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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
Wednesday, December 20, 2017
Lawmakers Poised to Deliver Tax Reform to the Desk of President Donald Trump
The Conference report on the final version of the Tax Cuts and Jobs Act, passed the House Tuesday on a 227-203 vote, with 12 Republicans voting with the opposition. The House immediately sent the bill to the Senate for consideration, which stayed late to hash out its final debate on the bill before voting on the bill. The Senate approved the Conference Report by a party line 51 to 48 vote- but made three technical changes to the bill- forcing a second vote in the House that will happen this morning around 10 AM Central time.
The White House has signaled that a News Conference will happen midday today with the President responding to Congress on the historic vote. Once he signs the measure, it will give the American people the most sweeping changes to our tax code in more than 30 years as a gift just in time for Christmas.
While Republicans are touting this massive legislative undertaking as a major win for the American people, National Cattlemen's Beef Association Tax Specialist Danielle Beck says when it comes to agriculture - she gives it a B.
"For agriculture, you know, I would give it about a B," she said. "We're not in a terrible position but we're not in the best ever. I hate to say that but that's just where we are right now."
According to Beck, the new tax deal brokered by lawmakers in Washington has kept the step up in basis in its present form. This issue was critical to producers' priorities regarding tax reform. Beck says NCBA members were very vocal over the past year at their annual meetings to ensure this provision was preserved. Another issue pushed by NCBA equally hard, was a complete and full repeal of the Death Tax. Unfortunately, this is one area where Republican leaders fell short of their campaign promises. Rather than repealing it, Beck reports the new reform package only doubles the tax exemption for individuals and couples from $5 to $10 million and up roughly to $20 million, respectively, plus an index for inflation. What is worse - this doubling of the exemption will sunset after just eight years.
Down the road, Beck says the challenge will be to turn these temporary gains into permanent gains for cattle producers and others.
Listen to Danielle Beck of NCBA and I unpack the new tax reform changes, on yesterday's Beef Buzz - click here.
MEANWHILE- Senate Ag Committee Chairman Pat Roberts praises the final product- and he has several things that he believes is good for agriculture:
- Improves ability of the agricultural community to use the cash method of accounting, which provides flexibility in managing cash flow
- Creates a new system for small business passthroughs. The majority of farms and ranches are set up as passthroughs and the unique features of agricultural taxation are accommodated including attention to how the new rules will treat farmer cooperatives.
- Doubles the exemptions from the estate and gift tax, up to $22 million per couple.
- Protects the current ability for agricultural organizations and other charities to raise funds for operations.
The complete release from the Kansas Senator can be read by clicking or tapping here.
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According to the results of the latest Food Demand Survey, released this week by the OSU Agricultural Economics Department, consumers' willingness-to-pay, or WTP, has increased for all food products over the past month. OSU reports that consumers' WTP for steak saw the largest percent increase among meat products compared to one month ago. WTP for chicken breasts, pork chops, and deli ham, though, is lower compared to this time last year.
The report also indicates that expenditures made on food eaten at home increased by 0.37 percent from November to December and expenditures on food purchased away from home remained unchanged. It's noted that consumers plan to buy more beef and pork compared to last month, and expect to pay slightly more for both proteins. Plans to eat out increased compared to last month.
GMOs, Salmonella, and E. coli were the most visible issues in the news over the past two weeks, while E. coli, Salmonella, and farm animal welfare ranked as the top three food safety concerns for December. However, concern for all items have decreased relative to last month.
Consumers' most important values when purchasing food this month remained unchanged, listing taste, safety, and price on their list. Also similar to past months, consumer have reported that their main challenge this month has been finding affordable foods that fit within their budget
For more highlights on this month's survey or to view OSU's complete summary report, click or tap here.
The American Farm Bureau Federation announced Tuesday that President Donald Trump
will address the AFBF 99th Annual Convention in Nashville, Tennessee, next month.
AFBF President Zippy Duvall
says AFBF is "honored to host our nation's president," in noting that Trump has said he would "make sure agriculture has a seat at the table" when it comes to top issues facing farmers and ranchers. Duvall says: "Now, it is our privilege to reserve a spot for him at our podium."
Duvall considers President Trump's announced speech as a sign of the high regard in which the nation's chief executive holds America's farm and ranch families. The speech comes after three consecutive years of decline in farm sector profits as farmers are facing prolonged economic challenges. AFBF says action on key issues on the president's agenda could help farmers turn the corner as they head into the new year.
George H.W. Bush
was the last president to address the AFBF Annual Convention in 1992 in Kansas City, and before that, in 1990 in Orlando.
The 2018 AFBF Annual Convention takes place January 5-10. Click here
to see the announcement from AFBF released yesterday.
I caught up with Oklahoma Cattlemen's Association Executive Vice President Michael Kelsey recently to reflect on this past year regarding the cattle industry. He admits that while 2017 has presented its share of challenges, there have also been some bright spots that have emphasized what the association's priorities should focus on in the coming year.
When you think about it, it's true - a lot has happened this year, much of which has just been build up to things that will probably come to fruition in 2018, if not later. Take the legislative session in Oklahoma this year for example.
