~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Oklahoma's latest farm and ranch news
Your Update from Ron Hays of RON for Tuesday July 13, 2010A service of Producers Cooperative Oil Mill, Midwest Farm Shows and Big Iron OnLine Auctions!
-- Time Running Short for Congress to Deal with Death Taxes This Calendar Year
-- National Association of County Ag Agents Meet This Week in Tulsa
-- Southeastern Oklahoma Slightly Dry as Southwestern Oklahoma is Waterlogged
-- Nationally- Conditions Improve for Most Spring Planted Crops
-- Big Numbers From Big Iron Auction
-- Retained Ownership Into the Feedlot this Year- Ill Advised.
-- People- Correction on Kenneth Risenhoover- Goodbye to Ron Wayland and a Prayer to be Said for Jeff Krehbiel
-- Let's Check the Markets!
Here's your morning farm news headlines from the Director of Farm Programming for the Radio Oklahoma Network, Ron Hays. We are proud to welcome Big Iron Unreserved Online Auctions as our newest sponsor of the daily Email. Their next auction is Wednesday, July 14- featuring Low Hour, Farmer Owned Equipment. Click here for their website to learn more about their Online Farm Equipment Auctions.
We are also excited to have as one of our sponsors for the daily email
Producers Cooperative Oil Mill, with 64 years of progress through
producer ownership. Call Brandon Winters at 405-232-7555 for more
information on the oilseed crops they handle, including sunflowers and
canola- and remember they post closing market prices for canola and
sunflowers on the PCOM
website- go there by clicking here.
If you have received this by someone forwarding it to you, you are welcome to subscribe and get this weekday update sent to you directly by clicking here.
Time Running Short for Congress to Deal with Death Taxes This Calendar Year
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Only 30 legislative days are left on the Congressional calendar until the estate tax reverts back to its pre-2001 levels. If Congress fails to act - starting January 1st of 2011 - farm estates worth a mere one-million dollars will be taxed at a rate of 55-percent. Steve Foglesong - President of the National Cattlemen's Beef Association - says if Congress does nothing - they're in essence handing down a death sentence to family-owned farming and ranching operations. He says this will have serious impacts on all Americans - not just those in rural communities.
It's widely believed that the estate tax - commonly known as the death tax - disproportionately hits agriculture. Ninety-seven percent of American farms and ranches are owned and operated by families - and the tax is considered one of the leading causes of the breakup of multigenerational family farms and ranches.
"This is not a tax on the 'wealthy elite.' The wealthy can afford accountants and estate planners to help them evade the tax. This is a death warrant for small-to-medium sized family businesses," Foglesong continued. "Farmers and ranchers are often forced to sell land, equipment, or the even the entire ranch just to pay off tax liabilities. This is money that could otherwise be reinvested to grow the family business and hand it down to future generations."
Click on the LINK below to jump to our website to read more- and also hear from Colin Woodall of the National Cattlemen's Beef Association. Woodall is their lead lobbyist on the Hill- and is very concerned that the votes won't be there to anything done on the Death Tax until after the first of the year- when it will become very expensive to die if you have a farm or ranch to pass to someone else in the family.
National Association of County Ag Agents Meet This Week in Tulsa
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~In fact- that meeting is well underway as they continue through Thursday, based in downtown Tulsa. On Monday, the group heard from Oklahoma Congressman Frank Lucas in their opening General Session- today a whole host of workshops are planned on dozens of subjects- Wednesday is tour day and the final General Session is planned Thursday morning- at which time, they will honor Dr. Bob Totusek- retired head of the OSU Animal Science Department with their 2010 Service to American/World Agriculture award.
The 2010 meeting is including cutting edge research and technology, and meeting planners promised to convention goers that they would be exposed to new and progressive concepts as well as traditional Oklahoma agriculture, showing them a diversity of agriculture enterprises, amazing them with breathtaking landscapes, and leaving them with a clear understanding of Extension done the Oklahoma way.
