The Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri updated its baseline projections based on information as of mid-August and current government policies. FAPRI said, “In the absence of new shocks to the weather, the macroeconomy or policy, projected prices generally remain near current levels over the next five years.”

Among the results that point to a weaker farm economy:

Increased acreage and record yields result in a record 2024 U.S. soybean crop. Even with a significant increase in crush and a rebound in exports, projected year‐end stocks of soybeans increase sharply, pushing projected 2024-25 soybean farm prices down to $9.99 per bushel, below the levels USDA reported in its August World Agricultural Supply and Demand Estimates (WASDE).

Record yields result in the second consecutive 15-billion-bushel U.S. corn crop in 2024, despite a 4 million acre decline in planted area. The projected $4.10 per bushel 2024/25 farm price of corn is 37% below the price just two years ago.

Projected prices for wheat, cotton, rice, sorghum and many other crops decline in 2024-25 in the face of large global crop supplies. The value of crop sales declines in 2024, as the effect of lower prices outweighs the effect of increased production for multiple crops.

While crop agriculture has many negative talking points- the cattle sector looks more promising.

The cattle sector is the most important exception to the pattern of declining commodity prices. Past years of drought and low returns have resulted in a smaller U.S. beef cow herd, reducing beef production and pushing up prices for feeder and slaughter animals.

Beef production declines again in 2025, although not as much as projected by USDA in its August WASDE report.

The cow herd begins to expand in 2026, resulting in more production and lower prices.

Midwest Farm Shows is proud to produce the two best Farm Shows in the State of Oklahoma annually- the Tulsa Farm Show each December and the Oklahoma City Farm Show each April.

The Tulsa Farm Show is Oklahoma’s premier agricultural and ranching event- and returns to the SageNet Center (Expo Square) December, 12-13-14, 2024.

 

Now is the ideal time to contact the Midwest Farm Show Office at 507-437-7969 and book space at the 2024 Tulsa Farm Show.  To learn more about the Tulsa Farm Show, click here. 

Senior Farm and Ranch Broadcaster Ron Hays caught up with Chairman of the Cattleman’s Beef Promotion Board Andy Bishop about why he wants to serve on the Beef Board and as a chairman.

In 2007, Bishop moved back to Kentucky, the state he was raised in, and immediately got involved in the Kentucky Cattleman’s Association through a close friend. “I fell in love with the camaraderie and the friendships that I saw at my first Cattleman’s Convention, and that passion got fueled more by the Checkoff work that was going on,” Bishop said. “That got me started as the Beef Council Chair. I served in that role in Kentucky for three years. I got to get out and meet with consumers, but also more producers and kind of bridged the gap, there. I’ve been really passionate about it since then.”

When the opportunity to move to the beef board presented itself to him, Bishop jumped at the chance. “I love getting out and meeting other producers, seeing how things are going across the United States on the production side, but more importantly, sharing our message with consumers across the country,” he said.

His work must be worthwhile because the Beef Checkoff’s most recent ROI study returned some impressive numbers. There was a $13.41 per dollar spent return on investment for beef producers. The number is up from $11.91 in the last study presented five years ago. “That speaks volumes,” he said. “On your own operation, any time you can get a $13 return on your investment, you would double down and try to do more things to continue to get that return.”

Mark Johnson on the Positive Impact of the Beef Quality Assurance

Mark Johnson, Oklahoma State University Extension Beef Cattle Breeding Specialist, offers herd health advice as part of the weekly series known as the “Cow Calf Corner,” published electronically by Dr. Peel, Mark Johnson, and Paul Beck. Today, Johnson talks about the positive impact of the Beef Quality Assurance Program.

Consumer market research conducted by the National Cattlemen’s Beef Association reveals great information about the positive impact of Beef Quality Assurance (BQA) certification.

Bottomline: GET BQA CERTIFIED AND STAY CERTIFIED – it’s the closest thing you can do as a rancher to standing in a grocery store and saying, “I take pride in how I raise cattle so that you (the consumer) can enjoy a safe and delicious steak tonight.”

An outbreak of listeriosis has been linked back to people consuming deli meat contaminated with Listeria monocytogenes, hospitalizing 57 people. Nine have died. The Centers for Disease Control and Prevention (CDC) continues to investigate this outbreak, and it, along with other agencies, will keep the public updated on any changes to the guidance. Nonetheless, concerned consumers may wonder what steps they should take.

“Food businesses generally work hard to grow, process, prepare, and serve safe food for you to consume. Many food businesses have teams of people focused on the food safety aspects to the products being prepared,” said Virginia Tech Associate Extension Specialist Lester Schonberger.

“Unfortunately, outbreaks continue to happen for many reasons, and the related recalls have significant ripple effects,” he said. “If you have concerns food you purchased could be part of a recall, you should take the time to check. If it is, take whatever steps are outlined in the recall notice.” 

Schonberger provided tips that can apply to any incident involving potential food contamination.

The past two weeks have featured increases in total federally inspected cattle harvest with 608,000 and 611,000 head counts. Last week’s increase was logically a bit larger due to this week’s holiday-shortened production schedule. Packers continue to operate well below capacity, lessening the importance of holiday throughput, relative to the volume of weekly production.

As August drew to a close, the fed cattle market continued to show price weakness from the pressure of three factors: heavy carcass weights, relatively weak cutout values, and the dramatic devaluation of Live Cattle futures. As a consequence, fed cattle traded more than a $1/cwt. lower on a live basis last week with latest prices just a couple of dollars per hundredweight higher than a year ago.

Live Cattle (LC) futures have charted a course toward recovery from the tumultuous August action that saw the current, front-month October contract drop from $186/cwt. on August 1 to the low of $174/cwt. on August 22. The recovery through mid-week positioned the October LC contract $4.99/cwt. higher than the August low at a current $179/cwt.

Sept. 1 marked the launch of the new pre-registration process for recently purchased vehicles in Oklahoma.  

Under the new quick and secure vehicle pre-registration process for a safer Oklahoma, all vehicles purchased at a dealership or through a private seller must be pre-registered with the state within two business days of the purchase. Oklahomans will then have ten days from the date of purchase to get metal license plates with pre-registration decals on their vehicles.  

Oklahomans still have two months from the date of purchase to obtain the title, pay sales and excise tax and fully register the vehicle. The pre-registration process does not apply to vehicles purchased before Sept. 1, 2024. 

“We’ve developed the ‘Ready, Set, Tag!’ Checklist as a user-friendly online resource to assist Oklahomans in navigating the process of buying, selling, or transferring a vehicle,” said Diedra O’Neil, Chief Strategy & Operating Officer of Service Oklahoma. “With the Mason Treat Act (Senate Bill 2035) now in effect, our goal is to ensure that the pre-registration process is easy and accessible for everyone in the state.”

FBN Releases Price Transparency Reports and Announces New Tool for Farmers

Farm Director KC Sheperd caught up with Charles Baron, a Co-Founder of the Farmer’s Business Network (FBN), to talk about the business and what it does. The Farmer’s Business Network is composed of more than 85,000 farms in the United States and Canada.

The purpose of the network is to help farmers buy inputs smarter to lower their cost of production. It also helps them market their grain, capture sustainability premiums, obtain financing, and use analytics and data to make independent, unbiased decisions.

“Essentially, we connect those farmers and give them more power in the market,” Baron said.

To further empower farmers, the FBN created the Ag Chemical Price Transparency Report after farmers were consistently asking how to know if they were getting a fair price when buying farm chemicals.