~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Oklahoma's latest farm and ranch news
Your Update from Ron Hays of RON for Thursday September 27, 2007!A service of Farm Credit of East Central Oklahoma, American Farmers and Ranchers & Midwest Farm Shows
-- Wheat Prices Wander Further into "No Man's Land" with Local Elevator Prices ALL North of Eight Dollars
-- Mandatory COOL Debate continues as Senators Voice Support for House Deal Struck Back in July.
-- USDA Reports Tomorrow- Stocks, Wheat Acres and Piggies
-- Now Open for Business- A Holistic Approach to Made in Oklahoma.
-- Bud Williams Marketing School in Tulsa Next Month.
-- It Starts Today- The 2007 Tulsa State Fair!
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Wheat Prices Wander Further into "No Man's Land" with Local Elevator Prices ALL North of Eight Dollars
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~In recent weeks we have flirted with the world of eight dollar grain elevator bids here in Oklahoma- but yesterday is the first time that we have seen every grain elevator that provides a local cash wheat bid to the list compiled daily by the Oklahoma Department of Agriculture report a price with an "eight" in front of it. Two widely divergent locations report the cheapest price- Davis in the south and Keyes in the Panhandle- both at $8.27 while the highest grain elevator posted price to buy a bushel of wheat is now at $8.49- this price found in Medford and in Ponca City.
It's all being driven by drought and demand. The drought, as you know is in Australia- and their Agricultural Minister is now being quoted as believing that we could see a wheat crop that is as bad as last year's ten million metric ton production. Just a week ago, ABARE (the Australian Bureau of Resource Economics) pegged this year's crop at 15.5 million metric tonnes. The wheat trade seems to be saying with these most recent price advances that they think the Ag Minister's unofficial estimate seems credible.
Demand seems undeterred by the rising prices- Algeria buying another 200,000 metric tonnes of Hard Red Winter wheat after buying 330,000 metric tonnes a day earlier. Several other countries are in the market for both hard and soft wheat. After a limit up move for Chicago wheat and a close to limit up move for KC wheat yesterday, the overnight electronic trade is higher yet early this morning- another 14 to 17 cents per bushel higher on the two exchanges.
The futures are setting fresh "all time" highs on a regular basis in recent sessions- and one Kansas City trader described the action yesterday "We were in no-man's land- there was nothing holding us back."
Mandatory COOL Debate continues as Senators Voice Support for House Deal Struck Back in July.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~30 members of the U.S. Senate have signed a letter sent to the chairman of the Senate Agriculture Committee urging him to include compromise language on Country of Origin Labeling in the farm bill. According to Iowa Senator Chuck Grassley, - it's time for congressional intervention to ensure the long- awaited implementation of mandatory COOL. Grassley feels - the consensus represents a reasonable compromise and finally clears the way to timely and reasonable implementation.
This "consensus" is the deal cut in July as parties from both sides of the debate set down in what you might call the "Tom Buis" meeting (Tom from National Farmers Union was negotiating on behalf of the folks who want M-COOL and wanted it years ago) and cut a deal that was then inserted into the House Ag Committee's Farm Bill Proposal that passed the full House in early August.
In our Wednesday Beef Buzz, we reviewed that deal from the NCBA perspective in a conversation that we had with Jay Truitt on the night that the deal was finalized. Neither side got all that they wanted out of the final adjustments proposed to the 2002 farm law language on COOL- but both sides agreed to come out and publicly support the final package.
Truitt praised the measure for several key positives- and he describes those to us on this Beef Buzz program from the Radio Oklahoma Network that I mentioned above. You can link to it below and listen to Jay's comments on the COOL deal that these thirty US Senators are backing.
USDA Reports Tomorrow- Stocks, Wheat Acres and Piggies
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Several USDA reports will be out tomorrow morning- and one that we will be examining closely for you is the Small Grains Summary that will be released at 7:30 am central time. It is expected that we will get a revision on the number of actual acres of wheat that was harvested for grain here in the state of Oklahoma, with Mark Hodges of the Oklahoma Wheat Commission expressing the opinion that he believes that we could end up with a less than 100 million bushel wheat crop for the second year in a row.
