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Let's Check the Markets!
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.
170 head of cattle on their showlist for the Wednesday,
October 3rd sale of finished cattle - click here
to jump to the website.
OKC West sold cows on Monday steady to 1.00 lower and bulls 1.00 higher
compared to a week ago - click here for the full report from USDA.
The Market Reporter at the Oklahoma National Stockyards was estimating 10,000 head on Monday- Yearling Steers were higher while Steer Calves were called about steady. Click or tap here for the Midsession Report from Oklahoma City.
Joplin reports 4,544 cattle for their Monday sale- steer and heifer calves sold 3.00 to 5.00 higher with several weights and classes of cattle fully 7.00 to 9.00 higher. Click or tap here for the complete Monday report.
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:
Our Oklahoma Farm Report Team!!!!
Ron Hays, Senior Farm Director and Editor
Carson Horn, Associate Farm Director and 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
Tuesday, October 2, 2018
Trump Administration Delivers New Trade Deal with Mexico & Canada
President Donald Trump gave a press conference from the White House Rose Garden, yesterday, to triumphantly announce that the NAFTA negotiators had successfully come to an agreement the night before. The updated North American Free Trade Agreement, though still has many procedural hurdles to pass before farmers and ranchers can see any benefits. President Trump called the agreement a "promise kept" regarding his trade agenda, as NAFTA will become the U.S.-Mexico-Canada Free Trade Agreement, or USMCA.
The late-night announcement Sunday allows the Trump administration to beat a self-set deadline. The administration must allow for a statutory 60-day notification period before sending a deal to Congress. Given the way the timeline works under Trade Promotion Authority, the administration set a deadline at the end of September to complete the talks to allow Mexico's outgoing President to sign the pact, before a new administration takes over. However, Politico reports that if the U.S. House of Representatives switches leadership to Democrats, the chamber may be inclined to vote against the Trump win in 2019, when the agreement will likely be before Congress. House Minority Leader Nancy Pelosi said House Democrats would "closely scrutinize the text" of the NAFTA proposal.
Under the new agreement, the U.S. will see improved dairy trade following a last-minute deal struck on the trade pact. Business Insider reports Canada will allow American farmers more access to its dairy market, raising quotas on the amount of U.S. dairy that can come into the country and eliminating a pricing system for Class 7 that made it more difficult for U.S. farmers to enter the market. Many believe the change in dairy policy by Canada was part of a deal to save the Chapter 19 dispute mechanism sought by Canada. Trump targeted the dairy issue before he officially announced the intention to renegotiate NAFTA. The access level is reportedly identical to what Canada agreed to give up as part of the Trans-Pacific Partnership that Trump withdrew the U.S. from early in his presidency.
Canada's Office of the Minister of Foreign Affairs released a joint statement from United States Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland, first thing Monday morning, breaking news that Canada had rejoined NAFTA. The statement expressed the shared sense of commitment between the three nations to strengthening economic ties among each other.
Meanwhile, Ag lawmakers, including Senate Agriculture Committee Chair Pat Roberts, commended the administration for delivering an agreement. Roberts remarked that the agreement "will provide our farmers and ranchers with much-needed export market certainty and will strengthen the relationship with two of our most important trading partners."
House Agriculture Committee Chairman K. Michael Conaway stated that "The initial prospects released by the administration are encouraging. My staff and I continue reviewing the details, but I look forward to working with President Trump and his team to ensure that a strong, modern agreement among our three nations can be finalized as quickly as possible."
USDA Secretary Sonny Perdue also chimed in with a bigger picture perspective on all that is happening in trade right now.
"As we celebrate this breakthrough, it is worth noting that there were many detractors who said it couldn't be done," Perdue said. "But this is further proof that President Trump's trade negotiation strategy is working. A renewed USMCA, a new KORUS agreement, and the continued progress with Japan, can lead to further deals with other trading partners like the European Union and China. The dominoes are falling and it is good news for U.S. farmers."
