another puzzling usda supply- . >> another curious u.s.d.a. supply demand report races more questions than answers. the wheat crop off to a great start. especially compared to last year. and few things more frustrating than being the last to feel relief from a drought. >> united states farm report brought to you by the 2012 chevy. the most dependable. longest lasting full sides pick up on the road.

hello and welcome to united states farm reports. remember back in march or as i now call it the summer of 2012? field conditions were so ideal few of us could stop preparation for and even planting, even though we knew it was early. it may turn out the biggest problem from those choices wasn't possible frost damage but locking in our production option. only the market continues to whisper we want soybeans, not corn. despite the faith you may put in the report it was one more hint that users trying to tell producers something. time for the headlines. >> thank you. the u.s.d.a. offers it's first estimates of the supply demand ledger for the current crop year. on the supply side the

agriculture department puts new crop ending stocks at nearly 1.9 billion-bushel,s higher than expectations, as far as soybeans they are at 145 million-bushels and all wheat stocks are put at 735 million. as for old crop corn ending stocks were bumped higher by 50 million. now estimated at 851 million. soybean supplies are decreased by 40 million and the old crop supplies to 210 million. and there was slight adjustment on wheat stocks to just 770 million. u.s.d.a. also issued its wheat production forecast. it puts winter wheat production at just under 1.7 billion. a 13% increase from last year. based on crop conditions as of may first yield is pegged at 37.6 buschs, up one and a half from last year. all wheat forecast is pepped at

2.2 billion-bushels, even though drought seems to be letting up in some parts of texas many areas are still in desperate need of moisture it. steve is a farmer in the southern panhandle around plain view texas and as he plants the crop he said the water situation isn't much better than 2011. this is causing him and others in the area to grow less corn, more drought tolerant crops like cotton, sunflower and sorgum. >> from harvest of last year we haven't had an inch of rain yet. people go out and dig in the first foot or so and you see a little bit of moisture but under that it's dry. >> those are the headline, now back to john for crop watch. >> watch this . >> crop watch this week starts

in southern michigan. a farmer in hills dale said he may have jumped the gun on corn planting in late march, he said only one in three plants has come out so it will be a serious replant. his corn planted on may first is coming up well. and we talked to bob -- from montana. he said winter wheat is coming along. there is great moisture and near perfect growing conditions. he expects above average yields if the crop finishes up. we want to tell you about a chance to ride away on a new rhino700. the vehicle from yamaha has all kind of cool accessories. head to united states farm report.com for contest details. we will have much more on this great give away at the end of the program. up nextal is back to talk market. that in just two minutes.

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. >> farm report this week we have bob. like -- flores from flores trading. we had a report this week and we have had a very strange market since the report, i'm going to let you start with what the report said and then you are going to kind of sum marks rize. >> the report came in a surprise to -- on corn stocks, it was expected to be 81 or lower and it was 851 so they found more corn and then 166 on the corn yield to they took the trend yield up -- because of the increased early pining they had the high yield. carry oaf doubled to 188. at the same time the bean number was lowered to 145 and reduced yield. the bean numbers very positive, corn number bearish, the market initially soldoff across the

board and then friday the market, the beans were down 40 and then -- caught the market off guard. we found july around 75, feels like this is the final wash out part of the market and we -- may, corn goes off the board and july will bounce. >> may goes off the board on monday. that's one of the things. we have the report and results of the report and also the fact that it's going off, also completes in there and that makes any positive that you may have had about the markets a little negative at this point in time. how do you feel about this? >> i think the negative was two things, the u.s.d.a. numbers that -- and the funds, which were long corn. basically are gone now. you don't -- i don't think lue have them as much more of the head wind because they are basically at zero and -- the length of long. i think the market going forward has to find its feet and probably will this week.

i don't think it's much onto downside left on old crop corn and now crop corn. beans -- the funds are long record amount of those and you saw it today. regardless of bull issue news the market could still fall. >> you said that the funds are going on corn. cleaned out and that's one of the thing that lot of the prices but looks like somebody chained out beans on friday. >> long beans. >> long beans if they have to sell to get out of that. that's the big negative that potentially is in front of beans. >> that's another negative. >> that's the potential. you have bullish fundamentals but times that doesn't matter. >> market will probably turn quickly to weather, what kind of planting conditions, long term, to just dryness in the west, moisture in the east. there will be weather pocket that will have it and this will put pressure on the market. early in the planting i think it'll be more pressure on the

