The House Ag Committee Chairman is hoping to bring some help to dairy producers in the upcoming government spending resolution. Texas Republican Mike Conaway told the American Dairy Coalition Board of Directors Wednesday that he and Democrat Collin Peterson of Minnesota will try again to pass what the Senate scuttled last April. “In the year-end spending next week, I hope to include in that a lifting of that cap on LGM so that that program does, in fact, work better for producers of all sizes.”
Conaway told the ADC board his committee has done its work and is ready to tackle the 2018 farm bill, including changes to the dairy Margin Protection Program.
Twelve state attorneys general have challenged a Massachusetts ballot measure approved by voters that restricts the sale of animal products in that state that were produced in confinement. The measure also bans the use of confinement in food animal production in Massachusetts.
Indiana Attorney General Curtis Hill is leading the case and is joined by attorneys general in Missouri, Nebraska, Wisconsin and eight other states. They have filed a lawsuit in the US Supreme Court challenging the state of Massachusetts’ efforts to regulate farming in other states.
At the Chicago Mercantile Exchange, cattle futures closed lower on profit-taking after yesterday’s bounce. Feeder cattle futures led the way down with additional pressure from the firm move in corn. The weakness in boxed beef also contributed to the day’s losses. December live cattle closed $.50 lower at $115.65 and February live cattle closed $.77 lower at $118.37. January feeder cattle closed $1.45 lower at $145.65 and March feeder cattle closed $1.25 lower at $144.05.
Soybeans were modestly higher on light commercial and technical buying. Contracts bounced back from some of the recent weakness, watching South America. Near term forecasts have at least some increase in rainfall in dry parts of Argentina, but the longer term outlooks are uncertain and a drier pattern would fit with the current La Nina pattern. It’s early in the South American growing season, roughly the equivalent of mid-June. The next official USDA South American production estimate is out in January, along with the final 2017 U.S.
A shipping expert says the cost of sending commodities overseas has risen.
Martin Faubion with Texas International Shipping tells Brownfield that sending 74-thousand tons of corn or soybeans from New Orleans to China through the Panama Canal would cost around 34 dollars a ton today, and that doesn’t count the cost of getting the grain to New Orleans. Rates were even higher topping 40 dollars a ton earlier this year.
He says coal and steel shipments are up worldwide.
Dairy prices were mostly higher on the Chicago Mercantile Exchange.
Class III milk futures for December were up $.01 closing at $15.61.
January milk was up $.23 closing at $14.50. February was up $.17 at $14.36. March was up $.12 closing at $14.45.
The rest of the 2018 milk futures were mixed.
Grade AA Butter closed up $.005 at $2.2125. Three carloads of butter were sold with one selling at $2.2125.
Dec. corn closed at $3.36 and 3/4, up 1 cent
Jan. soybeans closed at $9.79 and 1/4, up 3 and 1/2 cents
Dec. soybean meal closed at $325.10, up $2.20
Dec. soybean oil closed at 33.11, down 25 points
Dec. wheat closed at $3.92 and 1/4, up 5 cents
Dec. live cattle closed at $115.65, down 50 cents
Dec. lean hogs closed at $63.95, up 20 cents
A Monsanto official is applauding a decision by an Arkansas legislative subcommittee which refused to approve a proposed April 15th cut-off date for dicamba applications.
Scott Partridge tells Brownfield the Arkansas State Plant Board’s April 15th cut-off was essentially a ban on use of dicamba.
“It’s clear that the message coming from the legislative committee is that the Plant Board needs to actually look at the science, study it carefully, look at what’s being done in surrounding states, and come up with a solution that enables the growers in their state to have access to this important technology during the growing season,” Partridge says.