Oklahoma's Latest Farm
And Ranch News
|
|
Thursday, November 17, 2022 |
|
|
|
Here is your daily Oklahoma farm and ranch news update.
-
Roger McEowen- Even a Slight Ag Tax Planning Wrong Move Can Be Costly for Your Farm/Ranch
- Farm Bureau Survey Shows Thanksgiving Dinner Cost Up 20%
- Liquidated Cow Herds to Come Back with Stronger Genetics
- Check Out Oklahoma Senator Jim Inhofe's Retiring Address on the US Senate Floor
- Vaccine Handling and Storage with OSU’s Bob LeValley
- CAB Insider: Tight Cattle Supplies and Increasing Carcass Weights
- Republican Leader Thompson Slams Biden’s Diesel Crisis
- Meet the Oklahoma Farm Bureau Farm Families of the Year- Today we Spotlight District Seven and Eight
|
Roger McEowen- Even a Slight Ag Tax Planning Wrong Move Can Be Costly Down on the Farm |
At the National Association of Farm Broadcasters convention in Kansas City, Farm Director, KC Sheperd, got the chance to visit with Roger McEowen. McEowen is a professor of agricultural law and taxation at Washburn University School of Law in Topeka, Kansas. Sheperd talks with McEowen about why it is critical for producers to be knowledgeable about tax law to help them stay ahead.
“One slight mistake can be pretty costly, and it can affect the profitability of the farm or ranch pretty quickly,” McEowen.
Getting into an issue with the IRS, McEowen said, should be avoided at all costs, because it is extremely time-consuming and expensive.
Producers have a lot to juggle such as keeping track of ERP payments, crop insurance depreciation, and more, McEowen said, so having a good tax counsel would be a valuable asset.
Rules for ag tax and ag law are different for farmers and ranchers, McEowen said, so finding a tax professional who knows the rules is critical.
For 2023, McEowen said one big issue is the U.S. Supreme Court defining what a wetland is for the Clean Water Act. California’s Proposition 12, he said, will also be a case to watch as it can impact all of agriculture.
McEowen’s biggest piece of advice for producers, he said, is that it is good to have legal and tax counsel at your disposal.
|
Oklahoma AgCredit supports rural Oklahoma with reliable and consistent credit, today and tomorrow. We offer loans for land, livestock, equipment, operating costs and country homes (NMLSR #809962) to farmers, ranchers and rural businesses across 60 counties. As a cooperative, we are owned by the members we serve. Through our Patronage Program, we have returned more than $74 million to our members since 1997.
For more information on our services or to find a location near you, visit our website here.
|
Farm Bureau Survey Shows Thanksgiving Dinner Cost Up 20% |
Spending time with family and friends at Thanksgiving remains important for many Americans and this year the cost of the meal is also top of mind. Farm Bureau’s 37th annual survey provides a snapshot of the average cost of this year’s classic Thanksgiving feast for 10, which is $64.05 or less than $6.50 per person. This is a $10.74 or 20% increase from last year’s average of $53.31.
The centerpiece on most Thanksgiving tables – the turkey – costs more than last year, at $28.96 for a 16-pound bird. That’s $1.81 per pound, up 21% from last year, due to several factors beyond general inflation. Farm Bureau “volunteer shoppers” checked prices Oct. 18-31, before most grocery store chains began featuring whole frozen turkeys at sharply lower prices. According to USDA Agricultural Marketing Service data, the average per-pound feature price for whole frozen turkeys was $1.11 the week of Nov. 3-9 and 95 cents the week of Nov. 10-16, a decline of 14% in just one week; and the share of stores offering feature prices rose from 29% to 60%. This means consumers who have not yet purchased a turkey should be able to find one at a lower cost than the Farm Bureau average.
“General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in average cost of this year’s Thanksgiving dinner,” said AFBF Chief Economist Roger Cryan. General inflation has been running 7% to 9% in recent months, while the most recent Consumer Price Index report for food consumed at home reveals a 12% increase over the past year.
|
Liquidated Cow Herds to Come back with Stronger Genetics |
In this episode of Beef Buzz, I am visiting with Oklahoma rancher and former president of the American Angus Association, John Pfeiffer about the Angus business and what Pfeiffer is hearing from producers during this time.
Pfeiffer attended the 2022 American Angus Association’s convention and said the morale in the Angus business and the entire cattle business, in general, is positive.
“We kind of think if we get a rain, then with all the cows that have been liquidated and go to town, that again, the cow-calf producer is going to be in the driver’s seat,” Pfeiffer said. “We expect with just a few showers that mother nature and the good Lord will work with us. We are going to have a really good year next year.”
