From: Ron Hays [ron@oklahomafarmreport.ccsend.com] on behalf of Ron Hays [ronphays@cox.net]
Sent: Friday, November 02, 2012 8:38 AM
To: Hays, Ron; West, Tim; Apel, James
Subject: Oklahoma's Farm News Update
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We invite you to listen to us on great radio stations across the region on the Radio Oklahoma Network weekdays- if you missed this morning's Farm News - or you are in an area where you can't hear it- click here for this morning's Farm news from Ron Hays on RON.

 

 

Let's Check the Markets! 

 

Our Market Links are a service of Oklahoma Farm Bureau Insurance

 

Ok Farm Bureau Insurance   

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.

 

Okla Cash Grain:  

Daily Oklahoma Cash Grain Prices- as reported by the Oklahoma Dept. of Agriculture.

 

Canola Prices:  

Cash price for canola was $10.96 per bushel- based on delivery to the Northern AG elevator in Yukon yesterday. The full listing of cash canola bids at country points in Oklahoma can now be found in the daily Oklahoma Cash Grain report- linked above.

 

Futures Wrap:  

Our Daily Market Wrapup from the Radio Oklahoma Network with Ed Richards and Tom Leffler- analyzing the Futures Markets from the previous Day.

 

KCBT Recap: 

Previous Day's Wheat Market Recap- Two Pager from the Kansas City Board of Trade looks at all three U.S. Wheat Futures Exchanges with extra info on Hard Red Winter Wheat and the why of that day's market. 

 

Feeder Cattle Recap:  

The National Daily Feeder & Stocker Cattle Summary- as prepared by USDA.

 

Slaughter Cattle Recap: 

The National Daily Slaughter Cattle Summary- as prepared by the USDA.

 

TCFA Feedlot Recap:  

Finally, here is the Daily Volume and Price Summary from the Texas Cattle Feeders Association.

 

Oklahoma's Latest Farm and Ranch News
 
Your Update from Ron Hays of RON
   Friday, November 2, 2012
Howdy Neighbors! 

Here is your daily Oklahoma farm and ranch news update. 
 
Featured Story:
expiringtaxprovisionsExpiring Tax Provisions Affect Ag Producers 

 

Writing in the latest Noble Foundation Ag News and Views, Dan Childs examines the tax implications of expiring provisions of the old farm bill.

Agricultural producers make decisions each day using assumptions that are based on uncertainties - things like weather, prices and government regulations. The summer of 2012 was filled with such dilemmas. Our nation is suffering from the worst drought since the 1950s with grain and oilseed markets spiraling upward and livestock markets adjusting downward. Our government has not produced a farm bill and the 2007 Farm Bill expired on Sept. 30, 2012. In addition to this, important tax legislation is scheduled to expire on Dec. 31, 2012. This article will discuss a few of the expiring tax provisions that are most important to producers.

The amount specified in IRS Code Section 179 (referred to as the election to expense) is scheduled to be reduced substantially. This election allows an agricultural producer to choose to deduct an amount of the purchase price of a business asset rather than recover the purchase price over a period of years through annual depreciation. It is a very good tax management feature. In 2010 and 2011, the maximum amount of the election was set at $500,000 with a phase out beginning when total purchases exceeded $2 million. In 2012, the maximum election amount is $139,000 with a phase out beginning when total purchases exceed $560,000. In 2013, the maximum election is scheduled to be reduced to $25,000 with a phase out beginning when total purchases exceed $200,000. The amount of the deduction elected is limited to the net business income. However, the IRS allows W-2 wages to count as business income.

 

One other tax item related to estate taxes is planned to expire at the end of 2012. This is the $5.12 million exemption, the maximum tax rate of 35 percent on estates and the portability of any unused exemption to the surviving spouse. The exemption amount is scheduled to be reduced to $1 million, the maximum tax rate increased to 55 percent and the portability of the unused exemption will not be available.

Congress has the ability to extend a portion or all of these tax regulations plus many others. However, all we know for certain is the law as it currently stands and its implications for taxes for the remainder of 2012.

 

Click here to read more.  

