPEN. 25:48 FROM USDA STANDPOINT, 29 PERCENT OF OF FARM HOUSEHOLDS HAVE NO ACCESS TO RURAL BROADBAND. AND THIS HAS BEEN A  UNFORTUNATELY A CONTINUATION FROM ONE ADMINISTRATION TO THE NEXT.  BUT IN THE LAST YEAR, THE RURAL INTERNET CONVERSATION HAS GARNERED STRONG SUPPORT...FROM THE HALLS OF USDA. FARMERS ARE CREATIVE PEOPLE THERE INNOVATORS AND THEY ARE  THEY'RE MARKETERS IN A WAY THAT IF WE GAVE THEM THE CONNECTIVITY  TO THE WORLD. IT'S AMAZING WHAT I THINK YOU COULD SEE BEING CREATED, NOT JUST IN THE GARAGES AND SILICON VALLEY, BUT IN THE  FARM SHEDS AND BARNS ACROSS AMERICA.  TO THE HALLS OF CONGRESS...  BROADBAND IS A BIG ISSUE THAT GOES ALONG WITH THAT.AND ACROSS THE MALL TO THE WHITE HOUSE."I THINK WHAT YOU'RE GOING TO CONTINUE TO SEE FROM THE  ADMINISTRATION IS HOW DO WE GET REGULATORY BARRIERS OUT OF THE WAY TO THAT DEPLOYMENT. HOW DO WE TAKE FEDERAL ASSETS THAT ARE  IN RURAL AREAS AND LEVERAGE THEM FOR THE FOLKS THAT CAN COME OUT  AND PROVIDE THE BROADBAND." AND RESOURCES ARE ALREADY POURING IN. INCLUDED  IN THE 2018 BUDGET BILL IS $600 MILLION MARKED FOR  RURAL BROADBAND. JUST LAST WEEK, THE SENATE APPROPRIATIONS SUBCOMMITTEE AGREED TO A 2019 BUDGET FOR USDA  AND FDA THAT INCLUDES AN ADDITIONAL 425 MILLION  FOR RURAL BROADBAND EXPANSION. THERE IS ALSO  MONEY EARMARKED IN THE PROPOSED FARM BILL. "I THINK YOU'RE GOING TO CONTINUE TO SEE BOTH FROM CONGRESS AND  THE ADMINISTRATION ATTENTION TO THE MONETARY NEEDS FOR DEPLOYING  THAT RESOURCE.  "I THINK THE ISSUE HERE IS HOW DO YOU GET YOUR PRIORITY ON THE TABLE AND THEN GET FOLKS AROUND THE TABLE TO AGREE THAT THAT'S A  SHARED PRIORITY. WE'RE PAST THAT POINT. " "SO THERE'S INTERNAL CONVERSATIONS, THERE ARE ACTUALLY MEETINGS  THAT OCCUR ABOUT TWICE A MONTH ON THAT INITIATIVE LITERALLY HERE AT THE WHITE HOUSE." IT'S A FEEL GOOD ISSUE. IT'S SOMETHING THAT GETS ALIVE BY A LOT OF BIPARTISAN SUPPORT. BUT UNFORTUNATELY, IT'S USUALLY NUMBER SIX  ON THE LIST OF FIVE.  EVEN WITH MONEY AND DESIRE TO CONNECT THE  UNCONNECTED--ACTUALLY HOOKING UP RURAL  AMERICA HAS BEEN AN ELUSIVE TASK. DO WE HAVE A TIMELINE OF WHAT IT'S GOING TO TAKE HOW BIG PUSH IS IT TO GET CONNECTIVITY ACROSS THE COUNTRY THAT'S EXACTLY  WHAT WE'RE DOING A SENSE AS OF NOW WE TYPICALLY A  WASHINGTONIAN WAY OF DOING BUSINESS. JUST THROW MONEY AT IT  JUST KIND OF YOU KNOW SHOTGUN APPROACH HERE. WHAT WE'RE TRYING  TO DO IS A VERY DATA DRIVEN FACTS BASED APPROACH TO WHERE WE  ARE  PART OF THAT IS KNOWING EXACTLY WHERE THE  COUNTRY STANDS. THAT'S GOING TO INVOLVE REALLY MAPPING AND GETTING INTO THE MAPPING ISSUE OF WHERE'S RURAL BROADBAND NOT ACCESSIBLE,  WHERE'S IT OVERLY ACCESSIBLE RIGHT NOW AND HOW CAN WE TARGET  FUNDS TO THE AREAS THAT HAVE NO ACCESS CURRENTLY? SOLVING THE DISTANCE BETWEEN PEOPLE AND GRIDS  IS SOMETHING EVEN BIG TECH IS GETTING BEHIND.  