tv U.S. Farm Report FOX June 17, 2012 4:00am-5:00am EDT
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report. i jump it. there is an intuitive but misunderstood to leap at previous events can alter the probability of future events. not always or even often. for examples that we've had three below trendline corn production years the idea of another was virtually unprecedented and virtually discounted. but just because we have never had more bad crops in a row, it seemed to be improving conditions in my fields nor is this crap to come up short. we will know more soon. in 2012 does disappoint, i suppose we will here, we've never had five back crops in a row. >> in the corn belt in the great plains farmers are getting anxious for rain. the us drought manager shows. the report indicates a lack of rain this spring and there's been a big decline in the condition of the corn crop. 66% is good and excellent.
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for the previous two weeks without 72% and was as high as 77%. state-by-state we saw a 10- point decline in ongoing in indiana and an eight-point decline in iowa. and despite the declining conditions the usda did not make any forecast changes in its latest crop production report. inmate the usda forecast that the yield of 166 bushels to the acre and production of 14.7 billion bushels. lack of rain late in the season has resulted in a smaller winter we crop. the usda puts production at just under 1.7 billion bushels, down 1% from the may first forecast. united states yield is forecast at 47.3 to bushels per acre, down a third of bushels from last month. but the reproduction is still 13% higher than last year. as far as carryout, ending
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stocks for old crop corn remained unchanged. the usda bumped corn used for ethanol. as far as 2012 and 2013, the report stocks at 1.8 billion. the usda latest forecast for the old criteria was lower than the trade estimate. and to protect a carryout, or new crop beans that fell nearly 5% below the trade estimate. tuesday's reports were the first major reports to be published while the chicago great markets were being treated. our reporting partners at pro forma newsletter said they were concerned about how the market might respond to that data. >> there wasn't a whole lot of market reaction to these numbers, aside from just the normal stuff. i think we got through this initial wave of reports about a whole lot of backlash and in
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terms of market reaction and how quickly they had to decipher the numbers on the run. >> france as the next big test will be june 20 ninth when the usda releases its acreage and quarterly stock grain reports. >> those were the headlines, now back to john for the crop watch. >> thank you. in western envoy said the quantities of arms that he and the potential for his best crop and 35 years that they are losing plants on light or soils by the day. you've never seen farm ponds to slow. we heard from a farmer in st. mary's county maryland. tommy bowles said they started cutting we about three weeks out of normal. you'll start down a bit but all the looks good.
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we are here at the roundtable and we will be talking about some important things. we were talking just a second ago off the air about the basis and how high it is. greg, i'm going to go to you because you are saying the money is still out there, but they have to have the product of the product of short? >> well, on the way over here you could change your mind will
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quick away july corn acted, but apparently the rumor, two or three cargoes of corn will be imported to brazil. but all that information is sketchy right now, but the market is saying that's probably a done deal. but what happened all week and what happened last week is basically, the caskets get extremely firm. the illinois river, a lot of corn there, the positions they are canceled, they trade 70 and upwards of 80 at times. then in the western corn belt, the same phenomenon taking place where we thought we had some corn ( -left-paren ethanol plants have been paying basis levels that we've never seen. >> so the bottom line is we are actually sure on this near crop corn? >> well, you have those two
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dynamics. you have one of the earliest crop planted and it's going to come online but it won't satisfy logistically, whatever comes from the southeast with adults saddam era, they cut that out and all the weakest growing down there also. that is going to be a very dicey situation there. we have options expiring next week and a lot of times if we do anything we let them expire before we do anything, but i think july corn, it will come into the delivery process and it could do just about anything. don't be surprised, it could put on a dollar here in the right conditions. >> no kidding. i think we've witnessed historic volatility in terms of this old crop and new crop.
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and it's great highlighted a moment ago, the combination of the expiration of the dry options, and there are lots of things come into play at once. the farmer has been an extremely tight holder of the 2011 crop. >> and that will pay off for some of them, but that basis kind of helps make up the difference. >> yes. but then we have this report at the end of the month. >> let me shift gears a little bit. we talk about volatility, the market was open with us last report came out. what was your reaction to ... period of time? did you notice a difference lacks. >> you couldn't have gotten a trade-off. the market was $0.20 away from me before i could even think about making a decision on what i saw.
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so that was just a little report. the one at the end of the month now when the numbers come out, the only thing the government has done very recently is, they made these new services and some of them were quicker than others so that levels the playing field a little bit. but in my personal opinion, i think they should set a timeout for half an hour. when you have institutional guys that can push buttons and so under that millions of dollars in government bonds and whatever they can do in the currency market, we are dealing with folks and you can't get that information out of these people to make intelligent decisions whatsoever. so we are getting the news after the news on that one.