 

 

Sponsor Spotlight

 

 

It is great to have as a regular sponsor on our daily email Johnston Enterprises- proud to be serving agriculture across Oklahoma and around the world since 1893. Service was the foundation upon which W. B. Johnston established the company. And through five generations of the Johnston family, that enduring service has maintained the growth and stability of Oklahoma's largest and oldest independent grain and seed dealer. Click here for their website, where you can learn more about their seed and grain businesses.

 

 

We are pleased to have American Farmers & Ranchers Mutual Insurance Company as a regular sponsor of our daily update. On both the state and national levels, full-time staff members serve as a "watchdog" for family agriculture producers, mutual insurance company members and life company members. Click here to go to their AFR website  to learn more about their efforts to serve rural America!  

 

 

noendinsightNo End In Sight for Drought; Conditions May Worsen In 2013 

 

In his latest Mesonet Ticker report, Associate State Climatologist Gary McManus says that although Oklahoma has experienced cooler temperatures in the last couple of weeks, the real news is that that the state's two-year-long drought may be worsening.

It's been awhile since Oklahoma has seen a month like October. Eleven months, to be exact. Not since September 2011 had Oklahoma seen a month where the statewide average temperature finished on the cold side of normal. In fact, 25 of the 30 months prior to October were warmer than normal, starting with April 2010. According to data from the Oklahoma Mesonet, October became the 26th coolest on record with a statewide average of 59.7 degrees, 1.6 degrees below normal.

Although the heat may have faded during October, the dry weather did not. The Mesonet's statewide average rainfall total of 1.1 inches fell more than 2 inches below normal and ranked the month as the 15th driest October on record. Eighteen of the Mesonet's 120 stations recorded less than a tenth of an inch of rain for the month and 66 measured less than an inch. The Cheyenne and Retrop stations recorded no precipitation during October. On the bright side, twelve stations recorded at least 3 inches of rain during the month with Oilton leading the way at 4.7 inches.

By October 31, it had been up to 34 days since parts of northern and western Oklahoma had seen a tenth of an inch of rainfall in a single day, and as many as 48 days without at least a quarter of an inch.

 

You can read more of this story and see the latest Drought Monitor maps by clicking here.

 

leadpoisoningincattleLead Poisoning in Cattle Can Be Avoided

 

Glenn Selk, Oklahoma State University Emeritus Extension Animal Scientist, writes in the latest Cow-Calf newsletter about an uncommon, but potentially-deadly problem.

At least once every year, an unfortunate story of cattle loss is repeated somewhere in Oklahoma. A producer encounters sudden death loss in several young calves and the veterinary diagnosis is lead poisoning. After an internet search, several important keys to prevention can be found.

1. Very small amounts of lead can cause poisoning. Calves licking crankcase oil, grease from machinery, lead pipe plumbing and batteries can be in danger.

2. Small calves represent the greatest percentage of lead poisoning cases because they are curious eaters. Other cattle however can also be affected.

3. Junk or garbage in pastures can be a source of lead. Example sources include: some crop sprays, putty, lead-based paints and painted surfaces, roofing materials, plumbing supplies, asphalt, lead shot, leaded gasoline, and used oil filters.

 

You can read Glenn's advice on how to prevent and treat lead poisoning in cattle by clicking here.

 

hurricanesandytightHurricane Sandy, Tight Supplies Blamed for Boxed Beef Prices Backing Up

 

Prices closed in on $2 per pound in wholesale boxed beef trade this week, but couldn't make it over the hump. Prices pulled back sharply after nearing record highs last week.

Market watchers diverged in their views of what led to the pull back. Some analysts believe Hurricane Sandy played a part, delaying beef deliveries to wholesalers and retailers up and down the East Coast.

The choice beef cutout was flying high before the storm closing at $199.40 cwt last Wednesday and Thursday. That was six percent higher than last year. In the last two days, however, the cutout trade gave up all the gains from the week before on a quotation of $194.80 Wednesday afternoon. Select beef cutout traded $7.20 lower than just one week ago.

Other analysts think the break in beef prices was due to the wholesale prices moving too far too fast for the marketplace.   Wholesale beef prices move counter-seasonally higher during September and October. October beef business tends to be soft as retailers feature ham and turkey for the holidays. Higher prices in the beef market seem to be reflective of tighter supplies of cattle.

 

Check out more of the latest Beef Buzz on our webpage by clicking here.