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Ag Industry Applauds New NAFTA Modernization
U.S. farm organization praised the announcement that Canada has agreed to new NAFTA terms, to be known as the U.S.-Mexico-Canada Free Trade Agreement, or USMCA.
The U.S. Grains Council said in a statement it was "pleased" with news of the agreement, saying "No trade agreement has had more impact on our sector than NAFTA."
The American Soybean Association says the new deal will help "stabilize the U.S.'s two neighboring export markets for growers."
The National Association of Wheat Growers and U.S. Wheat Associates released a joint-statement welcoming the news but noted it would watch closely to see how this agreement would pan out for wheat farmers.
The National Corn Growers Association called the renegotiated treaty, "an unequivocal success story for American agriculture."
The National Cattlemen's Beef Association was cheering the news yesterday as well in a statement that expressed the group's confidence in the President. "This new agreement is great news for American cattle producers, and another sign that President Trump's overall trade strategy is working."
"This was a hard-fought win and we commend the administration for all the efforts to solidify the trading relationships we have with our North American neighbors" stated American Farm Bureau Federation President Zippy Duvall.
Finally, Chairman of the National Cotton Council Ron Craft said, "The NCC is pleased to see the addition of a textile and apparel chapter to the USMCA and inclusion of provisions to: promote greater use of U.S. origin textile products, incentivize North American textile production, and strengthen customs enforcement in textile and apparel products."
Oklahoma Nearly Halfway Done with Winter Wheat Planting as Crop Shows First Signs of Emergence
According to the latest USDA Crop Progress report, released Monday, October 01, 2018 the US corn crop has reached 86 percent maturity, well above 66 percent in 2017 and 71 percent on average. As of this week, 26 percent of the US corn crop has been harvested, 10 points above last year and nine points better than normal. Corn's condition this week is unchanged from the prior report at 69 percent good to excellent, 19 fair and 12 percent poor to very poor. The US soybean crop meanwhile is nearing the end of the dropping leaves stage at 83 percent, above 78 last year and ahead of 75 for the average. The US soybean harvest is estimated at 23 percent complete this week, just ahead of both last year and normal pace by three points. The current condition of the crop is unchanged from the previous week at 68 percent good to excellent, 22 fair and 10 percent poor to very poor.
Click here to review more highlights from the complete Crop Progress report release by the USDA on Monday, October 01, 2018.
In Oklahoma, winter wheat planted reached 41 percent, up 13 points from the previous year and up 2 points from normal. Winter wheat emerged reached 5 percent, up 3 points from the previous year but down 4 points from normal. To review the complete Crop Progress report this week for Oklahoma, click here.
Winter wheat planted in Kansas was 41 percent, well ahead of 20 last year, and ahead of 32 for the five-year average. Emerged was 17 percent, ahead of 8 last year and 11 average. To review the complete Crop Progress report this week for Kansas, click here.
Finally, across Texas, small grain seeding continued in areas of the Northern High Plains, the Edwards Plateau, South Central Texas and South Texas. Texas now has 42% of their 2019 wheat crop in the ground. Army worms damaged newly emerged wheat in several areas. To review the complete Crop Progress report this week for Texas, click here.
|Livestock Auctioneers From 15 States and Canada Gather in Holdenville to Compete for Spot in National Semis
The first of three regional qualifiers for the 2019 World Livestock Auctioneer Championship was held on Monday at the Holdenville Livestock Market in Holdenville, Oklahoma, with 32 contestants from fifteen states and Canada competing for the right to advance to the World Semifinals that will be held in June of 2019 in Tulare, California. Two additional regional qualifiers will be held in Colorado and Georgia this year- ahead of the World Championship competition.
The Livestock Marketing Association puts on the annual event.
Three Oklahoma auctioneers were in the competition- Jeremy Miller of Fairland, Dustin Smith of Jay and Chas Tillman of Swink.
Justin Smith was one of the ten qualifiers that will be coming from the Holdenville contest- here's his chant as he was the very last contestant on Monday afternoon to sell cattle:
|Dustin Smith Auction Chant 10012018|
The Midwest Qualifier Winner is Russele Sleep; Bedford, IA
while the Reserve Champion is Dean Edge of Alberta, Canada.