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>> it seems like representing farmers it may not be that way that quick, because you are kind of in a head situation and you have to have a? >> well a lot can happen quickly if someone makes a mistake entering an order. if someone wants to enter a 10 order, and pushes 100 or a thousand, many times the market will go haywire. but the usda as we speak is taking public comment on changing the release time. so my hunch is they will make some changes this summer. >> we will be back with more and we will talk about this and some other things dealing with the markets here on us fun report. the farm report.
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>> great honda perched initial services and we just can't get away from that report that comes out with people they're trying to digest that information, ready to make a decision. and you said, you couldn't make a decision as quick as that information came out? >> i couldn't do it, it was impossible. if you have information inside the lockup, he digested. so you know what you want to do with 7:30 hits. but see, now they have servers that only goes through the usda servers know where a month ago bloomberg had your own server that was quicker. so that part is even. but the other part that i just talked about, i want to make sure, i'm not positive on who could be in the lockup. >> how important is, say, five seconds in making that kind of
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decision? >> the five seconds to some of these real fast toll operators, they are doing -- 100th of a second makes a big difference to these people. >> so we are talking about a lot of money. >> yes, it's huge. >> so there is a legitimate reason why these guys are here in the respect that there isn't any local trade anymore and again and all the the orders. >> well over time, we've already decided that we are going to have this and clean up some things, and this is the first report, like this, do you think this connection one of the first influence? >> while we hugged the acreage
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report behind you, deputy planning for 2012 and a net quarterly grain stock report on the same day. the potential major market moves. >> we need to get ready. >> let's talk about some of the things the producer needs to talk about. and at this point in time, is that affecting the market you? >> when you look at east and west, obviously minnesota and nebraska, illinois, indiana, ohio, virtually nothing in the entire month of june. and that could change in mid- june if we don't have to reign in eastern corn belt. >> how about dean's after we?
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for these areas to try to germinate but dean's? >> well yes, we have to have rain. >> some of illinois did get a drink and they are ready to plant double crops. >> well on friday, they came out and up the numbers on the number of acres of corn. do you think those numbers are more realistic because government books to them more than they look at the government. >> you could be a little bit higher, but they are stretching it right there. we were talking about 97 million acres of corn, especially at the top producer seminar in chicago. we got educated on some of what
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they were up too. >> what about the yield? >> well there is a good chance that there will be a good rain in central illinois this weekend. but with that said and talking to the meteorologists in a particular one, they are having a very tough time trying to get a handle on this thing in the last three or for weeks. the maps are changing every six hours, and i'm just telling you, don't trust anything right now when it comes to the forecast. >> okay. >> at this amount of volatility with the changing forecast from our tower, and that will be a big till the next three or four days. >> we will be back here in just a moment.
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the cost and joins us now. cindy, i can't buy rain and the people can't get out from under it. >> yes, it would be nice if we could distribute it where it needs to be that it doesn't always work that way. as we look at the drop monitor, it's not a pretty picture. we are seeing things expand especially in the corn belt. we need rain or across that it doesn't look like there is a lot of it for a lot of folks. there could be a little bit of hope this weekend and we will show you that in a second. but could have a little too much rain in spots. we do have dry conditions in
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the west as well. lets you look at what they have in store as far as the jet stream is concerned. we finally see a change and we see this in the northern tier of states that will move slowly across. the question is how much rain will they bring to the parched areas. with a cooler temperatures to the great lakes on the ridge builds to the southwest. here's a look at our forecast for monday and we will see a front that tries to come along here. eventually that will swing through and bring some rain in two parts of the central and eastern corn belt. and we get into wednesday and we started to see that rein in
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it would be impossible for us to detail the progress of the farm bill through congress, but we have ahead to the likely outcome. first it won't be pretty or simple. at over 1000 pages and counting and starting to rival the ridiculous size of the health reform act. i think we can also begin to see how hard it is to nail down any programming cuts. as usual, some remarkably
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innovative accounting helps mask the true cost of new proposals. the shift to adventure like scheme poor example will create a bonus budget exposure in place prices plummet for grains. as of right now the cost estimates will prove woefully inaccurate just like every other farm bill before. the standard legendary practice of sleeping the pot is tougher to behold us some semblance of fiscal record is needed to a piece of deficit hawks. the action in washington this week will probably have less impact on the future than in berlin or beijing, should think
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when the patterns and global money woes. but us know what you think. send e-mails to us farm report.com or call us leave us a voicemail. coming up in the next half hour, passing along the rural tradition of curing hams. the next edition of us farm report is coming right up. 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,
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coming right up. today on u-s farm report... apparently it' >> today, apparently it's never too early for a drought. much of the corn belt continues to miss the rain. and with this at a man who tended down upon the tradition of curing hams to a new generation. the us farm report, brought to you by the 2012 chevy silverado. the most dependable waters last of lasting full-size pickup on the road. >> hello and welcome to the us farm report. i'm john pitts. there are some curious behavioral changes for farmers during a drought.