beans and the corn. can we get a weather scare? we will have corn, the early planting corn by mid-june, late june. and -- we won't have anything of any -- july 4th after. the weather scare in corn will be harder to argue. the bull is basically trying to find support right now and can't and i think we will find support at these levels. >> i talked to others and you all know that and that sort of thing and almost all of them has said that the markets, things happening outside and i'm talking about the bank that have getting in trouble and what is happening in europe. it's affecting our commodity markets just as much as what you said supply in demand. >> it has. the europe story is an old story. >> its been going on for years. >> it's -- you can't say it doesn't have the effect, it has less of the effect than it once

did. i don't worry about it. it's just -- the same news. still in the -- >> okay. that's not a news. you think that's affecting that much? >> i think it's -- i know the public is not excited about being long in the market. we don't have inflationary pressure like we had back in 2007, 2008 bubble and 2010. everybody thought it was going to come around and everybody was buying for that. so there is not any bullish excitement so corn will have to lift on its one and it'll have to do it with the yield weather scare event. weather has been almost perfect. so the market now needs something to really grab on. i think if it get itself it wants to rally. it would like the balance but it's going to be difficult to get as high.

if have you been short are you enjoying it, not short it'll be hard to get to levels where are you comfortable. >> we will talk about what we need to do to take advantage of any possible profit there could be. we will be back with more in just a moment.

. >> our guest, we were talking about basically what happened last week and i guess what i would like to do is -- thinking over to what may happen, this week and then eventually, i will ask you how can a producer or what should we do in order to take advantage the way the market is right now. in your judgement, what would be a good position to take this week in order to -- i'm looking at profit. >> right. >> i think the corn probably put in a low fridayt. kind of feel that way. i would be looking to be a

buyer on both old and new crop. i think you will get a bounce. it's major sickles. we will get a larger rally. >> so, you look at -- supply demand report. i know you look at it but texas indicates. >> i think you will get a bounce of new crop corn. >> what do you think will happen? >> i don't disagree. i think corn is ready. i think wheat would probably stay away from. beans is probably the wild card. fundamentally i want to arc it has the best potential but it's over bought soy would stay away from that. i would buy corn. livestock, they will kind of -- basically they correct -- we should have a bounce in that. i think next week the market will want to try to rally, now can it? that would be the thing but i couldn't press the market. >> we have a lot of market

correct from precious metal, stock market. livestock, crude oil. a lot of markets have corrected. there is room, i don't know what the catalyst will be through there is room for another surge to the up received i think they will probably do some kind of thing sooner rather than later. you have the election and i think they -- obama wants to get elected and he will do anything he can and the austerity programs aren't working in europe. i don't think that is what people are going to take right or wrong. i innocent do you they will accept it. i think the other thing, throw -- i think that could spur things. >> what kind of producer -- regular marketer but -- what can they do in order to go a profit? some of them will switch all their corno beans but they didn't sell at the high prices. >> picked up immediately. especially the guys haven't got corn planted in the northern

corn belt are already switching acres. i would be very, very caution about switching and not selling. i think $13, based is a fair price to sell the cash beans. if you are going to switch sell and then defend if you have to. i would be on old crop corn basis. i think we are seeing the tight itest basis levels you want to see. if you have hda contracts and have locked in your basis you better take a hard look, get them locked in. i would sell $6.40. beans maybe i would old the old crop bean back. they are still the wild card. it's at 145. any weather scare and we have to make sure they get double crop bean acres. if we get that then they are -- i think okay. >> it's difficult to separate a producer who gets involved in the hedging operation and all the sudden he wants to speculate. what should a speculator think

about next week? >> i would buy the markets with up and friday low. if it gives youa a pull back on monday buy them with stops under friday lost. >> ever get on the other side and see something to high? >> sure. >> you aren't in that position? >> the market, they have been in arranged corn fortunate a long time and it's the low end so why sell now. i don't know. >> right. >> i think it's more -- more of an opportunity to buy than sell and i think you will see cash markets very strong. have you to prove to me july prices are right. bases level are strong across the midwest and it doesn't seem to go away. i don't think it you have the corn there. >> you don't have the corn there and that's my last question. about 30 seconds, you think still strong basis where we get the corn? >> no. when we get past august, september will get -- go there tight to wide. i think the basis will get wide enough for the farmers to put

corn in the bin. >> okay. we will be back with more. you have -- farm re

. mike hoffman joining us now. after march it seems like all the months have been disappointing. you are talking about a slightly cooler summer. >> at least the great lakes,

