The Ag Economy Barometer dropped again in May. The barometer reading of 101 was 14 points lower than a month earlier and was the lowest barometer reading since October 2016.

For the second month in a row, the decline in farmer sentiment was attributable to big declines in both the Index of Current Conditions, which fell from 99 in April to 84 in May, and the Index of Future Expectations, which fell from 123 in April to 108 in May. A rating below 100 is negative, while a rating above 100 indicates positive sentiment regarding the agriculture industry.

This month's declines in the barometer and its two sub-indices effectively erased all of the large improvement in farmer sentiment that took place following the November 2016 election. And, producers' confidence that the trade dispute with China will be resolved quickly is dissipating as farmers were also less confident that the trade dispute would ultimately be resolved in a way that favors U.S. agriculture than they were earlier in the year.

To review the complete report on this month's reading of the Ag Economy Barometer, click or tap here.

 

Harvest slowly continues in parts of Southwest Oklahoma in places where producers have been able to dodge the rain which are few. There has been a little harvesting done since Monday afternoon though crews are reportedly on standby to enter fields as they are able. However, rains are expected to continue as you can see from the graphical forecast below...

Thus far, only small amounts of wheat have been taken into Grandfield, Frederick, Altus, Tipton, Lawton and Walters areas with test weights still holding in the 58 to 63 lbs./acre range with the majority in the 60 to 61 lbs./acre range. According to Oklahoma Wheat Commission Executive Director Mike Schulte, yields have been ranging from 40 to 60 bushels per acre with another report of 70 bushels per acre. There still has not been enough wheat harvested to get a good read on proteins.

The next harvest report will be published Monday, June 10th. Read the full report released yesterday, by clicking here.

A House subcommittee hearing on the relocation proposals for two Department of Agriculture agencies held this week highlighted the divisive contention between House Republicans and Democrats regarding the move. USDA has proposed relocating the Economic Research Service and the National Institute of Food and Agriculture to the Kansas City metro, Indiana, or to Research Triangle Park in Raleigh, North Carolina. Subcommittee chair Stacey Plaskett, a Democrat from the U.S. Virgin Islands, opened the hearing stating the proposal will "undermine the integrity of these agencies and their ability to operate."

However, the top Republican on the House Agriculture Committee, Mike Conaway, stated, "There is nothing that prevents USDA's mission from extending outside of the beltway." Conaway added, "The elitist notion that all wisdom and knowledge stems from Washington, D.C. is offensive to me and should be offensive to anyone who resides in rural America."

Conaway called the hearing a distraction that fails to focus on the pressing issues facing agriculture today, such as farm income, weather and trade.

Neal Dunn, Ranking Member for the House Subcommittee on Biotechnology, Horticulture, and Research echoed Conaway's comments, remarking that "While I'm excited the subcommittee is holding its first hearing, it absolutely baffles me that our first topic is USDA office relocation. I do not understand the obsession that some have with the secretary's decision, and some of the claims that I hear opponents making are laughable." Dunn continued, "I am proud to have joined a letter led by Ranking Member Mike Conaway and Congresswoman Vicky Hartzler and signed by every Republican Member on the House Agriculture Committee in support of the secretary's decision. Additionally, there are several other letters signed by both Democratic and Republican Members of Congress in support of the relocation. Contrary to the tone that we will hear today, Secretary Perdue has broad support to move forward with this decision."

Donnell Brown is a part of the RA Brown Ranch legacy. He has travelled the country speaking to producers about how they can ensure the longevity of their operations using the same thought-processes and strategies his family has done successfully for over a century now. He recently offered to share with us a few of those tips. According to him, the best advice he can offer upfront is simply to get started - don't put off the inevitable - start the process now.

"My parents were so progressive in starting their estate planning back when I was in high school. Now, we've got to start doing the same thing with our kids and I feel like I'm ten years behind," Brown said. "I think it's never too early to start a solid transition to keep the ranch in the family and the family in the ranch. I encourage all families to start that conversation because we never know when our time is going to come where the Lord is calling us home."

Beyond that, Brown says it is important to include the right people in your estate planning when it comes to who will make decisions, carry certain tasks out and simply offer seasoned advice on how to navigate the process. This starts at home with the parents, he says. Both patriarch and matriarch should be involved in this process. The other key player to recruit, Brown says, is a good accountant or lawyer that knows and understands the laws and how to use them to your advantage.

Listen to Brown share more of his advice about estate planning for a farm or ranch business, on yesterday's Beef Buzz - click here.