~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Oklahoma's latest farm and ranch news
Your Update from Ron Hays of RON for Friday October 3, 2008!A service of Producers Cooperative Oil Mill, Farm Credit Associations of Oklahoma and Midwest Farm Shows!
-- How Low Could Wheat Prices Go?
-- Louisiana Senator Takes a Swipe at Oklahoma Senator Tom Coburn
-- Farm Credit System Invests in Farmer Mac
-- Beef Value Cuts Promoted South of the Rio Grande by Walmart,the USMEF and the Texas Beef Council
-- Financial Markets Starting to Hit Cattle Trade
-- Thanks for clicking- Tulsa AND In the Field with a Kubicek
-- Parker Ranch Set for their October 13 Angus Production Sale
-- Let's Check the Markets!
Here's your morning farm news headlines from the Director of Farm Programming for the Radio Oklahoma Network, Ron Hays. We salute our longest running email sponsor- Midwest Farm Shows, producer of the annual Tulsa Farm Show scheduled for December 11-13 here in 2008, as well as the springtime Southern Plains Farm Show in Oklahoma City. Check out details of both of these exciting shows at the official website of Midwest Farm Shows by clicking here.
It's also great to have the Farm Credit Associations of Oklahoma
with us regularly as an Email Sponsor- Financing Oklahoma is their
business! Check out their website which shows their locations statewide by
If you have received this by someone forwarding it to you, you are welcome to subscribe and get this weekday update sent to you directly by clicking here.
How Low Could Wheat Prices Go?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Wheat Prices COULD go to zero. But Dr. Kim Anderson of OSU Extension says that's an extreme that has no chance of happening in the real world. He does see the real chance we have more down in current wheat prices based on where the financial situation in this country has pushed all ag commodities in the last couple of weeks.
He tells SUNUP that we are on a slope and could fall to the next support level below quickly if we don't see the price of wheat climb back above the support level that was violated on Thursday. That support level was $6.75 per bushel, basis the December Kansas City HRW contract. We settled on Thursday at $6.68 3/4- but have bounced back a little in the overnight electronic trade on Friday morning to $6.72.
Kim and several of his old SUNUP buddies will be a part of the new
weekly version of the program that has been revived by Dr. Robert
Whitson's efforts in the OSU Division of Agriculture. the show will be
seen Saturday mornings at 7:30 Am on OETA.
Louisiana Senator Takes a Swipe at Oklahoma Senator Tom Coburn
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Senator Mary Landrieu of Louisiana says that she has introduced legislation that would have provided $1.2 billion dollars in emergency disaster relief for farmers hit by Hurricanes, tornados, floods and drought in recent months. Apparently, she wanted to tack it onto the what some have called the "last train leaving the station" which was the Emergency Bailout Bill passed by the Senate late Wednesday.
Senator Landrieu's News Release states "Sen. Landrieu vetted the bill with each member of the Senate and only Sen. Coburn objected. He used a Senate procedure called a "hold," which prevents its immediate passage. Sen. Coburn's objection came despite potential benefit to Oklahoma farmers as a result of the legislation. In July, the U.S. Department of Agriculture in July designated nine counties in Oklahoma as natural disasters because of drought, extreme heat and high winds. Oklahoma farmers in those counties would be eligible for assistance under the Landrieu proposal.
We contacted Senator Coburn's Director of Communications, John Hart, and asked him about this issue- and he offered two responses quickly via email. Hart says that "This bill is about helping Senator Landrieu's re-election campaign, not Oklahoma farmers. This is not a serious bill. It was introduced at the last minute and has never gone through committee. We call this press release legislation. Several senators are holding this bill. Dr. Coburn, to my knowledge is the only senator who has made his hold public."
Farm Credit System Invests in Farmer Mac
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~The five system banks of the Farm Credit System invested $60 million in the Federal Agricultural Mortgage Corporation (Farmer Mac) this week.
AgFirst FCB; AgriBank, FCB; CoBank, ACB; Farm Credit Bank of Texas and U.S. AgBank, FCB have purchased $60 million in aggregate of senior cumulative perpetual preferred stock of Farmer Mac, which provides a secondary market for agricultural real estate loans, rural home mortgages and rural utility loans. An additional $5 million of Farmer Mac senior cumulative perpetual preferred stock has been purchased by Zions Bancorporation of Salt Lake City. The successful sell of $65 million in preferred stock will enable Farmer Mac to strengthen its capital position and comply with its minimum regulatory capital requirements.