as far as the rest of the country, southern plains, probably above normal. we will get to that. a big concern, any areas of drought. one of the things i want to point out is how much improvement we have seen into other parts of the corn belt. a lot of this area improved dramaticly over the last two weeks as far as the drought monitor is concerned. south georgia and surround areas in to florida and southern and western texas continues very dry. of course lot of this area, southern plains has seen rain. and some of that rain is heading into the southeast as well in to the next couple days, hopefully that will help month some of that also. let's look at the jet stream into this week. we are looking at a troubh, the remnants of the storm and you can seat main jet stream stays

north. you seat ridge. chilly air in to the northern plains, this doesn't look like any map that produces any areas of rain or areas of severe weather. we are talking temperatures pretty close to normal. as far as the day by day you can see a storm system in the southeast. in is the remnants of the storm. this area does actually have a chance for good rain in the southeast. just spotty showers and storms, high pressure -- much of the central plains in to the great lake as we start the week with that next system in to the northern plains.

still the stationary front scattered throw, which means scattered showers and thunderstorms in this area. the best chance -- by friday then that storm does finally start to move and the cold front starts to move southward and looks like scattered showers and storms from the great lakes in to the central plains. some skill scattered through the longer range forecast in the next half hour.

. last year i suggested we watch europe, especially great britain to compare strategy. the move to slash government spending was more aggressive there. britain, spain, italy and of course the greeks now back in recession. germany and france are probably not far behind. no matter how much you want to reduce deficits negative growth isn't the way to do it.

we have seen cut backs in government spending here. mostly led by state government. the federal spending as a part of gdp has decreased more than any time in the last 40 years. the cut backs haven't completely stalled the economy. excessive reductions are unwise. we learn that in 1937. thehe eu will show it again. our recent practice of fuel deficits during boom times is also something we can't afford. it may help that even with the current fervor for budget reform all we see are details for tax breaks, while how spending will be cut is vague. for example the agriculture lobby may produce a farm bill with hidden exposure to larger

cuts continued growth will better let us tackle our long term finances, the important thing now is to keep growth and employment trends going up. let us know what you think. send e-mail to mailbag at united states farm report.com or call and leave us a voicemail. coming up in the next half hour bob will rejoin us as we discuss his life saves transformation. the second half is coming right up. &pdon't wait another dayyto

&penter.we give away thrre more

. >> today on united states farm report. >> lower demand for lftb closes processing plants. and the u.s.d.a. moves to make farmer markets accessible to more. >> united states farm report bought to you by the chevy silv era do. welcome to u-s farm report, i'm joh . >> hello. there are many curious ongoing market situation was producers and traders watching closely. some of them are in the protein

sector. for example, despite okay prices dairy production defies my expectations to slow down. why isn't the supply curve work be the way my profess ire said it should? obviously there are other factors involved. >> the dairy sector seems to be defying gravity but it could be we need better tools to look at agriculture. let's get started the headlines. >> thank you john. may producers announced monday it'll close procession plants in three states, this following the controversy around its meat product. about 650 jobs will be lost when the plants close. on may 25th in texas garden city kansas and iowa.

the company suspended operations, based in the south dakota they said unfounded attacks led to the decision to close the plants, after the story broke many major grocery chains stopped using the product even though it meets federal food safety standards, u.s.d.a. gave school systems the choice to use it or not. cattle markets still fighting to recover from the stampede of bad press from the pink slim controversy to a bse case in dairy cow, consumers pulled back and prices fell. now live cattle futures trending up, climbing about 3% since last month. june contracts hit a three month high, or three week high, grilling sea responsible improving demand looms. >> the industry fundamentals are quite sound. i think just a lot of turn lens in the water. once we get past that will a lot of reason to be optimistic. >> he said gas prices and

summer promotions of beef should help with demand. he also expects the year's large corn crop to it help lower feed cost. farmer's markets will soon be able to accept the electronic version of food stamps. u.s.d.a. helping them get wireless point of sale equipment. the technology needs to read debt style cards used by food stam many customers, fewer than a quarter of the 7100 farmer markets set to -- set up to use the electronic benefit transfer system. that's it for news. mike hoffman now with the national forecast. >> as we start this coming week the jet stream generally will be in a trough in the eastern two thirds of the country though though is that strong. we are talking about the remnants of the storm system

that produce good rain across texas, last week, that's now coming through the southeast and will cause showers and thunderstorms in the drought areas of the southeast which is very good news there. another little bit of energy lingering back in the four corner area which is good though i don't think widespread rains, that continues into wednesday. the trougm moves through the mississippi valley. it will produce some moisture, turning cooler in the northwest with scattered showers, through montana into wyoming, and also north dakota. let's go onto friday and you can see with the jet stream still with a lingering weak trough in the east. one still in the southeast with scattered showers and thunderstorms, and from the great lakes back into missouri, kansas and into colorado. some hit and miss showers and thunderstorms, best chance for rain with that system up through the great lakes area,