MICROSOFT RECENTLY SETTING A GOAL TO HELP  CLOSE THE RURAL BROADBAND GAP BY 2022. WHERE THERE ARE FEWER PEOPLE IT'S A CHALLENGE TO PROVIDE  INTERNET ACCESS. BOTH AN ECONOMIC CHALLENGE AS WELL AS A  TECHNICAL CHALLENGE. TO OVERCOME SOME OF THOSE CHALLENGES, RANVEER AND MICROSOFT HAVE BEEN WORKING ON  TECHNOLOGY THAT USES THE FREQUENCY'S BETWEEN TELEVISION CHANNELS--THE WHITE SPACE-- TO SEND INTERNET SIGNALS. SO THE TECHNOLOGY ALLOWS YOU TO SEND DATA ON THOSE  CHANNELS WITHOUT INTERFERING WITH RECEPTION ON THE ADJACENT  CHANNELS. 33:23 THE TECHNOLOGY WORKS, APPROVED BY THE FCC IN  2010, SO FAR, IT HASN'T CAUGHT ON. WHAT WE NEED IS MORE USERS. WE NEED MORE PEOPLE TO USE IT AND FOR THAT WE NEED REGULATORY CERTAINTY. 34:30  CERTAINTY IS IN THE CONVERSATION, BUT HOOKING  THE CORNERS OF RURAL AMERICA TO THE WORLD HAS  PROVEN TO BE MORE DIFFICULT. SO THERE'S SOME AMAZING THINGS AND PRECISION AGRICULTURE TODAY SITTING ON THE SHELF WAITING FOR THE CONNECTIVITY  WHERE THESE THINGS CAN BE PUT IN PLACE WHEN YOU SEE THE REST OF  THE COUNTRY MOVE IN THAT DIRECTION TOWARDS MORE CONNECTIVITY AND MORE TECHNOLOGIES, IT BECOMES ONE OF THOSE THINGS THAT CAN  BE A REAL STOPPING POINT FOR PEOPLE AND CAN BE TRANSFORMATIVE ON  THE POSITIVE SIDE--  I LITERALLY I DON'T THINK IT'S TOO MUCH OF A  HYPERBOLE TO TALK ABOUT THIS IS THE INTERSTATE HIGHWAY SYSTEM IN THE 21ST CENTURY. IT'S DATA AND ITS CONNECTIVITY AND THE THINGS THAT  IT INSPIRES OUT HERE IN THE FIELDS AND FARMS AND FARM SHEDS OF  AMERICA COULD BE MONUMENTAL IN OUR ECONOMY OVERALL FARMERS LIKE KAVAN --THE ONE'S LIVING AND WORKING  IN THOSE FARM SHEDS AND RURAL FIELDS-- SAY NOW IS  THE TIME. I THINK WE'RE PROBABLY LAST TO THE PLATE ON NEEDING IT. NOW  WE NEED IT FOR U.S. FARM REPORT, I'M CLINTON GRIFFITHS. THANKS CLINTON. THERE'S PLENTY OF DISCUSSION AROUND WHAT THE TERM "HIGH SPEED" INTERNET MEANS. TO HELP DEFINE THAT, IN THE SENATE-- THERE'S A BI- PARTISAN BILL THAT WOULD REQUIRE THE FCC TO  ESTABLISH A NATIONAL STANDARD AND COMPARE  SPEEDS IN URBAN AREAS WITH THOSE IN RURAL  AMERICA. ACROSS THE COUNTRY, STATES AND LOCAL  GOVERNMENTS ARE ALSO TAKING ON THE  CONNECTIVITY ISSUE IN RURAL AREAS. UP NEXT, OUR MARKETING DISCUSSION STARTS BACK UP. 

