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Today's First Look:
mornings with cash and futures reviewed- includes where the Cash Cattle market stands, the latest Feeder Cattle Markets Etc.
Each afternoon we are posting a recap of that day's markets as analyzed by Justin Lewis of KIS futures
- click or tap here
for the report posted yesterday afternoon around 3:30 PM.
Okla Cash Grain:
Feeder Cattle Recap:
Slaughter Cattle Recap:
TCFA Feedlot Recap:
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|Oklahoma's Latest Farm and Ranch News
Your Update from Ron Hays of RON
Monday, August 15, 2016
Record Corn and Soybean Crops Headline the 2016 August USDA Crop Production Report
The Friday USDA Crop Production Report resulted in record-breaking production for corn and soybeans as USDA pegs the corn crop at 15.15 billion bushels and soybeans at 4.06 billion bushels. In both cases, the USDA numbers are very aggressive compared to the pre report estimates, with both forecasts above the range of pre report trade guesses. Click here for the complete USDA Crop Production report that includes predictions for corn, soybeans, wheat, grain sorghum, cotton, peanuts and several more crops.Predicted yields for corn and soybeans were also at record levels, which was the key component for the production records. USDA now believes that US farmers will harvest an average of 175.1 bushels per acre of corn- up seven bushels from the July forecast of 168 bpa. The soybean yield was increased 2.2 bushels per acre from July- and now is predicted at a record 48.9 bushels per acre.Corn ending stocks for the 2016-17 crop year are projected at 2.4 billion bushels and if realized would be the highest since the 1987-88 crop year. The stocks-to-use ratio would hit 14.7%, compared to 12.5% for the 2015-16 crop.Farm gate prices for both crops reflect the huge crops- USDA put the national average farm-gate price for the 2016-17 marketing year between $2.85 to $3.45 per bushel which is a 25-cent drop on both ends from the July estimate. The average farm-gate price for the 2015-16 crop was lowered to $3.60 per bushel. The farm price for soybeans for the 2016-17 marketing year will range from $8.35 to $9.85 per bushel, which is 40 cents lower than earlier projections. The soybean price for the 2015-16 marketing year is estimated at $8.95 a bushel.
to read more from the USDA Crop Production Report, including other crops of importance to our region.
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|USDA Boosts Kansas Crop in August Report- Leaves Oklahoma Unchanged from July
Winter wheat production is forecast at 1.66 billion bushels, up 2 percent from the July 1 forecast and up 21 percent from 2015. Based on August 1 conditions, the United States yield is forecast at 54.9 bushels per acre, up 1 bushel from last month and up 12.4 bushels from last year. The area expected to be harvested for grain or seed totals 30.2 million acres, unchanged from last month but down 6 percent from last year. Hard Red Winter production, at 1.05 billion bushels, is up 1 percent from last month. Kansas
is easily the largest producer of winter wheat and hard red winter wheat, as USDA ups their expected bushels per acre forecast to 57 bushels per acre compared to the July forecast, which is a record for the state- and with 8.1 million acres harvested results in a 461.7 million bushel crop in 2016. Oklahoma
estimates are the same in August as they were in July- with the state expecting a record 40 bushels per acre on 3.3 million harvested acres- that results in a 34% increase in production over 2015.
Wheat production for Texas
is forecast at 95.2 million bushels, down 11 percent from last year. Yield per acre is expected to average 34.0 bushels, up 4.0 bushels from 2015. Harvested acreage for grain, at 2.80 million acres, is down 21 percent from the previous year.
You can view details of the Oklahoma and Texas wheat crop production by clicking or tapping here
to review the NASS report on wheat production in the two states.
|Wheat Group's CEO Says Farm Bill is Coming - Now's the Time to Prepare
The Oklahoma Wheat Commission held its annual wheat review Friday at the Redlands Community College Darlington Chapel in El Reno. Joining them in attendance was Chandler Goule, the newly hired chief executive officer of the National Association of Wheat Growers (NAWG). Goule, it seems hit the ground running in his new position, already mobilizing his organization's efforts to ensure his members' voices are heard as talks preempting the 2018 Farm Bill are already starting."I'm about six weeks into the new job and slowly making my way around the country to meet with wheat growers," Goule said, "to sit and talk about one of our favorite issues, the 2018 Farm Bill and how to prepare for it."Wasting no time, Goule and his staff have already begun putting a strategic plan into place working with all 22 of their state affiliates to develop NAWG's priorities for the Farm Bill through their committees. Right now, Goule says they are developing their policies from a 50,000 ft. view for their fall meeting being held later this year in Denver. He says this will set the stage for their winter meeting in January to really "put a little more meat to those bones," Goule said."My expectation and guess," Goule said, "is that we will start seeing field hearings or some type of hearing process as early as February or March in Washington, D.C. and we need to be prepared."Listen to the Goule speak more about NAWG's recent activities as the organization prepares to weigh in on the 2018 Farm Bill.
