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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!
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.
Today's First Look:
mornings with cash and futures reviewed- includes where the Cash Cattle market stands, the latest Feeder Cattle Markets Etc.
Boxed Beef Prices continue to tumble from the record highs of mid May- June 2nd Choice Beef was down another $22 per hundred to $318.73- click here for the complete report from USDA.
Okla Cash Grain: Futures Wrap: Feeder Cattle Recap: Slaughter Cattle Recap: TCFA Feedlot Recap:
Our Oklahoma Farm Report Team!!!!
Ron Hays, Senior Farm Director and Editor
KC Sheperd, Associate Farm Director and Editor Sam Knipp, Farm Editor Pam Arterburn, Calendar and Template Manager Dave Lanning, Markets and Production |
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Oklahoma's Latest Farm and Ranch News
Your Update from Ron Hays of RON
Wednesday, June 3, 2020
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Howdy Neighbors!
Here is your daily Oklahoma farm and ranch news update.
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Beef processing is nearing year-ago capacity quicker than many experts predicted and Dr. Derrell Peel, OSU Extension livestock market economist explains why in today's Beef Buzz
We've made remarkable progress, faster than many thought, Peel said, and packers have plenty of incentive to get back to capacity as quickly as possible.
Estimated weekly slaughter is about 89 percent of one year ago and Peel said the carcass weights are 40 to 50 pounds heavier than normal, causing some difficulties with catching up on the backlog.
The heavier carcass weights this year are equal to adding about 30,000 head to the weekly slaughter as compared to a year ago, Peel said.
That's helping ease the beef shortages in the near term but eventually the heavy weight cattle need to move through the system.
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Sponsor Spotlight
The Oklahoma Cotton Council is proud to serve the cotton producers and those who are a part of the cotton industry in Oklahoma- promoting and protecting their interests. In Recent Years- cotton acreage has grown in Oklahoma- and today we are the third largest Cotton State in the US- based on Acres Planted.
The Oklahoma Cotton Council works for the cotton farmer in the areas of research, advocacy and education. Follow the Oklahoma Cotton Council on Facebook or check out out the Oklahoma Cotton Council website- okiecotton
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U.S. Department of Agriculture (USDA) Rural Development Deputy Under Secretary Bette Brand today kicked off National Homeownership Month by highlighting USDA's ongoing role in supporting rural homeownership. President Trump issued a proclamation on May 29 recognizing June as National Homeownership Month.
"Rural communities are rising to the challenge put forth by the coronavirus pandemic," Brand said. "Under the leadership of President Trump and Agriculture Secretary Perdue, USDA is committed to being a strong partner in building prosperity in rural communities and for the people who call them home - especially those impacted by the COVID-19 pandemic."
To assist homeowners facing current hardships, USDA is offering payment moratoriums and modified application processes. USDA Rural Development is also working with new borrowers and their lenders to make special accommodations based on local needs and restrictions. For the most up-to-date information on Rural Development's response to COVID-19, visit rd.usda.gov/coronavirus
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A webinar to explore the Coop Model for Beef Packing and Processing has been set for Thursday, June 4 at 2 p.m.
Dr. Phil Kenkel, OSU Department of Agriculture Economics will be the featured panelist. The webinar is offered and hosted by the recently formed Packer/Processor Task Force, formed by the Oklahoma Department of Agriculture, Food and Forestry (ODAFF) and the Oklahoma Cattlemen's Association (OCA).
"The task force has discussed many different business models to expand packing and processing capacity in Oklahoma," said Michael Kelsey, Task Force Co-Chair and OCA Executive Vice President. "Additionally, members of the task force have received questions and comments from producers interested in creating a COOP packing plant. The purpose of this webinar is to discuss the different types of COOP models and how they might work in beef packing and processing."
I talked with Kelsey about the Task Force and the Webinar planned for Thursday- hear our conversation by clicking here to jump over to our webstory that includes the audio about the webinar.
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The Coronavirus Food Assistance Program (CFAP) opened up on May 26 for applications, and will close on August 28, 2020. Applications can be submitted by phone or email at Farm Service Agency county offices across the country. Producers can find their local FSA office, and much more CFAP information, at www.farmers.gov/cfap In addition to the CFAP application, a producer may need to submit forms and documentation to determine their eligibility for the program and agree to basic conservation requirements, which are required for all USDA programs. There is also a form for direct deposit. Anyone who used the drought program (Livestock Forage Program, or LFP) in 2014 or other years will be familiar with the process.
Once a producer's total CFAP payment is calculated, they will receive a direct deposit for 80% of that payment relatively quickly. However, the remaining 20% will only be paid if enough funds are available. This assures that CFAP funds are spread across as many eligible livestock and crop producers as possible. Let's be frank, $16 billion sounds like a lot of funds until you consider how much production of livestock, crops and specialty crops it is being spread across.
Let's break down the payments for cattle producers further. First, producers will need to know their sales and their inventory. USDA is allowing both to be self-certified, but have your documentation on hand and be prepared to produce it if asked. Cattle producers that sold cattle between January 15 and April 15 are eligible for a payment out of the CARES Act funds, provided those cattle were unpriced. USDA defined 'unpriced cattle' as those cattle that were 'not subject to an agreed-upon price in the future through a forward contract, agreement, or similar binding document'. However, if you had another risk management instrument such as a Livestock Risk Protection (LRP) or put option in place the cattle are still eligible sales under CFAP.
