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Today's First Look:
mornings with cash and futures reviewed- includes where the Cash Cattle market stands, the latest Feeder Cattle Markets Etc.
Each afternoon we are posting a recap of that day's markets as analyzed by Justin Lewis of KIS futures
- click or tap here
for the report posted yesterday afternoon around 3:30 PM.
Okla Cash Grain:
Feeder Cattle Recap:
Slaughter Cattle Recap:
TCFA Feedlot Recap:
Our Oklahoma Farm Report Team!!!!
Ron Hays, Senior Farm Director and Editor
Carson Horn, Associate Farm Director and Editor
Pam Arterburn, Calendar and Template Manager
Dave Lanning, Markets and Production
|Oklahoma's Latest Farm and Ranch News
Your Update from Ron Hays of RON
Friday, August 11, 2017
Dr. Kim Anderson Reports World Wheat Production Up in WASDE Report, Markets React Negatively
SUNUP host Dave Deeken caught up with Extension Grain Market Economist Dr. Kim Anderson yesterday to get his reaction on the latest USDA World Agricultural Supply and Demand Estimates and Crop Production reports, released this week.
According to Anderson, the combined information in these reports had a negative effect on the market, disappointing traders who were keeping their fingers crossed that world wheat production would be lower. Unfortunately, though, the foreign crops came in above expectations and caused market prices for wheat to "tank," he says.
Anderson quotes that world wheat production was raised 200 million bushels to 27.3 billion bushels, making it the second highest production on record, behind last year's of 27.7 billion bushels and 500 million bushels above the five year average.
While US wheat production was down about 550 million bushels, he says, foreign production (mostly the former Soviet Union states and the EU) more than made up for the loss by the US this year. Foreign production he quotes at a total 25.6 billion bushels.
Over the last few weeks, Anderson says wheat prices in Oklahoma have averaged around $4.10. After two years of depressed prices, Anderson believes Oklahoma could see even fewer acres planted in wheat this year.
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|Corn and Soybean Numbers Bigger Than Trade Expected- Discounting of the Report Began in Record Time
Corn production is forecast at 14.2 billion bushels, down 7 percent from last year. Based on conditions as of August 1, yields are expected to average 169.5 bushels per acre, down 5.1 bushels from 2016. If realized, this will be the third highest yield and production on record for the United States. Area harvested for grain is forecast at 83.5 million acres, unchanged from the June forecast but down 4 percent from 2016. The corn crop estimate is well above what the pre report trade estimate was pegged at- 13.7 billion bushels with a yield of 166.2 bushels per acre.
Much of the US Corn Belt came in under a year ago on yields- this graphic shows that very clearly:
Two of the three "I" States were under a year ago- and the third, Indiana- was even with a year ago yields.
Soybean production is forecast at 4.38 billion bushels, up 2 percent from last year. Based on August 1 conditions, yields are expected to average 49.4 bushels per acre, down 2.7 bushels from last year. Area for harvest in the United States is forecast at a record high 88.7 million acres, unchanged from the June forecast but up 7 percent from 2016. The larger number of acres was the key for soybeans- pushing a slightly lower yield than a year ago into record crop territory.
Markets were shocked at both the higher than expected corn and soybean yields and production. Corn and soybeans fell quickly on the bearish news.
Traders are still pondering how significantly lower crop ratings week to week do not translate into lower corn and soybean yields than what USDA released.
To take a look at the complete report released on Thursday- click or tap here.
|Rainfall Piles Up With More on the Way
Lots of rain and some damaging winds have rolled across western and central Oklahoma over the last few hours- and more of that rain has been edging over into eastern Oklahoma. Here's what we have had to date based on the data collected by the Oklahoma Mesonet: Chickasha
is the winner thus far of the most rainfall trophy with over five inches of rain and flooding a problem in Grady and Caddo Counties.
Looking ahead- we will almost certainly add to the rainfall totals as get into the weekend and early next week- courtesy of Jed Castles
at News9- here's the nine day rainy outlook:
Lots of runoff- but also lots of recharging of soil profile ahead of wheat and canola planting in many locations.
Most farmers and ranchers will take August rainfall ANY TIME they can get it in our state.
A recent survey conducted by the Federal Reserve Bank of Kansas City - Omaha Branch revealed that the farm economy continued to soften during the 2nd Quarter. However, it also shows that the rate at which the economy is weakening has began to moderate.
The reports shows that while the rate at which farm loans are being repaid continued to decrease, it was less sharp of a decline seen in recent year, with only 37 percent of bankers that responded reporting a decrease. This is the lowest share since mid-2015, the Federal Reserve reports.
The same has been observed to be true in other measurements as well, including farm income and farm land values.
Concern is still being expressed, though, by agricultural lenders and borrowers, as the fall harvest approaches, particularly in regions with limited potential for high crop yields. However, bankers seem generally less pessimistic about economic conditions in the farm sector in the second quarter than in each of the past two years.