He says a lot of questions have been left unanswered for rural Oklahoma and the agriculture industry. In 2018, he says the OCA will be monitoring the progress of the regular session to ensure that those issues important to cattlemen will be protected.
"We'll be watching closely to preserve the things that are important to us such as our ag sales tax exemption," he said. "We're going to be looking at some of those types of issues regarding revenue, cost cutting and how it affects our cattlemen - and then what position OCA should take on."
Beyond that, though, two events this year stick out to Kelsey: 1.) the wildfires of northwest Oklahoma this past March and 2.) the state beef checkoff referendum that ultimately did not pass.
While both these events were significant blows to the state's beef industry, Kelsey said there were some silver linings. He says the nation as a whole stepped up to support and bless our neighbors and get them back on their feet. In regards to the failed attempt at instituting a checkoff, Kelsey says it has given the OCA a chance to open a dialogue with producers around the state. He hopes this discussion will lead to better understanding among producers, and help the OCA learn how it can better serve its members and their needs.
"The checkoff was a huge issue for us this past year," Kelsey said. "Obviously, we would have liked to have seen a positive outcome on the vote. But at the same time, we honor what producers in the state said and we've tried to understand from them what they need and want to see a program like that happen."
Listen to Kelsey and I talk more about the big issues and events from this past year and the priorities that have risen from it, by clicking or tapping 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.
Now is the time to put on your 2018 calendar the date for the 2018 Oklahoma City Farm Show, coming April 19, 20 and 21, 2018. Contact Ron Bormaster at (507) 437-7969 for more details about how your business or organization can be a part of the 2018 Oklahoma City Farm Show!
Click here for more details about the 2018 Oklahoma City Farm Show- presented by Midwest Farm Shows.
The RaboResearch Food and & Agribusiness group recently published a new report on the continued global demand for wheat with a higher protein content. While this is good news for Canada's wheat export business, it is also a boon to canola producers.
Accordingly, demand for canola oil is expected to provide higher margins than for wheat. Due to overall demand for canola oil, domestic crush of Canadian canola is anticipated to increase over the next eight years.
"The total harvested area for grains and oilseeds in Canada has reached a new record in 2017, at over 25.6 million hectares (63.3 million acres)," notes RaboResearch Food & Agribusiness, Senior Grains & Oilseeds Analyst Sam Funk
. "It was also the first year that canola held the largest share of planted area."
Funk asserts that it is critical Canadian producers take advantage of the high protein wheat while there is still a premium for it in the global market. He believes shifts in global vegetable protein and oil markets, specifically soybean and palm, will eventually show its impact on domestic crush and export demand for Canada's canola crop.
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Oklahoma's sorghum industry was well-represented this year in the 2017 Yield Contest hosted by the National Sorghum producers.
Farmers from 24 states entered to win this year's contest. Producer yields are highlighted in 10 different categories.
Winners among the various categories from our state included Zachary Rendel, Ottowa Co.; Dan Herald Farms, Texas Co.; Kevin Pshigoda, Beaver Co.; Fischer & Fischer, Texas Co.; Drew Allen, Cimarron Co.; Neal Hofferber, Texas Co.; Ron & Mark Clancy Farms, Texas Co.; Double A Irrigation, Cimarron Co.; Nathan Miller, Custer Co.; Ed Regier Farms, Garfield and Grant Co.; and Scotty Herriman, Nowata Co.
"Congratulations to the 2017 NSP Yield Contest Winners. I look forward to meeting each one at the upcoming Commodity Classic," said NSP board of directors Chairman Don Bloss. "The yield contest highlights the continued efforts of sorghum growers and their dedication to yield and production enhancements across the nation."
The 2017 first place winner of the NSP Yield Contest was Winter Johnston of Pennsylvania in the Dryland Conventional-Till category with a yield of 228.07 bushels per acre.
NSP also recognized Ki Gamble as its newest inductee into the Sorghum Yield Contest Hall of Fame. Gamble had the highest yield in the 2003, 2007 and 2012 contests in the irrigated conventional-till category planting Pioneer 84G62 in Kiowa County, Kansas.
To see a complete list of the NSP Yield Contest national, state and county results, or to learn more about the contest, click here
From the Dicamba Desk- Missouri Levies Fines Against Applicators
Missouri has announced fines for herbicide applicators stemming from 2016 dicamba investigations in the Southeast corner of the state. All the announced fines are for applicators in Dunklin County, in Missouri's bootheel region, bordering Arkansas. One applicator was cited for an alleged 149 violations, with a civil penalty settlement amount of $62,250.
The fines started at $1,500, and totaled more than $145,000 for eight applicators, in what the state calls the first wave of civil penalties. In 2016, the Missouri Department of Agriculture completed 121 complaint-based dicamba investigations. Federal investigators are also looking into six of the complaints from 2016 in the state.
Neighboring Arkansas in 2016 issued seven warnings and 47 civil penalties in 2016, and is investigating nearly 1,000 dicamba misuse complaints reported in 2017.
Missouri is investigating more than 300 complaints reported in 2017.
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