closer to area of low pressure, legalities go out further. temperatures next week. that will be may 20th through the 26 president. below normal temperatures -- including florida. above normal for the northeast, northern portions of the great lakes and across the northern half of the plains and much the west. this situation, when you have above normal temperatures to the north, below to the south you aren't looking at any big storm systems because you don't have a big difference in temperature like you normally do this time of year. we will watch next woke but we think the area of above normal will probably be in the eastern part of the country again up and down the eastern seaboard from lieu low to maybe -- louisiana to maine. now let's go out to 90 days above normal for the four corner area. texas into oklahoma into the louisiana southern mississippi area and for the great lakes,

below normal into the northeast. that continues to be my -- the summer forecast i should say slightly below normal temperatures in that part of the country and as far as the 90 day outlook i think most of the corn belt will be pretty close to normal, above normal expected as you can see in the midatlantic, into the central appalachian and below normal out west. i don't think any real hint of large spread areas of above or below at this point as far as rainfall. >> it's pretty dull weather. >> which can be good. >> i was just going to statement. >> works for me. spirit of the heart land is next. there's been a whole lot of talk lately about internet speeds...

let's shed a little light on the subject. unlike cable, verizon fios is 100% fiber-optics -- so it's powered by light... that means it's faster, and has vastly more bandwidth capacity. for video chats with grandma,

downloading hd movies, and uploading home videos. all the internet you need for all your devices. verizon fios is america's fastest, most consistent, most reliable internet. period. call the verizon center for customers with disabilities at 800-974-6006 tty/v. maybe it's a myth or maybe its reality but there's a stigma . >> is there is an idea that eating healthy costs more which is why a lot say they make less healthy choices. university of missouri recognizes the problem is and is trying to help. kent with missouri extension has more on the project to improve nutrition. >> family was limited incomes often turn to food pantries for help but this one provides client was more than just food. >> that's -- >> jennifer is with the university of missouri food

pantry nutrition project. families get a chance to taste some easy, healthy recipes from items at the pant. > >> coming to all these pantries everybody is great and they want to learn. they want to be healthy especially people with kids, they want to help their kids eat healthy. >> missouri is 11th nationally in obesity, low income families tend to eat cheaper foods miner calories, they so they are trying to address the problem by providing better access to fresh produce. >> fruits and vegetables normally aren't that cheap and families have to make choices. >> bill is the coordinator of the mu food pantry project. he wants pantries to reach out to farmer's markets and produce auctions, also the mu college of agriculture food and natural resources will donate 20,000 ears of suite corn to the local

food bank. he encourages pantry clients garden. a free packet of seeds can grow into a summer supply of fruits and vegetables helping families stretch their dollar. >> an a fixed income and -- when you are short on money it's a big help. >> they are thankful for all the help they receive. he show itself by volunteering at the pantry. the mu program also encourages communities to hold healthy food drives. >> instead of just grabbing something from the back of the pantry think about the type of foods that promote good health, donate those. >> the pantry nutrition project involves eight pantries in missouri. >> the education part of this can help steer people back toward preparing more basic meals at home. >> if you just take a little more thought than you can prepare a lot of healthy foods very low cost. >> from university of

missouri,. >> to learn more about this project head online. we will post the link on the home page for instant access. next week how these kids can cook and seven something special while their military mom or dad is off to seven the country. that is next week on spirit of the heart land. . >> when we come back a new look and lifestyle for a well known a sift. bob's version of the biggest loser is next. if you're a

regular viewer of this program, chances are you are very familiar . >> you know bob. in addition tonga grain marketing firm he is an economist. you may have noticed he lost

weight. a lot of it. he had surgery about 15 months ago. a risky decision that is yielding great reward. we have more on bob's big transformation. >> my weight was 465 and i mentally knew it was heading toward 500. nothing ever worked for me. you work very hard for a short time period and them you would back slide. all the sudden you would loose ten owns and gain 15. >> maybe you can get down this afternoon or tomorrow. >> as a market analyst and trader bob spends a lot of time at his desk, on the phone, at the computer, exercising the mind but not exercising the body. >> it's a function of a sedentary job tile where you sit at a job all day and. >> he lives that lifestyle for decades and it took its toll.