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if there is hope he maintains that. many of us to ourselves and projects that keep our mind and eyes off of what's happening outside. god can dry up socializing, as well as soils. that started with the headlines. >> several regions of the us are wondering when the rain will come and farmers are wondering if the dry spell will hurt their crops. the latest drop monitor shows much of the southwest central plains and parts of the midwest are hungry for moisture. university of illinois says corn planted in drier areas this season has resulted in smaller plants. if the dry spell continues it could impact kernels, silks and leaves which could have a negative impact on yield. the story isn't much better in missouri. we are obviously in a drought
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due to the lack of water. rid systems and corn are not developing properly. the soybean emergence is uneven, and the impacts are already being seen. >> historically a drive may lead to a hot and dry summer. some ranges and lawmakers have voiced opposition in the news a lot pollution oversight and we mean that literally. the senator has introduced an amendment banning bpa from using aerial surveillance over the thoughts. they have used a similar process over watersheds for 10 years. as a way to save money on inspections. it does not affect the use
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of traditional on-site inspections. agriculture is the largest cause of pollution. another overlooked problem is the construction. craig looks at a simple fix for this recurring problem. >> keeping streams free from sediment runoff can be difficult during and immediately after reconstruction. and, it reduces sediment loss. >> some end, it's composted
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with the lsu acceptor, this is great most row reporting. >> and israeli status to pay near to an innovative way to bringing crops to air and dry land reasons is the winner of the 2012 the price. they play near the use of micro- irrigation in the mideast. the world food prize organization says it helps to promote peace and understanding by addressing a problem and so many countries shared. the doctor will be formally presented with his award in october. going back to that flyover story, is nothing new. other technologies are doing that exact same thing. >> the first time we go to google earth, and, and, if sending a mixed message and we
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are doing it in the right way. >> we installed a phone going as we can, for susie clawson joins us now with forecast. there is some good news for some folks in the corn belt, and we might see a little bit of rain this week. i don't expect if they lose, but we are dry and will take anything we can get. we will start off hot and eastern corn belt and dry conditions, and the conditions continue to be knocked out there with conditions you have seen there. that western parts of the great lakes down into some of
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the great lakes and the fronts have not been making it much further to the east and keep going up to the north because the jet stream at a nice bridge over the country. and as we get into wednesday with these things starting to take a little bit further to the east, and we haven't seen quite as much rain -- actually some haven't seen as much rain. that goes all the way back to oklahoma where we had chances for some rain. and, we have some good soaking benefits for rains and it will be nice to see some rain at all. we take a little look into
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the future doesn't look at our next temperatures with the normal conditions for much of the corn belt. a little on the one side, and like the cool spot will be in the specific northwest. for a lot of the great lakes into new england, along the gold coast we see more rain as we look into the west was the symbol of normal conditions. over the next 30 days, warm conditions in much of the nation's midsection which are cool for the pacific northwest once again, and it's dry as we get to the plains states and what in the northwest. a lot of producers are optimistic. >> well it has been one of the most pleasant routes i've ever seen. it hasn't been terribly hot. >> exactly.