Farmer Mac provides a secondary market for agricultural real estate loans, rural home mortgages and rural utility loans and facilitates capital market funding for USDA-guaranteed farm program and rural development loans.
Robert B. Engel, president and chief executive officer of CoBank, ACB,
explained the investment in a news release saying, "Agriculture is a key
economic driver in our economy, providing food, thousands of jobs and
biofuels that help make our nation more energy-independent. The System's
mission is to help ensure that U.S. agriculture has the capital it needs
to continue to fulfill these essential roles, and we are proud that we are
able to do so."
Beef Value Cuts Promoted South of the Rio Grande by Walmart,the USMEF and the Texas Beef Council
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~In our Friday Beef Buzz, we talk about the effort to extend the profile of beef value cuts beyond the domestic market, and how the U.S. Meat Export Federation and the Texas Beef Council teamed up last week to promote these items to Wal-Mart directors and employees in Mexico. Led by Anton Mata, a meat scientist who has served as a consultant to the beef industry since 1994, beef value cuts seminars were conducted in Monterrey at the Culinary Institute in Nuevo Leon and in Mexico City at Centro Culinario Ambrosia.
Mata demonstrated how to properly harvest the flat iron, petite tender and ranch cut steaks from the shoulder clod. From the chuck roll, he showed participants how to obtain the Delmonico, ranch cut and country style boneless cuts.
USMEF and the Texas Beef Council decided to make the seminars a funding priority because of Wal-Mart's desire to expand its high-quality meat offerings in Mexico. In Mexico, Wal-Mart's meat cases currently contain nearly 20 percent U.S. product, but this ratio could increase if more high-quality cuts can be made available at prices that appeal to Mexican consumers. The seminars also served as the backdrop for an instructional video that USMEF plans to use to further promote beef value cuts to retail and foodservice outlets throughout Mexico.
Financial Markets Starting to Hit Cattle Trade
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~The fear in this current market is being seen in the cattle markets- both for feedlot cattle and for yearlings and calves.
In the feedlot arena, after five weeks of steady money on slaughter cattle at $99, we have light to moderate trade in the TCFA trade area of just over 17,000 head of cattle, with prices going $96 to $97.
The feeder cattle markets have all been going lower this week on both
stockers and yearlings. Look at the weakness seen at several of the
auction locations this week:
Thanks for clicking- Tulsa AND In the Field with a Kubicek
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Many of our email followers took a moment and supported the FFA by clicking on the Red Barn that is at a website developed by Campbells Soups. When I clicked Thursday morning early before I sent the email out for the day- it stood at 4,639- and when I clicked just a moment ago- it is now 7,882. A lot of that increase is ALL of US working together. You can go back today- the link through is on our website at this address.
We will be heading for Tulsa once we finish our Friday morning chores- to report on the 2008 Premium Auction of their Junior Livestock Show- it starts at 11:00 AM. I know I will see several of you there.
This Saturday morning around 6:40 AM or so- our latest In the Field with Ron Hays will be seen- tune in and check us at out KWTV, News9 based out of Oklahoma City. Our guest this week will be Mike Kubicek, Executive Director of the Oklahoma Peanut Commission. We plan on talking with Mike about COOL and peanuts, the status of the 2008 peanut crop and more. Tune in and Check us out!
Parker Ranch Set for their October 13 Angus Production Sale
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Eddie and Karen Parker want to extend an invitation to their Annual Fall Production Sale on Columbus Day, Oct. 13, 2008. Selling will be 100 spring-calving bred cows and heifers plus fall-calving bred heifers and open yearling heifers. Also selling will be 100 18- to 20-month-old performance-tested, carcass-evaluated Angus bulls.
These bulls are ready to go to work for you- they are semen tested, PI-BVD tested negative, carry a one year breeding guarantee; have been raised in large pastures--no hot rations and are Merial Igenity DNA tested. They have the right EPDs- 24 bulls have 9's and 10's for Tenderness. And a Parker Angus Ranch bull is affordable- previous sales show that 56% are in the $2,000-$3000 range.
We have the Parker Ranch website linked below- you can go there and find the sale catalog for this offering now available. The Sale can be viewed October 13 on the internet at www.liveauctions.tv . Contact Brad Fahrmeier prior to auction at (816) 392-9241.
Our thanks to Farm Credit Associations of Oklahoma, Producers Cooperative Oil Mill and Midwest Farm Shows for their support of our daily Farm News Update. For your convenience, we have our sponsors' websites linked at the top of the email- check them 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!
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Let's Check the Markets!
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