ROUNDTABLE 2
WELCOME BACK. BOB UTTERBACK AND MARK FEIGHT JOINING US. MARK  LET'S START OFF BY TALKING ABOUT THIS CORN CROP. WE GOT OUR FIRST  CONDITION RATINGS THIS WEEK. ONE OF THE BEST INITIAL CONDITION RATINGS THAT WE'VE SEEN. I KNOW YOU CAN'T TAKE A LOT OF STOCK IN  THAT RIGHT NOW AND THAT'S THE SUPPLY SIDE. BUT AT THE SAME TIME  DEMAND HAS BEEN REALLY IMPRESSIVE. IT HAS BEEN GOOD ON THE CORN SIDE ESPECIALLY. AND WHEN WE LOOK AT WORLD MARKETS THE  WORLD CARRY OUT AT 159 MILLION TONNES. AND USDA HAD TO PUSH  PRODUCTION IN CHINA WHERE WE DIDN'T EXPECT IT. AND THEY ALSO TOOK THE FSU TO A TO A RECORD CROP 10 MILLION TONS 11 MILLION TONS  BIGGER THAN LAST YEAR. SO THAT THAT THERE'S SOME THAT CARRY OUT  STILL SUBJECT. SO THE DEMAND SIDE HAS BEEN GOOD. WE GOT A MONTH TO KNOW WHAT THE U.S. CROP LOOKS LIKE. SO YOU THINK  MAYBE USDA WAS A LITTLE TOO BULLISH ON THEIR ON THEIR THEIR CARRY  OUT. YEAH WE'VE WE'VE GOT OUR CARRY OUT NUMBERS AT 150 AND IT REALLY BRING CORN PRODUCTION DOWN THAT'S MORE REALISTIC. AND YOU  HAVE TO START FEEDING WHEAT AND THAT'S WHERE THE BLACK SEA  BECOMES MUCH MORE IMPORTANT. DO YOU AGREE WITH THAT. YEAH I THINK THE JUNE OR IT MIGHT BE JULY BUT EVENTUALLY HERE USDA IS  GOING TO READ TO REVISE DOWN THE CARRYOVER NUMBERS. THE WORLD  STOCKS AND THERE ARE PEOPLE OUT IN THE TRADE ARGUE THAT STOCK TO USE RATIOS COULD BE AS TIGHT AS THEY'VE BEEN SINCE THE EARLY 70S.  AND THAT'S WHAT'S BEEN THE HEART AND SOUL OF THIS BULL MARKET.  NOW THE POINT IS FOR 25 DECEMBER CORN FOR 30 CORN WHEN THE MARKET WAS AT 390 EVERYBODY WAS PRAYING FOR IT. NOW WE'VE GOT  425 NOW THAT EVERYBODY'S A FIVE DOLLAR BILL. YOU GUYS GOT TO KEEP  YOUR EMOTIONS IN CHECK. AND I THINK YOU NEED TO GET THESE CROP INSURANCE BUSHELS SOLD BEFORE THE POLLINATION CYCLE IS OVER. SO  BOB MENTIONED IN YOUR SAME POINT I MEAN YOU LOOK AT THE KIND  OF THESE TARGETS AND SOME TALK ABOUT FIVE DOLLARS. DO YOU HAVE A FEAR MARK OF FARMERS GETTING TOO BULLISH AT THIS POINT. OH THAT'S  IT'S ALWAYS OUR FEAR. THAT'S NEVER A HARD THING TO DO IS GET A  FARMER BULLISH. BUT YES I THINK YOU HAVE TO FOR 24 25 YOU HAVE TO TURN A LOT OF YOUR CROP IN TO TAKE THAT LONG INTO AN OPTION POSITION  PROTECT THEIR CROP. WE'VE GOT A TERM WE RE TRADEMARKED WHICH IS  CALLED OPTION ATED. AND WE JUST FEEL LIKE THAT'S THE ONLY WAY THAT  WE CAN GET FARMERS AGGRESSIVE ENOUGH TO SELL. WE'VE BEEN  AGGRESSIVELY SOLD 10 50 ON SOYBEANS FOR FOR SOME TIME. AND IT'S MOSTLY ABOUT MARGINS AND THE DECISION HAS TO COME BACK TO CAN  I MAKE MONEY ON IT WITH AN AVERAGE CROP AT THOSE PRICES THIS  YEAR. YOU TALKED A LOT ABOUT YOU KNOW THE BEAR HAS TO PROVE HIMSELF THIS YEAR LIKE THE BEARS GOT TO PROVE THEIR CASE THIS YEAR  BECAUSE A LOT OF IT HAS TO DO WITH THE IMPRESSIVE DEMAND. THAT'S  RIGHT. WE HAVE FOR THE LAST THREE OR FOUR YEARS.  