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Let's Check the Markets!
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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, November 17, 2017
Oklahoma Department of Ag Certifies State Beef Checkoff Referendum Failed
With the stroke of a pen, Oklahoma Commissioner of Ag Jim Reese signed the official certification for the vote on the Oklahoma Beef Checkoff, Thursday, certifying that the referendum on a state level dollar per head beef checkoff failed. According to the final report from the Auditor that was confirmed by the Oklahoma Department of Agriculture, a total of 4,948 votes were received either in the mail or from the "live" voting on November first.
Of those ballots, 444 were declared invalid. The audit and check by the Department of Agriculture confirmed that 1998 voted yes and 2506 voted no, meaning the Beef Checkoff Referendum failed.
The detailed Auditor Report shows that thirty-three counties went in favor of the Checkoff, only one with a tied vote and forty-three counties that voted in the negative.
The most no votes in any one county came in Craig County, with 135 no votes - and in fact had the most votes cast with 205 votes recorded.
The strongest "yes" counties included Payne and Comanche Counties.
There were only 36 out of state votes recorded - and those voters favored the checkoff by a 23 to 12 margin.
It's great to have one of the premiere businesses in the cattle business partner with us in helping bring you our daily Farm and Ranch News Email- National Livestock Credit Corporation
. National Livestock has been around since 1932- and they have worked with livestock producers to help them secure credit and to buy or sell cattle through the National Livestock Commission Company. They also own and operate the Southern Oklahoma Livestock Market in Ada, Superior Livestock, which continues to operate independently and have a major stake in OKC West in El Reno. To learn more about how these folks can help you succeed in the cattle business, click here
for their website or call the Oklahoma City office at 1-800-310-0220.
Farm groups offered a mixed reaction to the House passage of their proposed tax reform package on Thursday.
President of the American Farm Bureau Federation, Zippy Duvall
, called the action a "step closer to a tax code that works for all farmers and ranchers."
Farm Bureau released Duvall's statement just after the bill passed. See his full remarks, here
The National Cattlemen's Beef Association
weighed in also and called the passage a "step in the right direction," noting specifically the language within the package that would immediately double the death-tax exemption and put the tax on the path to extinction in five years.
However, NCBA also expressed concern that the reform package would significantly limit the ability of some businesses from deducting their interest expenses.
to view NCBA's complete statement on the matter.
The National Council of Farmer Cooperatives called passage of the bill "unfortunate," as the organization says the reform package will raise taxes on farmers and co-ops across the country by eliminating the Section 199 deduction.
And, The National Farmers Union
said it was "alarmed" by the passage because the legislation would jeopardize farm bill funding, while increasing the federal debt and harming farmers and ranchers. Click here
for their complete news release on the House measure.
MEANWHILE- the Senate Finance Committee has passed that body's version of tax reform by 14 to 12- the full Senate will consider their plan after Thanksgiving.
Senator Pat Roberts- Chair of the Senate Ag Commitee- is also on the Finance Committee and he listed several "pluses" for Ag in the measure-
- Robust individual and business income tax rate reductions;
- Repeal of the alternative minimum tax for individuals and businesses;
- More robust depreciation for farmers and ranchers;
- Better cash accounting for ag producers;
- Increased exemptions from the estate and gift tax;
- And retains the current the rules for stepped up basis.
Rodd Moesel has been actively involved in the Oklahoma Farm Bureau organization for many years, and for the past several, as a member of its executive board. This past week, Moesel replaced incumbent Tom Buchanan as OFB's new president. He sat down with us this week in studio, to talk to us about his roots and where he sees Farm Bureau headed moving forward.
Moesel remembers that he first got involved in the organization during a time when the insurance side of the organization had taken an unfortunate turn. Moesel has helped get business back on solid footing and says for the most part, that chapter in the association's history is behind them.
"Insurance accounting is a lot different than accounting at my greenhouse business or in the regular business world. And since we're a mutual company it's even more interesting," he remarked. "One of our main commitments on the insurance side is to get that paid off."
Moesel insists that several other issues are on his list of priorities - working closer with county level organizations and other entities in the ag industry, drawing attention to the state's infrastructure, and most importantly growing agriculture's voice and influence in the state.
"We need to get a lot more folks involved and more of the ag community involved," Moesel said. "We truly do want to be the voice of agriculture and cooperate with all the other groups to magnify our voice, and multiply it."
Moesel will join me on my weekly 'In the Field' segment on KWTV News9 in the Oklahoma City area on Saturday morning at 6:40 a.m. In the meantime, you can read the original story we published on our website and listen to our complete off-camera interview with Moesel, by clicking here
|This Week on SUNUP- Kim Anderson on What to Expect as Futures Moves from December to March
This week, wheat prices dropped about ten cents, which OSU Extension Livestock Market Economist Dr. Kim Anderson
tells SUNUP host Lyndall Stout
, certainly grabbed the attention of those in the market where typically little volatility occurs. Currently, the markets are treading water in a range of 20 to 30 cents in a sideways pattern. Anderson says with harvest completed in the former Soviet Union states, the markets have a handle on that region's production. However, Argentina and Australia are both in the process of bringing their wheat to the table now.