Click or tap here to read more- and to have a chance to watch the reigning World Champion Jared Miller sell a couple of drafts of cattle
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Winter wheat pasture continues to develop rapidly in Oklahoma. According to OSU Extension Livestock Market Economist Derrell Peel, some pasture will be ready for grazing in the next few weeks and as a result, strong stocker cattle demand is evident. Peel says in this week's edition of the Cow/Calf Corner newsletter, average Oklahoma auction prices for preferred stocker weights jumped sharply this past week with prices for 450-500 pound, steers up $6.64/cwt. from the week before to $183.23/cwt. and prices for 500-550 pound steers were up $4.89/cwt. to 171.77/cwt. Prices for steers under 450 and over 650 pounds were mostly higher as well, compared to the previous week. However, prices for steers between 550 and 650 pounds declined compared to the previous week.
Peel says this unusual feeder price pattern occurs quite commonly in Oklahoma in the fall when stocker demand supports lightweight feeder prices and feedlot demand supports heavy feeder prices leaving a hole with weak demand for the middle weight feeder animals. As we move through October into November, though, Peel says feeder prices are likely to stabilize or perhaps move lower but regardless, the seasonal low is likely to be quite muted. Overall though for cow-calf producers, recent calf price increases have added upwards of $50/head to calf value in the past six weeks or so.
to continue reading for more of Dr. Peel's analysis of the fall feeder market situation currently.
A collective sigh of relief was felt this past week by many of those in the animal agriculture industry. That relief prompted by the announcement made by the Trump Administration that a new Korea trade deal had been struck and signed by both President Trump and South Korea President Moon Jae-in during a trip to New York for a visit to the United Nations. The aspect most appealing about this new agreement to the ag industry being that not much was changed as it relates to agricultural products.
"We already have very good access under the Korean Free Trade Agreement. That's been our message all along when it comes to the Korean Free Trade Agreement- 'let's do no harm,'" said Kent Bacus, director of international trade and market access for the National Cattlemen's Beef Association. "That market means about 1.2 billion dollars for us. So, we want to continue to capitalize on that. That's why we're very excited to see this new modernized version move forward without changing any of the positive benefits that we have under ag."
According to Bacus, Korea has over the years become the second largest export market for the US and the US, under this agreement, has grown into the No. 1 source of beef for Korean consumers. In addition, this deal has essentially pushed our Australian competitors out of the market. Bacus says the US has witnessed an elimination of a 40 percent tariff under this deal, which has in effect give the US an 8 percent advantage over Australia. However, the relationship we have now wasn't always as good says Bacus.
"Keep in mind, almost 10 years ago, there were 600,000 people in the streets of Seoul protesting the importation of US beef," he said. "We've come a long way, so this is very exciting news."
Listen to Bacus and I speak more about this new agreement as well as news of Japan's recent commitment to begin crafting a bilateral deal with the US, on today's Beef Buzz - click here.
| US Wheat Associates Argue that Delaying the Farm Bill Creates More Uncertainty for Wheat Growers
U.S. Wheat Associates is disappointed that, once again, a new national Farm Bill could not be passed and implemented on time, arguing that this outcome is unacceptable and all too concerning for wheat producers as the future of the Foreign Market Development (FMD) program, a highly successful export market development program, hangs in the balance with no baseline budget past the fiscal year 2018's end, which occurred over the weekend.
"The FMD program is fundamental to our work promoting U.S. wheat around the world," said Vince Peterson, President of U.S. Wheat Associates. "This comes at a particularly bad time as wheat export markets have been hard hit by the effects of the tariff retaliation that has come from both China and Mexico this year."
USDA has calculated tariff losses to the wheat industry at close to $250 million and that meter is running.
"Without our cornerstone market development funding program, our ability to limit those losses, prevent further erosion in our reputation and get our exports back on track is severely handicapped,"
Click here to read more of Peterson's argument for a speedy passage of the next Farm Bill in his complete statement.
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