There will also be a general grain stocks report out tomorrow morning- and the analysts are expecting few surprises in the corn and soybean numbers.
Friday afternoon, after the markets close for the week, the quarterly hogs and pigs report will be released. The trade is expecting Uncle Sam to revise previous data to show more hogs that have gone through the pipeline than first thought. The latest numbers are expected to show the results of four years of sustained producer profits- more hogs being produced. I guess you could call that the "Making Bacon" effect.
Now Open for Business- A Holistic Approach to Made in Oklahoma.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Oklahomans now have the opportunity to shop at a new market with a small grocery store environment but with the addition of locally grown fruits and vegetables. Sara Kaplan and Matt Runkle opened the doors of Native Roots Market in Norman on Aug. 13. "Sara and Matt are excited about providing a variety of Made in Oklahoma products at the new store, along with locally grown fruits and vegetables," said Jim Brooks, Robert M. Kerr Food & Agricultural Products Center manager of business and marketing services. The purpose of the market is to promote Made in Oklahoma products that fit the more natural foods category and organics.
"We want to provide a nice selection of natural foods items but also establish ourselves as a full-service grocery store, just on a smaller scale," Kaplan said. The store is located on the bottom floor of one of Norman's historic downtown buildings and has been completely renovated with new flooring and the natural brick walls. The store, located at 132 W. Main, is approximately 3,700 square feet.
Kaplan and Runkle are convinced consumers will visit their new store as
word spreads and more shoppers like the idea of buying from local owners
who support the community and its economy. Another feature Kaplan and
Runkle plan to add to their market is a demonstration kitchen. During the
weekends, local chefs will demonstrate how to prepare various items.
Kaplan and Runkle also will offer recipes for customers. "Sara and Matt
have a spent a great deal of time in defining the niche market they want
to shop at their store, and they intend to serve that niche better than
anyone else in the area," Brooks said. "They are committed to offer more
products that are from within the state than any store of their size, and
they are off to a great start."
Bud Williams Marketing School in Tulsa Next Month.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~If you are losing sleep over the ups and downs of the cattle market, you may want to think about the Bud Williams Cattle Marketing School that will be taught by our friend Ann Barnhardt. Ann says that if "you are tired of breaking even on cattle - and feeling fortunate to have done so- and if you are you ready to control your own destiny in the cattle markets and be CONSISTENTLY PROFITABLE- then you are ready for the Bud Williams Livestock Marketing School at the Tulsa Airport Holiday Inn on November 9th and 10th.
Barnhardt says there are quite a number of things she will be teaching
those in attendance on the 9th and 10th of November- some of the concepts
covered at Bud Williams Marketing Schools include: How to maximize cash
flow while minimizing market risk. She contends that the cash flow from a
livestock operation can be just as regular as any job and just as secure
as any job "in town".
Ann says space is limited to 50 and a sell-out is expected, so call 1-8777994577 toll free or go their website for the Bud Williams Marketing School, which is linked below.
It Starts Today- The 2007 Tulsa State Fair!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Lots of our livestock producers will be hanging around the barns in Tulsa over the next several days- and we have the full livestock schedule linked for you on our Calendar page of our website- WWW.OklahomaFarmReport.Com- we have that link for you below.
A week from tomorrow, one of the big junior livestock stock show "paydays" is set as the Junior Livestock Premium Auction will be happening at 10 am at the Fair. This auction is second only to the Oklahoma Youth Expo in the state when it comes to raising dollars for young people from their 4-H and FFA animal agriculture projects.
One of our "traditions" for the Tulsa event is to stop by and enjoy one of those delicious steak sandwiches from the Oklahoma Cattlemen- it is always a highlight of the Tulsa Fair experience. Last year, they moved into their permanent building nussled right up to the livestock buildings on the north side of the grounds. If you make it out to the Tulsa Fair this year- be sure and check them out- and say howdy to Steve McKinley and his team for me.
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