There are some 32 tours planned for extension personnel coming in from
all across the United States- from showing off the ecology of the Illinois
River to the Angus and Limousin Cattle of the Express Ranch to the in
Tulsa tours that include a visit to National Steak and Poultry. Convention
coordinator Bob Woods has done an incredible job putting all of these
pieces together over the last couple of years- with all of that work now
coming together and heading for the home stretch of being done.
Southeastern Oklahoma Slightly Dry as Southwestern Oklahoma is Waterlogged
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~The latest Oklahoma Crop Weather Update talks about the heavy rains of this past week- with just a bit of irony thrown in- "Heavy rains and flash flooding returned to Oklahoma this week, providing needed moisture for most of the state, but resulting in dangerous conditions in some areas. All nine districts received more than an inch of rainfall with the Southwest district receiving 4.07 inches total. Hobart received 10.94 inches of rain for the week, most of which fell on Monday. Despite extensive rainfall in some areas of the state, there were still parts of the Panhandle and Southeast districts in need of additional moisture. Flood damage to crops was reported for 17 percent of the state, with 11 percent light and six percent moderate damage. Topsoil and subsoil conditions were rated in the adequate to surplus range with 32 percent of topsoil conditions rated surplus and 20 percent of subsoil conditions rated surplus."
For our spring planted crops- "Crop conditions improved slightly from the week prior due to the ample rainfall which also provided for considerable crop progress. Corn silking reached 82 percent complete, a 29 point increase from the week prior and nineteen points ahead of normal. Virtually all sorghum was emerged by Sunday, 19 points ahead of the five-year average. Sorghum headed reached 16 percent complete, seven points ahead of normal. Virtually all soybeans were emerged by week's end, 15 points ahead of normal, while 21 percent of the crop had bloomed, a 14 point increase from the week prior. Peanuts pegging reached 60 percent complete by week's end and 18 percent of the plants were setting pods. Cotton squaring increased substantially to reach 74 percent complete, 23 points ahead of the five-year average. Eighteen percent of the cotton crop was setting bolls by week's end."
Click on the LINK below for this week's Oklahoma Crop Weather update- which also has a statistic that is near and dear to the hearts of those of us that love watermelon- harvest of the green melons is now underway- 5% done here in the state for 2010.
Nationally- Conditions Improve for Most Spring Planted Crops
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Our spring crops have improved slightly in the latest week as far as crop ratings as assigned by the USDA go. Nationally, the US Corn crop is now rated 73% good to excellent versus 71% good to excellent one year ago. Those numbers match the milo crop conditions as well- 73% this week versus 71% last week. The grain sorghum crop, by the way, is in far better shape than a year ago when it was rated only52% in good to excellent condition.
The US Cotton crop also is looking is really good shape- 67% in good to excellent shape versus 65% a week ago- and again, like milo, much much better than last year in early July when the rating for our US Cotton was just 43% in good to excellent condition.
The US Soybean crop ratings slipped one percentage point from last week- 65% this week versus 66% one week ago. Missouri seems to have as many problems as any state with soybeans this year- 21% of their crop is in poor to very poor condition.
Big Numbers From Big Iron Auction
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Big Iron's unreserved online auction on June 23rd hosted bidders from 31 different states and 4 different countries. In the three days prior to the auction closing, the website had 440,868 views. There have been nearly 1.1 million views by potential bidders in the month of June that were looking at 696 items now sold to the highest bidders.
Big Iron is now starting to gain international attention, in fact, the second highest bidder on a 2008 Claas 900 Forage Harvester was from Israel. Other items included a John Deere 9500 combine with 1383 separator hours that sold for $62,000.00, as well as over 130 tractors. Auctions are held on the second and fourth Wednesday of every month which sets the next sale date for tomorrow- July 14, 2010. That auction will feature 436 items including late model 8420, 8320, and 8400 John Deere tractors plus a Ford MX-150 loader tractor and a 5240 International tractor.
Click on the LINK below for the Big Iron website- and one of your
choices there is a link to learn how you can sell on the next Big Iron
sale at the end of this month. You can also call 1-800-937-3558 and get
set up for a Territory Manager to come get your equipment consigned for
the next Big Iron sale.