Pfeiffer talked about the remarkable improvements made to the Angus breed over the past 10 years.
“We are sorry whenever anybody has to liquidate some or get rid of some, and we have some older producers that are just getting out, but it is always improvement in genetics,” Pfeiffer said. “The other thing we are working on a lot right now is the consumer wants to know where their product comes from, and they also want to know how well it is treated, so we are pushing very hard that all of the registered Angus producers become BQA (Beef Quality Assurance) certified.”
|
Check Out Oklahoma Senator Jim Inhofe's Retiring Address on the US Senate Floor |
After decades of public service- Oklahoma's Dean of our Congressional delegation, Senator Jim Inhofe, will step down in early 2023. On Wednesday- he headed to the floor of the US Senate and offered remarks to his colleagues and to the nation. Take a look in the video box below to hear Senator Inhofe's reflections about his service in the US Congress.
|
|
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
|
OKC West Livestock Market is a modern facility with improved ways of handling livestock. OKC West was designed with producers in mind, and truck drivers and buyers alike.
We are proud that 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- or click here for their website.
|
|
Vaccine Handling and Storage with OSU’s Bob LeValley |
On today’s Cow-Calf Corner, Bob LeValley, Oklahoma Beef Quality Assurance Coordinator, talks about how to correctly handle and store vaccinations for your livestock.
The highest quality vaccine that producers purchase may be of little value if not handled and stored properly. Even experienced producers may overlook key principles when preparing and administering vaccines and other animal health products. Product storage and handling is important to ensure that the efficacy of products is not compromised.
Modified live vaccines must be reconstituted with a sterile diluent prior to administration. It is generally recommended that these products be used within an hour of reconstitution. The products are routinely used with a good response when administered and handled according to label directions. The processing speed in a stocker operation is often considerably faster than a cow/calf operation. Cow/calf processing facilities are often in area that are not well sheltered from the weather. This stresses the need to exercise caution when handling and administering modified live products. Common handling techniques can render MLV products ineffective and even reduce the effectiveness of killed vaccines and other products.
|
|
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.
|
Sponsor Spotlight
Oklahoma Farm Bureau is a grassroots organization working to improve the lives of all Oklahomans by supporting our state’s agriculture community. As Oklahoma’s largest general farm organization, OKFB advocates for farmers and ranchers at the state Capitol and in Washington, D.C., to ensure our way of life continues for generations to come.
With leadership events, supporting our state’s agricultural youth and connecting consumers with agriculture, Farm Bureau promotes and sustains Oklahoma agriculture in numerous ways. Join with OKFB today by becoming a member at okfarmbureau.org/join. Together, we are rural Oklahoma.
|
|
|
CAB Insider: Tight Cattle Supplies and Increasing Carcass Weights |
Fed cattle prices were steady last week with a $152.73/cwt. average six-state steer price. The northern end of the feeding region sold some as high as $156/cwt. but a volume at $153/cwt. Very light cash trade volume in Kansas and Texas found an average near $150/cwt.
Live Cattle futures contracts have traded up and down in the past two weeks with the December contract gaining nearly $2/cwt. from the beginning of the month through last week. With volatility in the markets, that increase has since been erased in the past four days with the contract closing yesterday at $151.27/cwt. The February 2023 contract has declined around $3/cwt. since the first of November.
In the same timeframe, corn futures worked to the cattle feeder’s advantage with a 40-cent drop from November 1 through Monday morning’s opening. Reports this Tuesday of Russian aggression in Ukraine spilling over into Poland sent corn prices higher as heightened tensions in that region once again generated volatility in grain prices.
Despite the weekly average data showing the CAB cutout $2.18/cwt. higher last week, the Choice boxed value has declined daily since last Tuesday by $0.07/cwt. With Thanksgiving meal preparations at the focus of many retailers, the beef spot market demand tends to decline in the week prior to the holiday. Emphasis on “spot market” is important since beef purchasing for late fourth quarter needs has been well underway.
|
Republican Leader Thompson Slams Biden’s Diesel Crisis |
Today, Rep. Glenn “GT” Thompson, Republican Leader of the House Committee on Agriculture, delivered the following remarks on the House floor slamming President Biden’s self-inflicted energy crisis and the ensuing diesel shortage that continues to hamper domestic food and fiber production in rural America.
Remarks as prepared for delivery:
“Mr. Speaker, every few weeks we read headlines of another crisis. Baby formula, fertilizer, and now—another important input—diesel.
“This administration not only continues to turn a blind eye, but perpetuates harmful policies that worsen these crises.