To read more highlights from this report, or to view the complete report for yourself, visit our website
for the original story, with a link to the full report.
The Japanese government announced last month, that its so-called "safeguard mechanism" has been triggered by the amount of "frozen" beef that has been imported into their market by other countries, including the US. This mechanism, designed to protect Japan's domestic beef industry, will cause increased tariffs to come into effect from now until the end of next March. US Meat Export Federation CEO Phil Seng
, this presents a problem for US beef exporters, who will now be forced to reduce the tonnage of frozen beef to Japan, and divert it back into the domestic market to be absorbed. Jim Robb
of the Livestock Marketing Information Center told me, this frozen beef will most likely wind up being ground and added to our supply of hamburger. Meanwhile, the US will be left at a disadvantage to compete for market share in Japan, with nation's that signed on under the Trans-Pacific Partnership.
"The US is going to face those higher tariffs, but Australia and Mexico for example - because they have trade agreements with Japan, get to keep their rates unchanged," Robb said. "Australia for example, would be at about 27%, we'll be 50% and Mexico will be just over 30%. So, some countries are going to benefit and the US is going to lose a little bit."
The US won't be the only one losing out. Canada and New Zealand are also in the same boat as the US, with no trade agreement in the books. Japan's food service industry, though, also stands to lose out, as their "beef bowl" restaurants are heavily reliant on US short-ribs, which will now be forced to be cut back. President of the National Cattlemen's Beef Association Craig Uden
, says he hopes this situation underscores to President Trump
, the imperative necessity of striking a trade deal with Japan as soon as possible.
Listen in as I walk you through this developing situation in the global beef market, while the US cattle industry contemplates its options to ride out the next several months burdened by increased tariffs on frozen beef in Japan, on yesterday's Beef Buzz - click here
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.
They would like to thank all of you who participated in their 2017 Oklahoma City Farm Show.
Up next will be the Tulsa Farm Show in December 2017- the dates are December 7th, 8th and 9th. Now is the ideal time to contact Ron Bormaster at 507-437-7969 and book space at the 2017 Tulsa Farm Show. To learn more about the Tulsa Farm Show, click here.
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In a memorandum of understanding, signed by both the American Farm Bureau Foundation for Agriculture and the National Ag In The Classroom Organization, the two groups established a partnership to foster better collaboration in creating a more agriculturally literate society.
"Farm Bureau has worked closely with National Agriculture in the Classroom for years to help students, teachers and parents learn about where food comes from and who grows it," said Foundation Chairman Zippy Duvall, who also serves as president of the American Farm Bureau Federation. "We look forward to building on our success through this official partnership."
As partners, the groups will work together to promote higher education and career opportunities in the food and agricultural sciences, and will provide resources to assist K-12 educators interested in integrating information about food and agriculture across curricula.
, president of the National Agriculture in the Classroom Organization and executive director of Maine Agriculture in the Classroom said, "We're proud to have such a strong advocate of educating K-12 teachers and students about the importance of agriculture by our side, and look forward to a robust collaboration between our two organizations for many years to come."
Click or tap here
to read more about the partnership's announcement up on our website.
|Give Me Four Minutes and I Will Give You a Supersized Cup of Inspiration Running Over- Courtesy of Drake Boyce
Most of you that read this daily communication know my opinion of the FFA as the ultimate leadership development organization- and when you run across things like this video I am sharing with you this morning- I hope you can better understand my love for the Blue and Gold.
Drake Boyce was the Oklahoma FFA State President in 2015-16 and has stayed involved with FFA as one of the leaders for the summer Alumni Camp the last couple of summers- he told his story at the recent Summer Conference for the Oklahoma Career Tech- and it's worth your time to watch- take a look:
|Drake Boyce - His FFA Story|
|Services for Adam McClung Set for This Afternoon in Greenbrier, Arkansas
Funeral services for Adam McClung are set for this afternoon at 2 PM at the Springhill Baptist Church in Greenbrier, Ark. Adam was 37 when he died this past Sunday evening after a brief but severe illness.
According to the tribute to his life online- "He went to Eastern Oklahoma State College and Oklahoma State University on livestock judging scholarships, receiving his Bachelor's Degree in Animal Science with emphasis on Business and Agriculture Economics. He worked in the cattle industry almost his entire career. Starting as director of membership for the Arkansas Cattlemen's Association, Adam had a passion for the cattle industry and the farm and ranch families who made it all happen. He served for a year as the director of industry relations with the Oklahoma Beef Council before returning to Arkansas Cattlemen's Association in 2009 to serve as the executive vice president."
He was loved and respected in Arkansas- his second home state of Oklahoma and even nationally as a rising star in the beef cattle industry leadership. Beef cattle leaders from across the US will pay tribute to Adam this afternoon- and even if you cannot attend the Memorial- you can offer your tribute and thanks to Adam on the page created by the family to do so- it also has details about a couple of funds that have been set up if you care to give a memorial gift- click or tap here for that page.
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.
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