I'VE ALWAYS ARGUED THAT THE DEMAND GOT TO SHOW UP AND DEMAND  WASN'T SHOWING UP AND WE HAD SINCE THOSE 13 14 15 16 WE WERE  TOLD EVERY YEAR THE IS COMING RIGHT AROUND THE CORNER AND IT FIZZLED. WE NOW HAVE FINALLY GOTTEN THE MAN SHOWING UP WITH  ETHANOL DEMAND AND THE CHINA BAN. SO NOW THE BEAR HAS TO BE  MORE I THINK OF. EXCELLENT POINT. YOU GOT TO BE MORE OF A FLEXIBLE  STRATEGY. I LIKE THAT. IN THE MONEY. DEEP IN THE MONEY PUT  SYNTHETIC FUTURES POSITIONS AND ROLL UP STRATEGY FROM YOUR SEASONALLY CORRECT. AND THEN ONCE YOU GET THE CROP THEN YOU CAN ROLL INTO A CASH TRADE BUT GET YOURSELF LOCKED IN A CASH TRADE  EARLY IN THE SELLING TIME PERIOD REALLY LIMITS YOUR CAPABILITIES.  MARK YOU KNOW WHEN YOU LOOK AT THE DEMAND SIDE FOR SOYBEANS  ARGENTINA WE SAW THEM COMING TO THE MARKET TO BUY US  SOYBEANS. WE HAD THAT BRAZIL TRUCKER STRIKE GOING ON. IT'S ON IT'S OFF IT'S ON IT'S OFF. I MEAN WE DON'T KNOW WHAT'S GOING ON THERE BUT  POSSIBLY SOME LOGISTIC ISSUES GETTING THE SOYBEANS OUT OF THE  COUNTRY. I MEAN DO YOU THINK THAT THAT WILL CREATE A STORY IN  SOYBEANS OR NOT AT THIS POINT THAT WE'RE TOO FOCUSED ON SUPPLY.  NO I THINK THERE'S THERE'S BEEN A STORY IN SOYBEANS FOR A LONG TIME FOR THE LAST THREE OR FOUR YEARS THAT'S BEEN MASKED BY VERY  GOOD YIELDS WORLDWIDE OVER THE LAST THREE OR FOUR YEARS. WE'RE  GROWING DEMAND AT 15 MILLION TONS A YEAR. THAT'S THE EQUIVALENT OF 10 MILLION ACRES. SO WE HAVE TO ADD EVERY YEAR THE  ARGENTTINE BUYING WITH THE US. I THINK IT'S UNLIKELY THAT THOSE  BEANS EVER GET TO ARGENTINA. I THINK THEY BOUGHT THOSE. I THINK IT'S  A REALLY SMART TRADE BUT I THINK IF THEY USE THEM AS AN AS AN ARB  TRADE I DON'T THINK THEY EVER CROSS OVER. DO YO UAGREE? YES. THINK. BECAUSE I THINK WE'VE GOT THIS YEAR SUPPLY SIDE AND  BEANS ARE A LITTLE MORE BEARISH AND I THINK YOU WOULD BE MORE  BEARISH BEANS LUMBER BUSH CORN AND CORN AS LEADER OF THE BACK WHICH IS A FLIP FROM THE LAST COUPLE OF YEARS LEAN'S HAS BEEN THE  LEADING CORN IS GOING TO LOSE OUT IF IT'S GOING TO GO HIGHER. AND I  THINK WE BUY FOR THE DRUG YOU'VE GOT TO BE DONE. SO YOU GOT THREE WEEKS HERE. ALL RIGHT THANK YOU BOTH FOR BEING HERE. WE  APPRECIATE IT. STAY WITH US BECAUSE ANDREW MCCRREA JOINS US  NEXT.  