As long as new wheat is coming online into the market, Anderson says prices will continue to be pressured.
Looking ahead, Anderson says the KC contract's transition from December to March will cause the basis and cash price of wheat to drop approximately 17 cents. He says not to worry, though, because this adjustment is simply a correction in the markets that balances out the internal connections that ties cash and futures prices.
However, Anderson sees no reason for any large price increase. He reports that the March contract has been trading between $4.30 and $4.50, and has the potential to pick up 15 to 20 cents. On the other hand, though, if it breaks the $4.30 mark, then he says we could see prices drop 20 to 25 cents.
You can watch their visit tomorrow or Sunday on SUNUP - or you can hear Kim's complete comments right now, and see what else is on the line up for this week's episode, by clicking here.
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National Crop Insurance Services published an op-ed piece this week entitled, Attacks on Revenue Insurance Harm America's Farmers, making the claim that the certain proposals being pushed by lawmakers would in effect make it nearly impossible for farmers to rebound from an already dire economic situation in the agricultural sector.
Referencing bills recently introduced by Senators Jeff Flake and Jeanne Shaheen and Rep. John Duncan, that would eliminate premium support for the harvest price protection component of the Revenue Protection crop insurance policy, NCIS calls readers attention to this potentially devastating action. The article states that, "Revenue Protection has become a valuable risk management tool for farmers across the United States and accounts for more than 75 percent of the Federal crop insurance policies sold today."
According to Tom Zacharias, president of National Crop Insurance Services, this legislation specifically targets crop insurance policies that farmers pay more for out of their own pockets to provide some revenue stability amid price declines and low yields.
Zacharias says supporters of this anti-farmer proposal tout taxpayer benefits as the justification for weakening the farm policies that are so important today, and notes that crop insurance is operating below budget projections.
And despite critics' accusations, Zacharias contends that revenue polices are not paying out frequently. In its current form, RP has only been available since 2011. If it had existed since 1990 - it would have only been triggered 11 times out of the last 28 years for soybean growers; 8 for corn growers.
NCIS claims a drastic increase in insurance costs would occur for farmers if this proposal is enacted, which would likely result in dramatic declines in overall crop insurance participation. Farmers would lose an essential risk management tool and be more inclined to turn to Congress to pass expensive, taxpayer-funded disaster packages when revenues plummet.
"Farmers all across America have repeatedly asked Congress to protect crop insurance - to keep it available and affordable for all farmers," the article reads. "Unfortunately, this proposal would do exactly the opposite, leaving many without the means to weather these tough economic times."
Click here to read the full article outlining NCIS' argument regarding the value of crop insurance programs how attacks against them harm the farming community.
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|Mark McCully of Certified Angus Beef, Connecting the Dots Between Producers and Profitability
As consumers signal more and more demand for Certified Angus Beef in the marketplace, Mark McCully's
job as vice president, overseeing CAB's supply development, packing, and industry information divisions, is keeping him busier these days as he works with producers to keep a steady chain of high quality beef rolling through the pipeline. He spoke with me about CAB's role in helping cattlemen with high-quality herds, market their cattle to achieve the highest possible profitability in the operation.
"We've been in a really great situation. The market continues to send a pretty strong signal back to cattlemen to produce more high-quality beef," McCully said. "I think most significantly, that shows up to the cattle feeder in that bigger, growing CAB and prime spread."
McCully remarked that CAB's job is all about connecting the dots, from rancher to chef to consumer, and helping producers understand where the most value is in the market that can be taken advantage of. As he helps producers grasp this concept, he makes it clear that it all goes back to the same place, most of the beef industry does.
"As most everything in our cattle business, it does have to start with genetics," he said. "We've got to have those foundational genetics there. We talk a lot about good, strong angus genetics with a focus on carcass merit and specifically marbling. That only comes from cattle that have had some breeding and some selection behind them for marbling."
Listen to Mark McCully and I discuss the role of Certified Angus Beef in the beef value chain, on today's Beef Buzz - click here
|Bonus Stories- Bumblebees, Sustainable Beef and the Food Movement
Some days- we have a lot of stories that we post on our websiet that don't make the email- and we urge you to check our website from time to time for the latest farm and ranch news- as well as what is going on from our calendar.
Among the items that we posted yesterday that you may want to check out:
Bumblebees in Trouble- Are Fungicides the Problem???? Go check out our story from Cornell University on the subject by clicking or tapping here.
Metrics to measure sustainability for the cattle business have been unveiled by the US Roundtable for Sustainable Beef- click here to read more.
Former OSU Ag Econ Professor Dr. Jayson Lusk- who is now head of the Ag Econ Dept for Purdue University has written a piece on his evaluation of the policies and politics of the Food Movement- if you have been missing Jayson's two cents worth on various subjects- here's your fix- click or tap here.
|Our thanks to Midwest Farms Shows, P & K Equipment, American Farmers & Ranchers, Oklahoma Beef Council, Livestock Exchange at the Oklahoma National Stockyards, Oklahoma Farm Bureau, Stillwater Milling Company, National Livestock Credit Corporation, 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!
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