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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.
Okla Cash Grain:
Feeder Cattle Recap:
Slaughter Cattle Recap:
TCFA Feedlot Recap:
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Ron Hays, Senior Farm Director and Editor
KC Sheperd, Associate Farm Director and Editor
Sam Knipp, Farm Editor
Pam Arterburn, Calendar and Template Manager
Dave Lanning, Markets and Production
|Oklahoma's Latest Farm and Ranch News
Your Update from Ron Hays of RON
Wednesday, March 25, 2020
The U.S. Department of Agriculture (USDA) and the Office of the U.S. Trade Representative (USTR) today announced continued progress in the implementation of the agriculture-related provisions of the U.S.-China Phase One Economic and Trade Agreement. The Agreement entered into force on February 14, 2020, and the recent actions described below build upon the actions announced by USDA and USTR on February 25 and March 10.
Among the recent actions:
* Both countries signed a regionalization agreement that, in the event of a detection of highly pathogenic avian influenza or virulent Newcastle disease in a particular region of the United States, will allow U.S. poultry exports from unaffected regions of the country to continue (APHIS Regionalization Protocol Announcement). This action will help protect the increased access American farmers have gained in China's poultry market. U.S. poultry exports have the potential to exceed $1 billion per year.
* China notified the United States of proposed maximum residue levels for three hormones commonly used in U.S. beef production. This recognition by China of safe and science-based U.S. production methods particularly benefits trade with China in beef, a fast-growing market that imported $8.4 billion worth of beef products in 2019.
* U.S. beef producers, for the first time since 2003, will have access for nearly all beef products into China. U.S. pork producers will also be able to significantly expand the types of pork products shipped to China. As per the Agreement, China expanded its internal list of U.S. beef and pork products eligible to enter its ports, including processed meat products (Updated Beef and Pork Product Lists).
On the beef and beef products list, China removed all references to age restrictions, in line with its February 24 announcement that conditionally lifted restrictions on beef and beef products from cattle aged 30 months and older (Lifting Restriction on U.S. Beef 30 Months and Over Announcement). USDA estimates that American cattlemen could export up to $1 billion per year under this improved trading environment.
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After 72 hours of delay- Congress appears ready to move forward on the massive two trillion dollar Coronavirus Aid Package- which apparently will include money to replenish the CCC to the tune of $30 Billion- plus additional authority of $20 Billion for emergency aid to the cattle industry and a third round of MFP.
We covered this in detail in our Morning Farm News that is heard on radio stations that are a part of the Radio Oklahoma Ag Network- click here to listen to our report that included comments from the Senate floor from Senator John Thune.
According to Agri-Pulse- Sen. John Hoeven, who chairs the Senate Agriculture Appropriations Subcommittee, has been working to ensure that the bill will replenish USDA's Commodity Credit Corp. spending authority and temporarily raise the borrowing limit to $50 billion, the amount the department estimates that it will need to fund MFP and cover other needs, he said.
As for timing of the assistance, Hoeven indicated that USDA may move more quickly on providing aid to cattle producers and compensation for coronavirus impacts than it does on a new round of MFP, given that the department doesn't want to distort planting decisions by promising more MFP payments too soon.
Meanwhile- Forty-eight agriculture groups have been calling on Congress to expand USDA's borrowing authority under the Commodity Credit Corporation. Congress must act to ensure the CCC has the authority and funding to assist farmers and ranchers facing serious cash flow challenges during the coronavirus pandemic.
The letter, addressed to both Senate and House leaders reads, "Farmers, ranchers and the supply chain that support them will not let Americans down during this unprecedented crisis and they are asking the same of you. Millions of producers will need help with cash flow given the rapid and unanticipated decline in commodity prices, the likely closures of ethanol processing plants, the effective elimination of direct-to-consumer sales and decline in full-service restaurant and school meal demand."
Click or tap here
to read the letter penned by the groups that went to members of Congress.