AMERICAN COUNTRYSIDE
IT'S KNOWN AS AMERICA'S FAVORITE PASTTIME. SO, WHAT BETTER WEEKEND TO KICK OF SUMMER, THAN TO  REMEMBER ONE OF THE GREATS. THIS WEEKEND,  ANDREW MCCREA TAKES US TO THE SHOW-ME STATE,  TO PAY TRIBUTE TO A MAN WHO HAD A SPECIAL GIFT, A  GIFT THAT TOOK A WRONG TURN OF EVENTS, KEEPING  HIM FROM THE NATIONAL RECOGNITION MANY THINK HE DESERVES.  HERE IN THE CITY PARK IN MANSFIELD, MISSOURI, YOU'LL FIND A MEMORIAL TO A HOMETOWN BASEBALL HERO CARL MAYS. HE WAS ONE  OF THE GREATEST PITCHERS OF THE 19 TEENS AND TWENTIES. IN FACT, HIS  STATISTICS ARE SUPERIOR TO MANY OTHER PITCHERS IN THE BASEBALL HALL  OF FAME. HE WOULD PROBABLY BE IN THAT HALL, IF IT WERE NOT FOR ONE  PITCH. CARL MAYS WAS BORN IN 1891 AND GREW UP HERE IN MANSFIELD, MISSOURI.  HIS FATHER DIED BEFORE HE WAS 10 AND YOUNG CARL HAD  TO HELP THE FAMILY SURVIVE. (THEY WERE DESPERATELY POOR. CARL THEY HAD A GUN BUT THEY DIDN'T  HAVE MONEY FOR AMMUNITION. AND SO CARL LEARNED TO KILL SQUIRRELS  AND RABBITS BY THROWING ROCKS AT THEM)    SUCH A FEAT HELPED MAYS BECOME A VERY ACCURATE THROWER.  HE  LATCHED ON TO THE GAME OF BASEBALL, AND LOCALS IN THE MANSFIELD,  MO AREA REMEMBER THE YOUNG MAN'S ABILITIES - CHRONICLED HERE  AT THE LOCAL HISTORICAL MUSEUM. CARL USED TO PLAY BASEBALL WITH THEM EVEN WHEN HE WAS OLDER AND HE WOULD JUST USE ONE HAND TO HIT WITH WHEN HE PLAYED WITH  THEM. BUT HE WOULD STILL HIT IT OVER THE TREES IN THE ORCHARD. BUT PITCHING WAS MAYS SPECIALTY…A TALENT THAT TOOK HIM TO THE  MAJOR LEAGUES.  HE DEBUTED WITH THE RED SOX IN 1915.  HE AND HIS MINOR LEAGUE TEAMMATE, AND LONGTIME FRIEND, BABE RUTH,  WERE CALLED TO MAJORS TOGETHER.  HE WAS KNOWN AS CARL, SUB,  MAYS, FOR HIS DELIVERY STYLE.   EVEN HIS KNUCKLES WOULD BREAK THE GROUND AS HE CAME THROUGH  AND DELIVERED. THEY SAID THE BALL WAS VERY HARD TO SEE. HE LOOKED MUCH LIKE AN OCTOPUS OUT THERE COMING TOWARD YOU) ANN  DUCKWORTH IN FIFTEEN YEARS HE COMPILED OVER 207 WINS AND 862 STRIKEOUTS  WHILE EARNING FOUR WORLD SERIES TITLES.  BUT DESPITE HIS STELLAR  STATISTICS, IT IS ON PITCH, TO CLEVELAND INDIAN RAY CHAPMAN, FOR WHICH MAYS WILL ALWAYS BE REMEMBERED.  AUGUST 16TH IT WAS VERY HOT MUGGY DAY IT'S BEEN DESCRIBED A  LITTLE CLOUDY AND PERHAPS CHAPMAND DIDN'T SEE THE BALL COMING. MAYS WAS KNOWN TO PITCH INSIDE, BUT THIS PITCH WAS TOO HIGH AND  TIGHT.  