 

afroffersspeakingAFR Offers Oklahoma Youth Public Speaking Opportunity

 

American Farmers & Ranchers (AFR) is gearing up for the organization's 68th annual fall speech contest. Competitors in this year's contest will write speeches based on the theme "I Believe in Oklahoma Agriculture."

AFR and its sister organization, Oklahoma Farmers Union, continue to provide the youth of Oklahoma varied opportunities to develop into the leaders of tomorrow. Every year, more than 500 young Oklahomans compete in the fall speech contest.

"Over the years, our speech contests have been an AFR/OFU priority activity for the youth of Oklahoma," said AFR President Terry Detrick. "The opportunity these young people have to better their leadership skills and hone their ability to speak publicly makes every participant a winner. We encourage every teacher, parent and grandparent to introduce their young people to this opportunity and to encourage their participation. They will not regret it." 

 

You'll find more on this story and a full listing of the district competitions around the state by clicking here. 

 

hurricansandyripsHurricane Sandy Rips East Coast; Grain Markets Unaffected

 

Hurricane Sandy had a big impact on the East Coast of the United States this week, but OSU Grain Marketing Specialist Kim Anderson said the storm had very little impact on grain markets. In a preview to this weekend's SUNUP show, Anderson told Lyndall Stout there were those who were hoping the hurricane would actually help U.S. grain producers.

"We've got the drought area that could have used some of the moisture it brought in, but the moisture didn't move far enough west to alleviate any of the drought that is in the U.S. winter wheat area."

Anderson said the hurricane didn't seem to move the market out of the sideways pattern it has been in for months.

"The markets are just in the doldrums. If you look at the wheat market, Kansas City Board of Trade December, we've talked about it really since Friday the 13th in July, that it moved into a sideways pattern between $8.69 and $9.57 and it hasn't moved out of it since. Right now we're right in the middle of it and there's no indication it's going to break that sideways pattern any time soon."

 

Click here for more of Anderson's analysis and a full listing of what's coming up on this weekend's SUNUP program.

 

ThisNThatThis N That- Oh Baby It's Dry in Alfalfa County (and lots of other places), In the Field on Saturday and  Ratcliff Ranch Sale a Week From Saturday

 

 

We traded email messages yesterday with our friend Keith Kisling out of Burlington, Oklahoma- and in the course of that exchange- we asked how dry it was in his neck of the woods- we got a couple of replies back from him- the first simply saying "driest since 1921."  He then added in a second email- "Early planted wheat came up good, but now really going backwards. Lots dusted in. Need a backhoe to find subsoil moisture. Worst I've ever seen. Glad I've got Federal Crop Insurance, but it would be a shame to lose it. Get calls every day wandering if we are."  Add to that a hot/dry day today across the state- and windy- we may see some dirt sweeping down the plain. Alan Crone with the News on 6 in Tulsa tells us more about the hot temps, rising winds and fire dangers and more for today- click here for that.     

 

**********

 

Our guest for this Saturday's In the Field that will be seen on KWTV News9 in Oklahoma City will be Mike Spradling of Oklahoma Farm Bureau- as he helps us preview their state convention and annual meeting that is now just a week away.  With the theme "Projecting forward- with excellence," the 71st annual Oklahoma Farm Bureau convention will be November 9-11 at the Cox Convention Center in downtown Oklahoma City.

 

**********

 

A week from Saturday on November 10th- the Ratcliff Ranches have their Fall Production and Customer Appreciation sale planned- over 850 head to sell. The Sale will start at noon at the Ratcliff Ranch Headquarters in Vinita, Oklahoma. Ranch-ready Bulls and Functional Females available. Their goal is to provide ranchers "Genetics to Build a Herd On!"  Click here for more information about their sale and links from there to the sale catalog and videos of some of the headliner cattle that will be selling.  

 

   

Our thanks to Midwest Farms Shows, PCOM, P & K Equipment/ P & K Wind Energy, Johnston Enterprises, American Farmers & Ranchers, CROPLAN by Winfield , KIS Futures and the Oklahoma Cattlemen's Association 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- FREE!

 

We also invite you to check out our website at the link below to check out an archive of these daily emails, audio reports and top farm news story links from around the globe.

Click here to check out WWW.OklahomaFarmReport.Com 

 

 

God Bless! You can reach us at the following:  

 

phone: 405-473-6144

 

 


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