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country ham takes years of practice to achieve perfection. in this report from t >> the art of turning country ham takes years of practice to achieve and we tell you about a man whose expertise is helping to grow a secret passion for years to come. >> there is no rationing the putrid project. during the country ham is
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done year-round. >> one generation those responsible to you to the. this is the country ham project in rutherford county. what it takes to have learned in the past few years including savanna sam one who thought this would be cool to try. >> i thought, it looks fun and you get to eat it, so let's go in and take it and do it all. >> this authority sells. >> this process was handed down through generations. >> you can take a handful of salt and cure of 25-pound ham which is a miraculous process. the water will be expelled
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through osmosis, and the ham has a natural shelf life for it no longer requires refrigeration. >> it takes 10 months for the ham to go from raw two seasons, and becoming more dry. but but for a tourist monitor their hate and eventually turn them and show them at the state fair as well as learning about other vacuum sealing and current practices. there are other important thing is taught here. >> or age is not trying to teach them how to cure a ham, they are trying to teach life skills. achieving goals and self- esteem. >> and don't forget patients. a key ingredient of life lesson when it comes to curing hams and young people. >> you can learn more about this and order their products
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baxter black was on the road when he stopped by the "garlic capitol of the world" - gilroy, california. >> baxter stopped by the garlic capitol of the world, kilroy, california. here's his report. >> as we have pulled off of highway 101, i 1, i was assailed by the pungent order, order of garlic. a blind man driving down the
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road would not be a sign to tell him that he had arrived at the annual garlic festival. there were any secular or religious worshipers of garlic. gilroy would serve as it's mecca, yet it's not alone. certain smells can bring back vivid memories. i spent a lot of my working life in the feedlots and when i drive through towns, my mind fills with nostril images of front-end loaders when depends and tara myosin on my fingers and eat your dust. we tasted a concoction like sausage, pumpkin, artichoke,
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rattlesnake house pet. cocking, fly spray, and garlic brake fluid. there are spanish-speaking friends. garlic has qualities that are told that particularly as being good for the heart. and although that is to fusion, it's excuse should the patient be shunned by friends and family for having halitosis strong enough to drive a hyena off of a bucket about the murders. i'm sorry darling. >> that's all right, i'm wearing protection. >> the next week we were leaving gilroy when we could no longer a smell that deep penetrating garlic over. an oncoming vehicle swerved wildly and i saw the driver grabbing at his nose. maybe he thought we had become
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for tractor tales this week? john, we've got an oliver 77 this week from west out of here with the tractor of the week. >> we haven't altered 77. this model was manufactured at 48294. they cost around $3000. >> this is an oliver 77 and this is the tractor that my uncle had started a restoration on, and it's the same year as a model of my dad and his father
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had used on our farm back in the 50's and 60's. we had more gear selection and we could always find a gear that really fit well for what we were trying to accomplish. >> every once in a while a user to check irrigation equipment, but now it's kind of semi- retirement. when this tractor was founded was in really good condition. we change tires and freshen up into a little bit, but it came from a good home. i have a 15 -year-old son who like agriculture and he understands history and all these older are darker areas and what they represent so i hope you will want to continue on keeping our antique tractors and good condition and proud of what all i accomplished what i've added to the history.
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>> today's country church salute goes to the job country church. in 1817 the durban family settled in the area. one of the durban children, elijah, would eventually become the first priest to serve the new church. a block structure was built in 1945 and served until 1843. thank you to the past are pursuing the church of st. john the evangelist catholic church. we would like to your home trick as well. stay with us, mailbag is next. "changed" just went gold.now
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"read the the time to check out the mailbag. aliens whether suggested i check out the news about golden rice. read the wall street journal entitled the harvest of life- saving rice. thanks for the heads-up elaine, i did read the article. things have changed the last time i checked on it. golden rice is an essentially genetically modified rice which overcomes the vitamin a deficiency. its name derives from its color. but it wasn't her dues in 2000 it was immediately touted as a benefit for consumers and not just producers but it had two problems. first vitamin content was so low it required a visibly large amount of consumption. second there was panic of licensing techies and saving the seats. the alternative of just two vitamin pills per year in movies most of the suffering poor about the
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cost of $1 per child. some agreements by biotech companies to waive fees and allows the savings for small farmers. but regulatory issues saw a mild form of the problem, many eating rice entirely and rice has always been white. despite reassurances from officials, coaches don't change eating habits easily. recall what happened with the new coke. as always, we want to hear from you. send comments to us army port dcom or call and leave us a voicemail. i'm john gets to pick you for watching us army port. be sure to join us again next week. we will be sure to do even
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♪explosion i love telling big stories about big heroes: people we admire and look up to. but, at the end of the day, real life is better than any story. our service men and women are the real heroes. every day they make the sacrifices for their country; for my country; for my son's country. my dad was a marine and a navy historian. he was the first one to show me just how much these men and women give up. they leave their families and their homes. they train, they fight, they struggle for us, and so much of the time it goes unnoticed and un-thanked. and that is what i love so much about the uso. it gives us real ways to support our real heroes. the uso lifts the spirits of america's troops and their families, and there is a way we can say thanks. you can go to uso.org and make a real difference in their lives today. do it.
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