there was also a family history of heart disease. >> my body was a body that is -- still a body that likes as one doctor said i have a cave man body. it's basic repairing for the next famine. >> that changed when they have the surgery. >> i knew that was going to be the last chance. time to --. >> after doing their homework and having counseling he was ready for the surgery. >> my operation was where they act stapled or reduced the size of my stomach. >> he has a reputation as a bear in the market but this decision was more like a bull, charging forward. still there was worry. >> just like trading when you get into a position that's my market. when you put in the miracle on

is the market going to turn. will i get caught. that fear of the unknown. >> with the significant weight loss -- and clean shaven he said. >> i have had people i have known for 20 years come up to me and if i don't speak and i come up and shake hands they don't know what i am. i had one person ask where is bob? are you working for bob? >> he felt it was important to share this very private story and battle in a very public way toen inspire others. >> working with the farmers, you know -- i see when i go to the meetings, i see the farmers that had the same thing as me. >> he wishes he took the step in his 40s. he knows it was the right decision. >> i hope in a year i can say i'm half the man i used to be and i'm proud of it. >> bob we shot that a while ago and you continue to loose

weight. >> i'm down about 160. still working down slowly. >> you gave -- brought the aids to help. >> yeah. i was asked to show you. this is -- the pants i used to wear. this is the jacket. now this is my -- here, take the jacket off and -- that's quite a bit of weight i have lost and gone from about a 66- inch waist to a 48-inch waist. >> that's amazing. you found some thing its about this diet, about going back up and down. >> operation lets me keep the weight down. i don't yoyo anymore. you basically loose weight and go back up. this helps maintain control. that is the beauty of it. it was -- very simple, and the problem is i had to pay for it. like a new truck. i saved money on clothes and food. >> the pick up would wear out and this won't. >> yeah. >> thank you for sharing your story. >> my pleasure. >> tractor tail tales is next.

al is back - i hear we've got a rare allis-chalmers this k??? . > >> with we have to go see washington said. . >> they only built six. i have only had it for a couple of years. i guess i just paid more for it. they pulled it out of the shed. now -- very happy with the tractor. the motor was stuck.

still has the three original tires on it. if you are going to collect it better below numbered, rare or -- something special about it. that's what -- anybody can restore -- you want something rare and high clearance is of course rare. out here the tractors aren't worth as much as in the midwest. back in minnesota and they go back to the shows. they are farming. they are tractor people. i really don't know but the story goes along is when i die -- auctions to too. >> don't forget you can find

tractor tales online. the segments can be down loaded from i-tunes. today's country church salute goes to plymouth. it was established in april 1872 as the new town was founded. services were held many a one room building until the church was built and deck indicated. the pastor currently leads the church. four thank you to hazel for sharing this story. we want to learn about your home church as well. stay with us now. the mailbag is next. there's been a whole lot of talk lately about internet speeds...

let's shed a little light on the subject. unlike cable, verizon fios is 100% fiber-optics -- so it's powered by light... that means it's faster, and has vastly more bandwidth capacity. for video chats with grandma, downloading hd movies, and uploading home videos.

all the internet you need for all your devices. verizon fios is america's fastest, most consistent, most reliable internet. period. call the verizon center for customers with disabilities at 800-974-6006 tty/v. time now for our weekly look . >> time to check the old

mailbag. from john heys, i would love for you to possibly help me with my profits on speculation accounts. thank you for watching john. for your surprising confidence in my marketing experience. i'm afraid it may be just another one of those aspects of being on tv that doesn't mat uwith reality. however, your call was timely since this week the stock market is puzzled over how a speculating trader with a firm of jp morgan managed to loose $2 billion in one swoop. while there is one message about how remarkable it is they could calmly acknowledge think and still operate normally another is the nature of all the markets where people like you are trying to get some return on their money. this includes comedy markets. they are reaching levels that reinforce my belief that kitchen is to hot for this farmer to go into.

while spec trader dear sir make money on the whole they don't. morrises my advice is to put a grain thing okay car deal or bung year, even a coop. let -- while producers manage straight forward delivery risks, there is a very good reason we show that risk discalculate disclaimer about the markets every week. as always we want to hear from you. finally this morning a great opportunity to add a little more power to your farm, ranch or homestead. we have team up with yamaha for the ride away with a rhino give away. it's a side by side loaded with accessories, there are two ways to enter, you can go online to united states farm report.com

and click on the rhino banner at the top of the main page. you can also send a postcard. be sure to include your name, address and phone number. a reminder we will take only one entry per person. the winner will be announced the weekend of may 26th. for all of us, thank you for watching united states farm report. be sure to join us next week. we will work to do even better. i was having trouble getting out of bed in the morning because my back hurt so bad. the sleep number bed conforms to you.

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