“From day one, President Biden has launched a war on American energy and now it must end.
“Through Executive actions, the Biden Administration paused domestic production of oil while limiting and disincentivizing investments in American energy infrastructure and refining capacity.
“On his very first day in office, President Biden canceled the Keystone XL Pipeline, thus declaring war on our domestic energy production. Seven days later, he paused new oil and gas leasing on public lands and offshore waters.
|
Meet the Oklahoma Farm Bureau Farm Families of the Year- Today we Spotlight District Seven and Eight |
All this week- we will feature the nine Farm Families of the Year from the annual meeting of the Oklahoma Farm Bureau- Today- we spotlight Districts Seven and Eight.
The District Seven Farm Family is the Regier Family from Major County. Steve and Rhonda Regier own an agricultural feed store in Major County and have a herd of 150 commercial Angus cow/calves along with a few stocker cattle kept for their butchered beef business.
Steve and Rhonda keep busy as they work hard at the feed store, on the cattle operation and with lawn care business that their children – Scott, Dan and Mark – started when they were growing up.
“Because we work hard, our boys saw how hard we work, and we expected the same out of them,” Rhonda said. “So we made them start a lawn care business. Because of watching us and seeing us, they learned to work hard and learned to give back. I think those are two of the most important things we could have taught our kids.”
Click the video box below to learn more about their operation .
|
Dale and Deb Rich have a cow calf operation in Okemah, and also raise a few Wagyu-influenced cattle to butcher and sell to area customers.
The “hobby,” as they first called it, over time became a bigger and bigger priority, but there was one thing holding them back: their careers.
“Deb and I grew up in and around agriculture, but we could not do it at first,” Dale said. “We had to go to work, but it got to where we started being able to leave the job in Tulsa and spend more and more time raising cattle.”
Now, the Rich family – with the help of their children, Davilyn and Buck – have been able to grow their operation into something far beyond what they originally imagined.
“It is really fun to do it as a family and to grow it to have a business together.” Deb said.
Click on the Video Box below to learn more about their operation.
|
|
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.
|
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.
|
Wholesale Boxed Beef Prices were lower- Choice Beef was down $1.27 and Select Beef was down 41 cents on Wednesday 11/16/2022.
Click on the Button below for the latest report from USDA Market News
|
OKC West in El Reno had 9,428 head on Tuesday and Wednesday of this week for their feeder and stocker sales.
According to USDA Market News- Feeder steers steady to 1.00 lower. Feeder heifers 2.00-4.00 lower. Steer calves steady to 3.00 higher, instance of up to 8.00 higher on heavy 5 weights. Heifer calves unevenly steady. Demand was moderate to good.
OKC West Manager Bill Barnhart adds these comments via Facebook:
"Good demand continues for quality stockers and feeders this week. A big run of calves Tuesday saw prices higher on steers and unevenly steady on heifers. Most of the calves we are now seeing are weaned with shots. A cold rain fell Monday in the trade area. The moisture was welcome but wheat pastures are still pretty sparse in the area. Feeder cattle were softer Wednesday except on some of the “greener kind”. Most of the feeder cattle now have been getting plenty of feed and show heavy flesh condition. We will be closed next week due to the holiday. Have a great Thanksgiving."
Click below for the complete closing report.
|
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..
|
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.
|
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
|
|
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 shares the story of Joey Carter, a hard-working farmer who was widely regarded as a model citizen in a rural North Carolina town. Carter is the focus of a movie coming out in October called Hog Farmer- the Trials of Joey Carter.
He was not the type of person who ever expected to find himself caught up in the middle of a federal lawsuit involving some of the nation’s most ruthless trial lawyers and one of the world’s largest food companies.
But that’s exactly what happened when Joey’s family farm became the focal point in a series of nuisance trials that attracted national and international media attention. While his neighbors leveled charges of environmental racism in hopes of winning multi-million-dollar verdicts, Joey was left wondering how this could happen to a man who has always taken pride in playing by the rules.
Search for Road to Rural Prosperity and subscribe on your favorite Podcast platform.
To hear this podcast, you can click here or tap below:
|
|
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.
|
|
God Bless!
Reach Out To Us:
|
|
Tim West
President/General Manager
Rural Oklahoma Networks
405-317-6361
***************
Mike Henderson
Director of Sales
405-615-4922
|
|
KC Sheperd
Farm Director
Radio Oklahoma Ag Network
405-443-5717
|
|
Ron Hays
Senior Farm/Ranch Broadcaster
Radio Oklahoma Ag Network
405.473.6144
|
|
|
|
|
|
|