WITNESSES SAID CHAPMAN NEVER MOVED WHEN THE PITCH  WAS DELIVERED… CARL WAS UNAWARE UNAWARE THAT THE BALL HAD HIT HIM IN THE HEAD. UGH, HE'S QUOOTED AS SAYING HE HEARD IT HIT, IT CAME BACK TO HIM,  HE FIELDED THE BALL AND THREW IT TO FIRST BEFORE HE REALIZED THAT THE  BATTER WAS DOWN.  CHAPMAN, COLLAPSED TWICE ON HIS WAY TO FIRST BASE AFTER BEING  STRUCK IN THE HEAD BY THE BALL.  HE WAS TAKEN TO THE HOSPITAL AND  AN OPERATION WAS PERFORMED THAT NIGHT DUE TO A SKULL FRACTURE.  HE DIED THE NEXT MORNING. CARL EVEN WENT BEFORE THE DISTRICT ATTORNEY AND WAS COMPLETELY  EXHANUERATED OF ANY PURPOSEFUL ACT. BUT THE BASEBALL LEAGUE IN ITSELF NEVER REALLY CAME AROUND TO THAT CONCLUSION.  TY COBB CAMPAIGNED TO HAVE MAYS BANNED FROM BASEBALL, BUT  HE WENT ON TO PITCH ANOTHER NINE YEARS.  HE WAS A QUIET, YET  GENEROUS MAN TO THOSE HERE IN HIS HOMETOWN.  TODAY MAYS IS IN  THE STATE SPORTS HALL OF FAME…AND LOCALS CONTINUE TO SHARE HIS  FULL STORY, SO HIS CAREER IS NOT REMEMBERED FOR JUST ONE PITCH. CARL MAYS HAD AN AMAZING CAREER, PLAYING WITH THE LIKES OF BABE  RUTH AND A MASSIVE STATISTICS WORTHY OF THE HALL OF FAME. IF THE  FOLKS IN THIS TOWN HAVE THEIR WAY, SOMEDAY HE WILL MAKE THAT HALL IN COOPERSTOWN, TRAVELING THE COUNTRYSIDE IN MANSFIELD,  MISSOURI, I'M ANDREW MCCREA.   YOU CAN HEAR MORE FROM ANDREW'S TRAVELS BY  VISITING AMERICAN COUNTRYSIDE DOT COM. WHEN WE COME BACK, JOHN PHIPPS WEIGHS IN ON THE  STRUGGLES IN DAIRY.  

CUSTOMER SUPPORT
WELCOME BACK. WE'VE CONTINUED TO COVER THE DIRE SITUATION IN DAIRY TODAY. AND IT'S A SITUATION  CAUSING THE LANDSCAPE OF DAIRY TO CHANGE.  HERE'S JOHN PHIPPS.  LAST WINTER WE RECEIVED THIS QUESTION ABOUT A PROBLEM THAT IS  STILL WITH US. "THRU SOCIAL MEDIA I WAS INFORMED THAT A MILK PRODUCTION  COMPANY IN NEW YORK STATE HAS BEEN INCLUDING SUICIDE HOTLINE  SLIPS IN THE MILK CHECKS FOR ALL OF THEIR PRODUCERS. COULD SOMEONE INVESTIGATE THIS. IT WAS ALSO NOTED THAT THE PER CAPITA  SUICIDE RATE FOR DAIRY IS THE HIGHEST IN THE COUNTRY."  THAT'S FROM KEVIN GIERACH IN BROWNSVILLE, WISCONSIN. I THINK HE WAS REFERRING TO THIS NPR REPORT REGARDING A NEW YORK MILK COOP  INCLUDING INFORMATION ABOUT SUICIDE HOTLINES IN THE MILK CHECKS  SENT TO PRODUCERS AFTER THREE MEMBERS HAD TAKEN THEIR LIVES IN THE PAST THREE YEARS. AS FOR THE DAIRY SUICIDE RATE BEING THE  HIGHEST, THE BEST INFORMATION I CAN FIND IS A 2012 CDC STUDY THAT  FOUND WORKERS IN FARMING, FISHING AND FORESTRY OCCUPATIONS - WHICH IS HOW WE ARE LUMPED TOGETHER FOR GOVERNMENT  OCCUPATIONAL STATISTICS - DO INDEED HAVE THE HIGHEST SUICIDE