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Sponsor Spotlight
National Livestock was founded in 1932 in Oklahoma City. National's Marketing Division offers cattle for sale weekly at the Oklahoma National Stockyards in Oklahoma City. The Finance Division lends money to ranchers across several states for cattle production. The Grazing Division works with producers to place cattle for grazing on wheat or grass pastures. National also owns and operates other livestock marketing subsidiaries including Southern Oklahoma Livestock Auction in Ada, Oklahoma, OKC West Livestock Market in El Reno, Oklahoma, and the nation's premier livestock video sale, Superior Livestock Auction. National offers customers many services custom made for today's producer. To learn more, click here for the website or call the Oklahoma City office at 1-800-310-0220.
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CHS Hedging today announced its Russell Consulting Group subsidiary has been fully integrated into CHS Hedging, LLC and all services are renamed AgSurion? Risk Consulting. The new name aligns with the scheduled business transition agreement between Russell Consulting Group founder and principal Maurice (Moe) Russell, Panora, Iowa, and CHS Hedging, Inver Grove Heights, Minn.
"While our farm marketing and financial consulting service has a new name, you can rest assured that the commitment to service, integrity and our unique business model remains the same," says Nelson Neale, CHS Hedging president.
Nelson says the name AgSurion Risk Consulting was chosen to reflect the reassurance producer and commercial customers gain when they move forward confidently with a sure plan of action - one that's built through strong teamwork and a focus on the future.
CHS Hedging predecessor company Country Hedging Inc. acquired partial ownership of Russell Consulting in 2007 and CHS Hedging LLC assumed full ownership in 2018.
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"Counting on corn exports has always been a questionable strategy," says Gale Lush, corn, soybean and wheat farmer from Wilcox, Nebraska and Chairman of the American Corn Growers Foundation (ACGF). "Problematic U.S. trade policy, aimed at China is attempting to protect intellectual property rights of big corporations, but has boomeranged against farmers, due to Chinese retaliation, that has led to their investment in competitor exporting countries.
Corn exports are extremely unpredictable and it's getting worse. Fluctuating currency values where the dollar has gotten stronger causes U.S. farm and manufactured goods exports to be more expensive in world markets. Given that reality our only serious demand growth strategy is ethanol. It is HOMEGROWN and untouchable by trade wars and a high dollar. Ethanol has been a major, annual domestic consumer of 5.5 billion bushels of corn. Ethanol is also a massive U.S. economic and infrastructure development strategy, if our political leaders will only get on-board and use it to its maximum potential. It's already a proven success.
The ethanol industry is a major economic driver for the rural economy. According to ABF Economics the manufacturing activity alone in the ethanol industry employed nearly 366,000 and contributed $14.5 billion to the U. S. economy in 2018. Ethanol is a net energy producer and helps clean the air by reducing toluene, benzene and other cancer-causing additives in gasoline. With modern high tech, low and no tillage farming practices, and cover crops corn farmers are improving the environment as well, while conserving and improving water quality as reported in a 2020 documentary by University of Nebraska Journalism students. "Land and Water: Farmers Adapt to Climate Change" is posted on the ACGF web site at WWW.ACGF.ORG
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Barchart, a leading provider of data and technology services to the financial, media, and commodity industries, announces their initial cmdty Yield Forecast for end of season yield at 172.4 bu/ac for corn and 48.8 bu/ac for soybeans in the U.S. Released for free to the public on the first Tuesday of each month during the growing season, and available to clients through daily updates, the cmdty Yield Forecast Index series allows users to get insights to guide their business decisions ahead of the USDA's WASDE report.
"We're focused on providing insights to the global ag community and by making our forecast for U.S. yield available to the public we can help level all users make better grain marketing decisions," said Keith Petersen, Head of Strategy at Barchart. "In addition to our monthly public release, we'll also be previewing each month's WASDE report with a free livestream containing updated forecasts and insight into what this means for the USDA's estimates."
Barchart's cmdty Yield Forecast Indexes, which correctly predicted 2019 USDA soybean yield figures three months in advance, are calculated using the latest geospatial and remote sensing technology, and provide users with daily insights on over 3,000 individual growing areas in the U.S. The power of this data combined with insights from cmdty's recently released whitepaper describing how yield forecasts can be used to anticipate USDA estimate revisions, empowers users to improve their crop marketing and underwriting strategies.
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 AND FINALLY- OSU Harvests Governor's Challenge Wheat Plots
It will be a few days before we have the details of how the Governor Kevin Stitt and the Lt. Governor Matt Pinnell did with their wheat plots in front of the Department of Ag Building just north of the State Capitol- but Tuesday was harvest day for the two varieties involved- Baker's Ann and Smith's Gold.
You might remember that the Governor and Lt. Governor were both at ODAFF in early March- did a photo op but also learned more about the varieties and the Oklahoma Wheat Industry- click here for our story of that special day.
Here's a pic of the special small combine that OSU uses to harvest test plots across the Oklahoma wheat belt-
Mike Schulte with the Oklahoma Wheat Commission tells us that we will soon get yield and then baking quality results on the two plots in order to be able to declare a winner in the Governor's Wheat Challenge 2020.
BY THE WAY- our next harvest update will be coming in tomorrow morning's email.
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Our thanks to Midwest Farms Shows, P & K Equipment, AFR Insurance, Oklahoma Farm Bureau, Oklahoma Ag Mediation Program,Great Plains Kubota, Stillwater Milling Company, National Livestock Credit Corporation, Oklahoma Beef Council, Oklahoma AgCredit, the Oklahoma Cattlemens Association and KIS Futures 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- at NO Charge!
We invite you to check out our website at the link below too that includes an archive of these daily emails, audio reports and top farm news story links from around the globe.
God Bless! You can reach us at the following:
phone: 405-473-6144
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