Today I chat with Dr. Glynn Tonsor, livestock market economist with Kansas State University, about higher boxed beef prices versus cash cattle prices. Dr.Tonsor studies not only livestock market trends but also focuses on all aspects of the meat supply chain ranging from production level supply issues to end-user consumer demand issues.
The spread between cash cattle prices and the boxed beef market has become rather dramatic as the COVID-19 crisis has closed restaurants and forced consumers to eat more meals at home. Dr. Tonsor said this has led to a consumer demand surge for chuck and round primal cuts.
These primal cuts are where we get ground beef, Tonsor said. The price of these primal cuts has increased over 35 percent compared to the previous week.
For additional historic perspective, Tonsor said when we had the Tyson plant fire in Kansas last August the weekly price surge was 10.3 percent.
It's going to be fascinating to see how this plays out over the next several weeks as the entire food chain adjusts to meet the consumer demand, Tonsor said.
"This is going to be watched closely," Tonsor said.
Crop Marketing Specialist, Dr. Kim Anderson at Oklahoma State University offers this market analysis on grain prices the past few weeks:
During the last seven trading days, wheat prices have increased between 62 and 67 cents. Wheat may be forward contracted for harvest delivery in Snyder, Oklahoma for $4.47, in Dacoma for $4.65, and in Medford for $4.79. These higher prices may be the result of China buying 12.5 million bushels of U.S. hard red winter (HRW) wheat and an increased demand by bakers to meet the increased demand for bread, pasta, and flour. Will these demands continue?
In the February Agricultural Outlook Forum, the USDA projected U.S. 2020 wheat production to be 1.84 billion bushels (bb) compared to 1.92 bb last year. The IGC (International Grains Council) projects 2020/21 world wheat production to be a record 28.3 billion bushels (bb) compared to 28.1 bb in 2019/20. Analysts have projected that 2020 Russian wheat production will be 150 million bushels (mb) higher than last year. Kazakhstan's production is projected to be 100 mb higher, and Ukraine's wheat production is projected to be100 mb lower than in 2019. A net 150 mb wheat production increase is projected for the Black Sea exporters.
Analyst have projected a 120 mb decline in 2020 EU wheat production. Australia's wheat production is projected to increase 150 mb. IGC's 2020/21 wheat production estimate of a record 28.3 billion bushels is probably a pretty good estimate. Irrespective of the numbers, more than adequate wheat supplies are and will be available, so wheat prices are expected to remain relatively low.
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Robert E McKnight Jr, President of the Southwestern Cattle Raisers Association has written the following article about how cattle producers remain on front lines of coronavirus battle. McKnight States:
By all measures, we are in historic times as the nation mounts an unprecedented response to COVID-19, also known as the coronavirus. The growing national crisis created by COVID-19 and recovery efforts after the pandemic subsides will likely stretch on for quite some time.
There will be a substantial effect on our economy and way of life.
Unfortunately, cattle producers are not immune to these impacts. Economic losses are already mounting, to the tune of billions of dollars.
Our staff is working to mitigate the effect on cattle producers, but most of us probably have a more critical concern at the moment - feeding our families.
As president of the Texas and Southwestern Cattle Raisers Association, I want to personally assure you that we are committed to maintaining a robust and reliable beef supply despite any challenges that may arise, so American consumers have the beef they need.
This extends far beyond just ranchers. It includes those who supply feed and equipment, livestock auction markets, feedyards, processing plants and retailers.
Our government and public affairs staff have been in almost constant contact with state and federal officials as the COVID-19 pandemic has progressed. They have received numerous assurances that we will be allowed to continue our work despite any national or statewide quarantine.
Oklahoma State University and Extension experts will host two online teleconferences March 26 and 31 to address questions about the cattle industry, markets and COVID-19.
Agricultural producers are adjusting to the pandemic spread of the novel coronavirus as well as they are able to, OSU Extension Livestock Marketing Specialist Derrell Peel said, but it's difficult to keep anxiety in check and plan ahead. The purpose of the March 26 webinar hosted through Zoom.com is to help provide answers and perspective about the country's cattle markets, macroeconomic effects and international trade. The March 31 webinar will bring those concerns down to a regional perspective.
"There is a tremendous amount of unknowns as we confront this situation," Peel said. "There's no real precedent for what's happening. We want to give producers a forum to talk through it and support each other."
The first event will begin at 7 p.m. March 26. It is free and open to the public. Questions for the webinar can be sent by email to email@example.com. Experts available for comment will include Peel and Josh Maples at Mississippi State University Extension.
An internet connection is needed to receive the webinar material, although a webcam or microphone is not necessary. The event will be held at https://msstateextension.zoom.us. For audio only, participants can use their computer speakers or join by phone at 312-626-6779. To log in, the webinar identification number is 574 268 148. If using a smartphone or tablet, downloading the Zoom application is recommended.
The second, separate event on March 31 will look more closely at economic mitigation efforts among regional cattle producers, said JJ Jones, southeast area Extension agricultural economist. Other specialist scheduled to attend include agricultural economists Trent Milacek and Scott Clawson.
"Cattle prices are down and no one is certain about the outlook," Jones said. "We will survive this and things will turn around, but we need to talk about how that's going to happen."
BASF, in partnership with industry-leading commodity associations, including the American Soybean Association (ASA), the National Corn Growers Association (NCGA), the National Sorghum Foundation (NSF) and the National Wheat Foundation (NWF), awarded academic scholarships to eight agriculture students who have shown outstanding enthusiasm and passion for the industry.
American Soybean Association Soy Scholarship
BASF and ASA awarded the 2020-2021 ASA Soy Scholarship to Emma Kuhns of Mason City, Illinois, who plans to attend the University of Illinois at Urbana-Champaign. Kuhns will receive a $5,000 academic scholarship in recognition of her academic and leadership skills.
"ASA is proud to partner with BASF and to invest in future agricultural leaders," said ASA President Bill Gordon. "The Soy Scholarship helps to ensure the next generation of agricultural leaders have the training, education and skills needed to move the industry forward and we look forward to Emma's future contributions and engagement."
NCGA and BASF awarded the William C. Berg Excellence in Agriculture Scholarship to five aspiring agriculture students. The scholarship was created to honor William C. Berg, an Ohio farmer and retired postal worker who passed away in 2012.
National Wheat Foundation Scholarships
The National Wheat Foundation Jerry Minore Memorial Scholarship was named after Jerry Minore, a deceased BASF Senior Marketing Manager, to honor his advocacy efforts for wheat growers.
This year, $2,500 scholarships were awarded to two talented students who exhibit a passion for agriculture:
* Adrienne Blakey, a senior from Stillwater, Oklahoma, dual majoring in plant and soil sciences and agricultural communications at Oklahoma State University. Adrienne is a senior from Stillwater, Oklahoma, is dual majoring in plant and soil science and agricultural communications at Oklahoma State University. She has held many internship positions and has extensive research experience, including undergraduate research with the Plant and Soil Science Department. Adrienne is a member of the Agronomy Club, Agricultural Communicators of Tomorrow and SGA President Campaign. She hopes to use her passion for agriculture to aid American farmers in their efforts to advance farming techniques, use new technologies and educate their communities through agricultural literacy.
|AND Finally- B&L Red Angus Sale Set For Today in Putnam
B & L Red Angus Bull Sale is set for this afternoon Wednesday, March 25, 2020 starting at 1:00
The sale will be held At the Ranch in Putnam, Oklahoma
The White's believe that by using the same genetics in both our commercial and registered herds, we can gather data and track our cattle through the feedlot. If our genetics aren't profitable on the range, in drought conditions, in the feedlot or on the rail, we are the first to know.
We value the importance of low inputs with high efficiency, added pounds through genetic merit, and honest females that make it happen year after year.
Offering 85 18-month old Bulls and 20 Registered Females
Online Bidding available through DV Auction
Contact Benji & Lori White with any questions: 580-334-2801
Click here to view the Sale Catalog.
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