RATE  COMPARED TO OTHER INDUSTRIES AT 85 DEATHS PER 100,000. THE NEXT HIGHEST WAS CONSTRUCTION AND MINING AT 53 PER 100,000. THIS SAD PROBLEM IS OF COURSE LINKED TO THE SEEMINGLY INEVITABLE  PROCESS OF DAIRY CONSOLIDATION AND THE FINANCIAL CRISES THAT ARE  NOW PANDEMIC ACROSS THE INDUSTRY. TYNE HAS BEEN CHRONICLING THIS CHANGE IN HOW MILK IS PRODUCED AND DETAILING THE ECONOMIC  COSTS. THE SOCIAL COSTS ARE UNDERSTANDABLY MUCH HARDER TO BOTH  CALCULATE AND MITIGATE. THE SIMULTANEOUS CONSOLIDATION IN MILK  PROCESSING CONTRIBUTES TO THE PRESSURE ON MILK PRODUCERS, AS THE  SUDDEN LOSS OF YOUR ONLY CUSTOMER CAN BE A DEVASTATING CATASTROPHE FOR DAIRY FARMERS. NEXT WEEK, I'LL TAKE AN ENGINEER'S LOOK AT THIS HEART-BREAKING  CRISIS, AND SUGGEST WE CAN DO MORE THAN OFFER THOUGHTS AND PRAYERS, VALUABLE AS THOSE ARE. AND I ECHO JOHN'S SENTIMENTS AT THE END. THANK  YOU JOHN. 

TEASE
UP NEXT, SOME HARVEST PROGRESS TO REPORT. WE HAVE FROM THE FARM PHOTOS AFTER THE BREAK. 

FROM THE FARM
TIME NOW FOR SOME FROM THE FARM PHOTOS. KENNY SNAPPED THIS PICTURE OF HIS FATHER IN THE  FIELD. HE SAYS HIS DAD JUST FINIHSED PUTTING HIS  55TH CROP INT EH GROUND.  AND RUSSELL BOENINGFINISHED RILLING THE FIRST SILAGE BUNKER THIS WEEK. AOUT 2,00 TONS OF DRYLAND CORN IN TWO  DAYS. ALSO WORKIGN ON SORHGUM SILAGE.  A WELCOME SIGHT FOR JEROD. A DOUBLE RAINBOW.  BUT MORE THAN A PRETTY PICTURE, IT MEANT THEY  WERE RAINED OUT FOR THE DAY. AND IN AN AREA THAT  SAW  PRACTIALLY NO MOISTURE THIS WINTER OR  SPRING, BEING RAINED OUT IS A GOOD THING RIGHT  NOW.  STICKING WITH TEXAS, CONGRATULATIONS TO OUR  JUNE FACEBOOK COVER PHOTO WINNER, CASEY  PETERS IN SEMINOLE TEXAS. THIS PICTURE IS OF THEM  WATING COTTON IN DELL CITY, WHICH IS LOCATED IN  WEST TEXAS. IRRIGATION IS VITAL RIGHT NOW IN THAT AREA.  ALSO BEFORE WE GO WE WANT TO INVITE YOU TO JOIN FARM JOURNAL AGRONOMISTS THIS SUMMER FOR THE FARM JOURNAL YIELD TO. THERE  WILL BE THREE ONE DAY EDUCATIONAL EVENTS THAT WILL BE LED BY  INDUSTRY EXPERTS INCLUDING KEN FEIGHERY AND MISSY BAUER AS WELL AS MORE ALSO AGRO TALK WE'LL BE ON LOCATION. YOU CAN ALSO  FIND OUT MORE INFORMATION BY VISITING AG WEB.COM FORET SLASH  FARM JOURNAL YIELD TO HER. 

CLOSE
WELL THAT'S ALL THE TIME WE HAVE THIS WEEKEND. THANK YOU SO MUCH FOR JOINING US. BE SURE TO JOIN US  AGAIN RIGHT HERE NEXT WEEK AS WE WORK TO BUILD ON OUR TRADITION.  HAVE A GREAT WEEKEND EVERYONE.  

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