Driven by Deadlines
Ag census - I received inquiries regarding the census since my last update -- it is my hope that I was able to give you all the answers you needed and that everyone was able to get their survey submitted by the Feb 5th deadline.
If you need any further assistance or have questions regarding the Ag Census, your best bet will be to contact USDA directly from here...
Blockchain transactions - This subject matter was shared here a few weeks back, since there's been a recent transaction of 2.2 million bushels of soybeans sold to a Chinese processor via digital ledger. Read about that transaction here...
Markets - Wheat marketing year inspections for 17/18 are down 4% from a year ago, but staying above USDA's projected decline of 8%. Chicago and KC closed up for the week, MIN was down due to Black Sea competition. July soybean contracts hit a new crop high of $10, but closed lower for the week and exports hit a 7 month low. Corn was up a few pennies for the week, ethanol and livestock draw remain strong.
Livestock - 30% increase in year over year placements of calves less than 6 cwt, a lack of grazable winter wheat pasture the culprit. Cattle on feed reports suggest cattle inventories are back to 2012 levels, projecting a 6% increase in US production. If these numbers are realized, this would be record setting US beef production.
No pay act - Personally, I really like the way this chap thinks...
Plant dates - The final plant date for winter wheat across most of our region is 2/15; meaning any winter wheat planted by this date would qualify for winter wheat coverage. The earliest plant date for spring wheat is 60 days prior to the final plant date in the county, and some of the soonest plant dates are 2/16. Spring wheat planted prior to this date is eligible for insurance; however, if any damage occurs to that crop prior to the final plant date, you would be required to replant for coverage to continue at your own expense.
Price discovery period - The discovery period for all spring sales crops began this past week and I’ve posted the early average for barley and canola. The discovery period will continue thru the month of February.
Dry Peas - prices will be announced by RMA prior to 3/5
Stocks & bonds - Is the bull running out steam?!? Dow was off over 1,000 pts this week with half of that on Friday.
Tax bill seminars - Please feel free to attend one of the tax bill seminars we're hosting to help you prepare for the changes present in this year's new tax bill. Both seminars will begin at 1:30 pm.
Monday, 2/12 TMC Training Center, Colfax, WA
Thursday, 2/15 WW Port Meeting Room, Walla Walla Regional Airport
Trade talk - A year down the road and there's posturing from the administration of wanting back into the TPP alliance...perhaps one in the hand is worth two in the bush?
Weather - The drought impacted area has grown, now more than 1/3 of US farmland. Additionally, more than 50% of US wheat acres are facing the same...PNW is also gaining color. Argentina remains dry.
Crop Comments - Recent comments from farmers across this great land.
- Door county, WI - Biggest dairy in this area just went through foreclosure, 2nd one in financial stress due t lack of credit for inputs. Hardly any snow cover.
- Chemung county, NY - Dairy farm financial stress is very high here too, some farms are selling out.
Until next time,
“It may sound strange, but many champions are made champions by setbacks.”…Bob Richards (Olympic Decathlete)
McGregor Risk Management Services, LLC
Cell - 509.540.2632
Office - 509.843.2599
Fax - 509.843.2583