November 1, 2013
OCTOBER MILK-FEED PRICE RATIO IMPROVES
Slightly higher monthly average milk prices combined with lower feed prices to push the preliminary October 2013 milk-feed price ratio above 2.0 for the first time in 31 months. At 2.09, the index is up from 1.88 in September 2013 and 1.74 in October 2012, and is the highest since March 2011. The index is based on the current milk price in relationship to feed prices for a ratio of 51% corn, 8% soybeans and 41% alfalfa hay. The U.S. average all-milk price was $20.30/cwt., compared to $20.10/cwt. In September 2013 and $21.60/cwt. in October 2012. October corn, at $4.49/bushel, was down 91¢ from September and $2.29 less than October 2012. It's the lowest U.S. average corn price since October 2010. October 2013 soybeans averaged $12.60/bushel, down 70¢ from September and down $1.60 from October 2012. It's the lowest U.S. average soybean price since February 2012. Alfalfa hay averaged $193/ton in October, down $1 from September and $19 less than October 2012. It's the lowest U.S. average hay price since January 2012.
JAPAN LIFTS BAN ON ARKANSAS POULTRY MEAT
Japan has joined Russia in lifting its ban on imports of poultry products from Arkansas. Low-pathogenic bird flu was found in a poultry flock in the US state in June 2013. Russia, Japan, China, Turkey, Hong Kong and in the U.S., Mississippi and Georgia, banned Arkansas poultry and poultry products after a strain of avian influenza was found at a Scott County farm in June, said Preston Scroggin, director of the Arkansas Livestock and Poultry Commission. However, Russia and Mississippi began accepting Arkansas poultry and poultry products earlier this month, and now Japan also is accepting Arkansas poultry and poultry products again, Scroggin said last week.
COOL GETTING FARM BILL ATTENTION
Consumer groups are in favor of the country-of-origin labeling requirements, but pushback from neighboring countries and meatpackers have members of a House-Senate panel reconsidering COOL in the new farm bill. Lawmakers met Wednesday to resume negotiations on the $500 billion farm bill. According to Reuters the risk of international sanctions has some participants debating a repeal or revision to the COOL policy. Canada has considered substantially raising taxes on some U.S. products, including beef.
FARM BILL CONFERENCE COMMITTEE HOLDS FIRST MEETING. . . . .On Wednesday, 41 House and Senate conferees met to begin the process of resolving the differences between the House and Senate versions of the new farm bill. While the biggest differences between the two are in the nutrition title, there are also significant differences that will have to be addressed in the commodity title. While no decisions have been made at this point, at least lawmakers have formally begun the process.
NOVEMBER SUPPLY/DEMAND REPORT WEBINAR. . . . .Friday, November 8 at 12:30 p.m.
The USDA will release its new U.S. and Global Agriculture Situation and Outlook next week. Join Matt King, Farm Bureau Economist and Scott Stiles, UAEX Economist who will break down the report and give insight into how the report will affect the markets.
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SAVE ON CARPET
Farm Bureau members can save up to 40% on carpet and up to 20% off hard surfaces if you purchase through ProSource Wholesale Floorcoverings. To receive a discount, call Bill Ross at 1-866-758-0801 ext. 203.
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