Retained Ownership Into the Feedlot this Year- Ill Advised.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~From the weekly "Cow Calf Corner" written by Dr. Derrell Peel and Dr. Eric DeVoyst of Oklahoma State University- we have their thoughts on retained ownership- and simply put- they think cow calf folks owning cattle on into the feedlot right now is not a very good idea.
It does pay to precondition your calves- "As producers are weaning their fall-born calves, it's a good time to look at retained ownership options. Utilizing OSU's Retained Ownership Decision Tool, we looked at retaining fall-born, long-weaned steers through preconditioning, grass stocker and feedlot. Calves are assumed to be weaned on July 15 and weigh 641 lb. Last week's Oklahoma City price was $115.36 for unweaned calves weighing 622 lb. after shrink. Subtracting expenses for sales, weaned steers are expected to return $711/head to the cow-herd. If instead those steers are preconditioned for 45 days, the producer can expect to sell a 698 lb calf, after shrink, at $120.94 (August) plus a $3 premium for preconditioning. So, the calf earns an $856 check after a 1% death loss. The producer will have another $87/head in expenses, so preconditioning nets about $59/hd. There is an important lesson to be learned from the price difference between a bawling calf and a weaned calf. The market is currently discounting bawling calves by over $6/cwt. compared to weaned calves of the same weight. Even waiting a week post-weaning can make you money."
It's very uncertain if you can make money running weaned calves on pasture as a retained ownership strategy right now- and you almost certainly lose money if you retain ownership into the feedlot. Click on the LINK below to read what Peel and DeVoyst have to say about these scenarios here for the summertime of 2010.
People- Correction on Kenneth Risenhoover- Goodbye to Ron Wayland and a Prayer to be Said for Jeff Krehbiel
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~We had extra http stuff in our web address on our webstory for Kenneth Risenhoover yesterday when it comes to being able to go online and make a contribution for a scholarship fund established in his honor. Click here for the Risenhoover webstory we have on our website www.OklahomaFarmReport.com where we now have the right URL for that Paypal link. Check it out.
We are saddened to hear of the passing of Ron Wayland, longtime Limousin breeder and a fellow classmate of mine in Class One of the Oklahoma Ag Leadership Program. Jim Bob Hendrickson, President of the Oklahoma Limousin Association tells us that "He died suddenly Saturday night from heart problems. Ron has been battling heart problems for almost 2 years. He had 2 very serious surgeries done in Houston in the last year or so." Services are in Shattuck at the High School this Thursday at 2:00 PM. A Ron Wayland Scholarship fund has been established at the Shattuck National Bank, PO box39, Shattuck,Ok 73858.
Finally, as we write this- Jeff Krehbiel is prepping for surgery at MD Anderson in Houston- a surgery that will take about 6 hours as they attempt to remove more cancer that has come back after surgery last September. Pray for this Oklahoma wheat industry leader, his wife Karen and their entire family during this crucial day in Jeff's fight to beat this disease. Click on the link below for the Care Pages that tell of this almost year long battle now by this wonderful Oklahoma farm family.
Our thanks to Midwest Farms Shows, PCOM, P & K Equipment/ P & K Wind Energy, Johnston Enterprises, American Farmers & Ranchers, KIS Futures and Big Iron Online Auctions for their support of our daily Farm News Update. For your convenience, we have our sponsors' websites linked here- just click on their name to jump to their website- check their sites out and let these folks know you appreciate the support of this daily email, as their sponsorship helps us keep this arriving in your inbox on a regular basis- FREE!
We also invite you to check out our website at the link below to check out an archive of these daily emails, audio reports and top farm news story links from around the globe.
Let's Check the Markets!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~We've had requests to include Canola prices for your convenience here- and we will be doing so on a regular basis. Cash price for Canola is $7.55 per bushel- as of Monday afternoon, while the 2011 New Crop contracts for Canola are now available are $7.50 per bushel- delivered to local participating elevators that are working with PCOM.
Here are some links we will leave in place on an ongoing basis- Click
on the name of the report to go to that link:
God Bless! You can reach us at the following: