Oklahoma's Latest Farm
And Ranch News
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Here is your daily Oklahoma farm and ranch news update.
- Oklahoma Drought Levels Rise in All Categories This Week, But Chance of Rain In Forecast
- August Pork Exports Trend Higher; Beef Exports Again Top $1 Billion
- As Drought Burdens Producers, OSU's JC Hobbs Provides Tax Tips for Farmers and Ranchers
- Gross Receipts Set Landmark High
- NCBA Urges EPA to Press Pause on New WOTUS Rulemaking
- Economic Uncertainty Forcing Oklahoma Producers to Make Difficult Decisions
- Blackjack Farms and Guests Annual Female Production Sale Coming Up Saturday, October 8
- More Stories for Your Weekend Reading
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Oklahoma Drought Levels Rise in All Categories This Week, But Chance of Rain In Forecast |
According to the Oklahoma Mesonet, 76% of the state is in Extreme/Exceptional (D3/D4) drought on the Drought Monitor, which is territory not seen in the state since early February 2013. Through the next seven days, there is a chance of precipitation throughout the state.
In Oklahoma, exceptional drought is at 17.78 percent, up slightly from last week’s 17.25 percent.
Extreme drought or worse is now at 75.7 percent, up from last week’s 64.5 percent.
Severe drought or worse has reached 99.5 percent, up from last week’s 94.4 percent.
Moderate drought or worse is up to 99.9 percent, up slightly from last week’s 99.8 percent.
Abnormally dry or worse remains the same as last week at 100 percent.
According to the 6-10-day precipitation outlook map for Oklahoma, the majority of the state is leaning above a 40 to 50 percent chance of precipitation through October 15, with the southern border of the state likely above a 50 to 60 percent chance of precipitation.
To view this week's drought number for Oklahoma, click the Oklahoma drought map above the story.
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August Pork Exports Trend Higher; Beef Exports Again Top $1 Billion |
August exports of U.S. pork topped year-ago totals for the first time in 2022, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef exports were slightly above last August’s large volume and again topped $1 billion in value, reaching this milestone in seven out of eight months this year.
"We speak often about the importance of developing a wide range of markets for U.S. red meat, and the August export results are a great illustration of that,” said USMEF President and CEO Dan Halstrom. "Exports face significant headwinds in some key destinations, with weakened currencies topping the list. But the emphasis on broad-based growth really pays dividends in these situations, allowing the overall export picture to remain very positive. I also cannot say enough about the loyalty of our international customers, many of whom have diminished purchasing power but continue to show a strong preference for U.S. red meat.”
Widespread growth, led by China/Hong Kong, Middle East and ASEAN, bolster August beef exports
Despite China’s ongoing travel restrictions and periodic lockdowns in some of its largest metropolitan areas, demand for U.S. beef continues to grow. August exports to China/Hong Kong reached a record 30,806 mt, up 20% from a year ago, while value increased 17% to $272.3 million. Through August, exports increased 25% to 193,511 mt, while value was up 38% to $1.77 billion. China/Hong Kong is the second highest value destination for U.S. beef in 2022, trailing only South Korea, and China was the top value destination for U.S. beef muscle cut exports in August. Though not reflected in the January-August results, Hong Kong’s foodservice and hospitality sectors recently received a boost as health officials lifted onerous hotel quarantine requirements for incoming travelers.
Pork exports led by growth in Mexico, Korea, strong variety meat demand
August pork exports were once again led by Mexico, where 2022 shipments remain on a record pace. While August export volume (81,178 mt) was up only slightly from a year ago, export value increased 20% to $195 million. This pushed January-August exports to Mexico to 620,718 mt, up 14% from a year ago, while value increased 13% to $1.25 billion. Unlike many trading partner currencies, the Mexican peso has been remarkably stable, averaging just over 20 pesos to the dollar this year, remaining essentially steady with 2021.
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As Drought Burdens Producers, OSU's JC Hobbs Provides Tax Tips for Farmers and Ranchers |
Now is the time of year for producers to start thinking about having things in line for their taxes. KC Sheperd, Farm Director, visited with JC Hobbs, Oklahoma State University Extension Tax Specialist, talking about what producers should be doing now, and some tips to help them utilize resources available to them.
For producers selling livestock that they would not normally sell in a year with ideal weather conditions, they need to be sure to document the number of animals sold in excess of normal for 2022.
“This is fairly simple,” Hobbs said. “Basically, you are looking, going back '21, '20 and ’19 as being what we would consider our normal years. Then, this year, we compare that to the three-year average, and anything in excess of the three-year average would be our sales in excess of normal and then we would basically keep track of that number and either report the excess in 2023 as sales because they would have normally been sold after the first of the year, or if they are breeding livestock, we can elect to then postpone recognition of that gain by determining on the tax return that we want to buy them back and have them bought back within basically two years from the time they were sold- two years after the drought ends.”
However, Hobbs said for Oklahoma, every county has been given a federal disaster regulation that now allows them four years to buy their livestock back, so instead of having to buy them back by the end of 2024, they will have until the end of 2026 to repurchase the same dollar amount of what was sold.
Hobbs said it is important to discuss your tax options with your tax advisor before you file so everyone is on the same page.
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For our farmers who have either- always have had cotton on their farms- or those who have more recently have added the fiber crop to their operations- we have a daily report heard on several of our Radio Stations- It's Called Cotton Talk!
Click on the Button below to listen to our most recent report
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Gross Receipts Set Landmark High |
Gross Receipts to the Treasury for the past 12 months topped a landmark high of $17 billion, State Treasurer Randy McDaniel announced Thursday.
Twelve-month gross receipts through September are $17.03 billion, up by $2.51 billion, or 17.3 percent, from the prior 12 months. That total is more than $4 billion, or 31 percent, higher than the trough of $13 billion measured in June 2020.
“Oklahoma’s economic expansion since the depths of the pandemic are nothing short of remarkable,” Treasurer McDaniel said. “Unemployment remains low, economic indicators are strong, and virtually every core sector of the economy as measured by gross receipts shows growth.”
Major revenue streams for the past 12 months have increased by rates ranging from 94 percent for oil and gas gross production collections to 2.6 percent for motor vehicle receipts. The largest components - taxes on income and consumption - show double-digit growth with income tax collections up 16.5 percent and combined sales and use taxes up 11.9 percent.
The economic picture for the month of September, alone, is equally strong. September collections of $1.59 billion are up by $210.2 million, or 15.2 percent, from September 2021. All major revenue streams reflect growth, led by an increase of 74.1 percent for oil and gas gross production receipts. Sales and use tax collections continue to outpace inflation with growth of 9.7 percent compared to the same month of last year.
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We invite you to listen to us on great radio stations across the region on the Radio Oklahoma Ag Network weekdays-
if you missed this morning's Farm News - or you are in an area where you can't hear it- click below for this morning's Farm news from Ron Hays and KC Sheperd on RON.
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Sponsor Spotlight
The vision of the Oklahoma Beef Council is to be a positive difference for Oklahoma's farming and ranching families and the greater beef community, and its mission is to enhance beef demand by strengthening consumer trust and exceeding consumer expectations.
And Check out this video below that helps you learn more about the Beef Checkoff- .
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NCBA Urges EPA to Press Pause on New WOTUS Rulemaking |
In this episode of Beef Buzz, I am back with National Cattlemen’s Beef Association’s Executive Director for National Resources and Executive Director of the Public Lands Council, Kaitlynn Glover, talking about urging the Biden administration to press pause on a new WOTUS (Waters of the U.S.) rule.
The NCBA has urged the EPA (Environmental Protection Agency) to halt their efforts for now on a new WOTUS rule. The Biden administration is working swiftly on their new rule currently, but Glover said they have asked the EPA to wait until the Supreme Court makes its ruling on the Sacket v. EPA case to avoid two rulemakings.
Now that the Supreme Court has taken in oral arguments on the Sackett v. EPA case, it is likely that a ruling can be expected in early 2023.
“We have urged the EPA and the Army Corps to pause their rulemaking,” Glover said. “It has been such a significant whiplash for cattle producers, for private landowners, and even for the agency itself.”
On average, Glover said the WOTUS rule has changed every 3.5 years because of the way the definition has changed.
“For the EPA to proceed with their rulemaking- to have a race to the finish line with the Supreme Court, is not a responsible regulatory perspective at this stage,” Glover said. “What we really want is a very clear definition of what is jurisdictional and in order for the EPA and for stakeholders to come to a conclusion on what that clear definition is, we are going to have to know where the Supreme Court is coming down on us, even if the EPA were to finalize this new definition before the court issues their decision, the agencies are going to have to go back to the drawing board.”
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Economic Uncertainty Forcing Oklahoma Producers to Make Difficult Decisions |
This Week on SUNUP is Oklahoma State University Extension grain market economist, Kim Anderson. During this week's edition, Anderson talks about the current economic situation and how it is impacting the grain markets.
“Crop prices were up a little bit this week, but I don’t think there are any big changes,” Anderson said.
Wheat went up about 40 cents, Anderson said, from $9.25 to $9.65.
“I think we have got the drought problems that are impacting prices,” Anderson said. “And of course, things that are going on in the war in Russia and Ukraine.”
Corn had around a 15-cent price increase Anderson said, and harvest is about 20 percent complete.
“If you look at soybeans, going from $13.30 up to $13.70, about 40 cents there- a little price move, but when you have got $13.50 beans, or $13.70 beans, 40 cents is just not very much,” Anderson said.
Cotton was volatile, Anderson said, but no big moves.
“It started out at 84, went up to 88 and it is back down to 83, so moving in the mid- ‘80s on that futures contract and you can take about 3 cents off of that to get to Oklahoma prices,” Anderson said.
We have got relatively tight stocks, Anderson said, especially for wheat.
“You get into corn they are tight,” Anderson said. “Domestically, a little less in the world situation.”
Anderson said soybeans are also relatively tight.
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Blackjack Farms and Guests Annual Female Production Sale Coming Up Saturday, October 8 |
On Saturday, October 8, Blackjack Farms and Guests Annual Production sale will take place at 12:20 p.m. at Blackjack Farms in Seminole, Oklahoma featuring 69 Angus and Simmental lots. Other guests in the sale will include McFerran Farms and Pfeiffer Angus Farms.
Matt Sims is the Sale Manager- call him for last minute questions at 405-641-6081.
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More Stories for Your Weekend Reading |
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OKC West is our Market Links Sponsor- they sell cattle three days a week- Cows on Mondays, Stockers on Tuesday and Feeders on Wednesday- Call 405-262-8800 to learn more.
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Today's First Look:
Ron on RON Markets as heard on K101
mornings with cash and futures reviewed- includes where the Cash Cattle market stands, the latest Feeder Cattle Markets Etc.
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Wholesale Boxed Beef Prices were mixed- Choice Beef was up 30 cents and Select Beef was down $2.23 on Thursday 10/06/2022.
Click on the Button below for the latest report from USDA Market News
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Weekly Cattle Auction Reports
The buttons below allow you to check out the weekly Cattle Auctions in the region that we post on our website and here in our daily email update.
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Each afternoon we are posting a recap of that day's markets as analyzed by Justin Lewis of KIS futures - click below for the latest update on the Livestock and Grain Futures Trade..
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Okla Cash Grain:
Daily Oklahoma Cash Grain Prices- as reported by the Oklahoma Dept. of Agriculture- The report available after the close of the Futures Trade for that day.
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Our Oklahoma Farm Report Team!!!!
Ron Hays, Senior Farm/Ranch Broadcaster and Editor
KC Sheperd, Farm Director and Editor
Dave Lanning, Markets and Production
Reagan Calk, Farm News and Email Editor
Pam Arterburn, Calendar and Template Manager
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Rural Oklahoma is full of some of the greatest success stories throughout the entire state and is a big reason why Oklahoma is on track to become a top 10 state.
The Road to Rural Prosperity dives into these stories, bringing you stories covering rural life, agriculture, energy, healthcare, tourism, and politics affecting rural America.
The Road to Rural Prosperity is here to tell stories about rural America, for rural America.
KC Sheperd talks educational issues impacting Oklahoma with State Secretary of Education Ryan Walters. Walters is also the GOP Nominee running for the State Superintendent of Education in the November General Election.
Walters tells Sheperd that “I believe in parents. I believe in our rural communities and our rural schools. I believe they are the backbone of the education system in the state of Oklahoma. I am going to do all that I can to continue to empower them and to make sure they are strong. The governor and I pushed and passed the Redbud Act which put over 38 million into stabilizing our most rural schools. That is something we thought was very important.”
In rural communities, Walters said, a concern from parents is access for their children to different programs such as FFA, for example, or work in an internship or externship. Rural schools are unique, Walters said, because of how involved the staff and community are.
There are many questions over whether or not money from medical marijuana and the lottery are being used for education in Oklahoma when so many schools are still underfunded throughout the state. Because of this reason, Walters said, he has already called for an audit.
“Taxpayers need to see where their money is going and we need to make sure it is being utilized,” Walters said.
Search for Road to Rural Prosperity and subscribe on your favorite Podcast platform.
To hear this podcast, you can click here or tap below:
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Our thanks to Midwest Farms Shows, P & K Equipment, Oklahoma Farm Bureau, Oklahoma Ag Mediation Program, Great Plains Kubota, Stillwater Milling Company, National Livestock Credit Corporation, Oklahoma Beef Council, Oklahoma AgCredit, Oklahoma Pork Council, Union Mutual Insurance, the Oklahoma Cattlemens Association, and KIS Futures 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- at NO Charge!
We invite you to check out our website at the link below too that includes an archive of these daily emails, audio reports and top farm news story links from around the globe.
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God Bless!
Reach Out To Us:
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Tim West
President/General Manager
Rural Oklahoma Networks
405-317-6361
***************
Mike Henderson
Director of Sales
405-615-4922
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KC Sheperd
Farm Director
Radio Oklahoma Ag Network
405-443-5717
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Ron Hays
Senior Farm/Ranch Broadcaster
Radio Oklahoma Ag Network
405.473.6144
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