|Ken Ackerman on The Rise of Crop Insurance and Reasons Why Farmers Don't Want to See It Fall
It doesn't matter if you talk to farmers or their lenders, if you ask them if they had to pick one program from the government that you absolutely need to keep, what would it be? Most everyone would say Crop Insurance.We could go back to disaster programs where farmers didn't have to pay in but Congress didn't always pay out or to just the luck of the season on whether the farmer had good weather or bad to cover his costs.Fellow farm broadcast colleague Ken Root talked last week with a man who was at the top spot in USDA when the modern crop insurance program formed and how it has evolved.- dating back to the early 1990s.Ken Ackerman served from 1993 to 2001 as Manager of Federal Crop Insurance Administration and administrator of the Risk Management Agency of the US Department of Agriculture. Ackerman currently is a counsel for OFW Law, specializing in agriculture.Click here to listen to Ken Root and Ken Ackerman look back to 1993 and the impact that a historic flood of that day helped bring crop insurance into focus as a tool that could help farmers manage risk.
Midwest Farm Shows is our longest running sponsor of the daily email- and they say thanks to all of you who participated in their 2016 Oklahoma City Farm Show.
Up next will be the Tulsa Farm Show in December 2016- the dates are December 8th, 9th and 10th. Now is the ideal time to contact Ron Bormaster at 507-437-7969 and book space at the 2016 Tulsa Farm Show. To learn more about the Tulsa Farm Show, click here.
|Farm Bureau Petitions Ag Secretary Vilsack for Emergency Assistance to Dairy Farmers
Against a backdrop of plummeting farm-level milk prices and farm cash receipts for milk sales, the American Farm Bureau Federation last week asked the Agriculture Department to provide emergency assistance for the nation's dairy farmers.
In a letter to Agriculture Secretary Tom Vilsack, AFBF President Zippy Duvall said AFBF supported a recent request from 61 members of Congress asking USDA to provide emergency assistance.
Duvall noted the U.S. all-milk price fell to $14.50 per hundredweight in May, the lowest level since 2009. In addition, he told the USDA, dairy farm cash receipts from milk sales have fallen $16 billion since the record highs of 2014.
"The decline in dairy farm revenue has led many dairy farm families to exit the industry," Duvall wrote. "In 2015 we lost 1,225 dairy farms - many of those small dairy farm operations where the average herd size is fewer than 200 milking cows."
The AFBF President said lower dairy exports, increased production in Europe, expansion of the U.S. dairy herd due to economic signals in 2014 and a record high domestic cheese inventory continued to weigh on domestic markets. USDA is projecting a 2016 average milk price of $15.70 per hundredweight, down 35 percent from 2014 and the second lowest level in the past decade.
to read more about ABFB's call for help and to find a link to the full letter.
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|National Corn Growers President Calls USDA Supply & Demand Report a
The following is a statement released Friday by Chip Bowling, president of the National Corn Growers Association, in response to the recently issued USDA WASDE report.
"Within recent days, we've heard a lot from both Presidential campaigns regarding issues that are important to rural America. We've heard opposition to the Trans-Pacific Partnership and attacks on our trade agreements-at the very time that agriculture needs to open new markets. We've heard support for expanding the use of renewable fuels-while American farmers are still battling decisions made by the U.S. EPA that undermine biofuels use.
"Today's World Agriculture Supply and Demand Estimates Report should be a wake-up call for both Presidential campaigns regarding the economic challenges facing farmers and rural America.
"Rural America needs help. With prices for a number of crop and livestock commodities already below the cost of production, the potential losses in rural America will result in fewer family farms, fewer jobs, and economic hardship. We need real solutions that help us access markets, expand biofuel use, and ensure a more sustainable future."
|Bentley Tops in 2015-16 Oklahoma Variety Performance Tests
The results from this year's growing wheat season are in and Bentley, a hard red winter variety developed by the Oklahoma State University Division of Agricultural Sciences and Natural Resources, was among the best performers across Oklahoma.
With 17 trial locations statewide reporting data as part of the 2015-16 Oklahoma Small Grains Variety Performance Tests, Bentley ranked first among the varieties planted at all 17 locations while two other popular OSU varieties, Gallagher and Iba, also landed in the top five.
"Bentley came out on top, but WB-Grainfield was a close second. Next was TAM 204, followed by Iba and Gallagher. We're talking about a five-bushel spread, 68 to 63 bushels, among those five varieties," said David Marburger, OSU Extension small grains specialist.
In a departure from most years in Oklahoma, the growing season was marked with good rainfall and near optimal growing conditions at critical points in the crop's development, Marburger said.
While Bentley is currently being targeted toward north central to southwestern Oklahoma because of its strong drought tolerance, drought was not a significant factor during critical points in the growing season. The variety still performed well, especially in northern parts of the state.
Click here to read more about OSU's Bentley variety.
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