Closing Market Report

ifr151030–144 Farmland Prices and Farm Solvency Then & Now Gary Schnitkey, Agricultural Economist - University of Illinois Years of low commodity prices, and losses on the farm, have some wondering whether the agricultural boom-bust cycle of the 1970’s and 80’s is repeating itself. The balance sheets, as Todd Gleason reports, say probably not. There are some big differences between the farm crisis… 1:55 radio 2:10 radio self contained 2:00 tv 2:10 tv cg SoundCloud Embed YouTube Embed There are some big differences between the farm crisis of the 1980’s and the current situation in middle America. Then, as now, commodity price had slumped after soaring for a few years. The price of farmland had skyrocketed, too, just like now. However, unlike today interest rates were high and farmers were deep in debt when the price of farmland finally bottomed 42 percent below its high. Gary Schnitkey wanted to know what would happen today in that kind...

ifr151030–143 VOICER World Health Organization Oversteps with Red Meat Assertion John Erdman, Food Scientist & Professor Emeritus - University of Illinois While it has been known for quite sometime that processed meats… things like bacon and sausage and jerky… might slightly increase your risk of colorectal cancer. A professor emeritus of food science at the University of Illinois says the World Health Organization may have thrown up too much of a red flag on them, and certainly did so on red meat. Erdman :19 …overstep their bounds a little bit on that. Quote Summary - The W-H-O report then went into the red meats, the unprocessed meats, and suggested there is an increased risk of certain cancers. I think they did overstep their bounds a little bit on that. The W-H-O report admits it was unable to say the 800 studies they looked at correlated eating red meat with the development of cancer. The increased risk of contracting colorectal cancer from ...

Interview with Illinois Professor Emeritus on W-H-O Red Meat Release John Erdman, Food Scientist & Professor Emeritus - University of Illinois Discussion with Food Science Professor Emeritus John Erdman about the World Health Organization’s red meat, processed meat as carcinogens 2015 release.

ifr151030–142 SPOT NEWS VOICER Crop Insurance Undercut by Budget Deal Jonathan Coppess, Agricultural Policy Specialist - University of Illinois The federal government is expected to vote on the budget deal, maybe as soon as today. If it goes through unchanged one of the safety net programs for agriculture, crop insurance, will most definitely fall to the axe says University of Illinois Ag Policy Specialist Jonathan Coppess. Coppess :11 …getting changes at this hour is an uphill climb. Quote Summary - I’ve heard that this saves about three billion dollars and that it is part of a big budget package. Getting changes at this hour is an uphill climb. Coppess is in Washington, D.C. today. He says the deal would not eliminate crop insurance, but might force premiums higher, and shrink the number of places capable of providing it.

ifr151030–141 Crop Insurance S.R.A. Capped at 8.9% Under Budget Deal Jonathan Coppess, Agricultural Policy Specialist - University of Illinois The federal government is expected to vote on the budget deal, maybe as soon as today. If it goes through unchanged one of the safety net programs from agriculture will most definitely fall to the axe. Todd Gleason has more on what will happen to crop insurance. University of Illinois Ag Policy Specialist Jonathan Coppess… 1:53 radio 2:08 radio self contained University of Illinois Ag Policy Specialist Jonathan Coppess is in Washington, D.C. He says the deal would require the Obama Administration to renegotiate the Standard Reinsurance Agreement or S.R.A. and take 3 billion dollars out of the crop insurance program over a ten year period. Coppess :44 …getting changes at this hour is an uphill climb. Quote Summary - And within that renegotiation put a cap if you will, or a limit on the rate of return for crop insurance companies a...

ifr151030–140 SPOT NEWS (see feature story one more down) World Health Organization Classifies Red Meat “Probably” Carcinogenic Red meat causes cancer. That’s what the headlines are saying, but as you’ll hear from Todd Gleason the W-H-O study doesn’t quite come to that conclusion. Monday (October 26, 2015) the World Health Organization suggested… 1:24 radio Monday (October 26, 2015) the World Health Organization suggested it would be good to limit the amount of red and processed meat we consume. There has been quite a firestorm in the media declaring “red meat causes cancer”. That’s not actually what the W-H-O said in its press release. It actually classified the consumption of red meat as “probably” carcinogenic to humans. Going on to point out that processed meats, things like ham & sausage or hotdogs & corned beef, if eaten every day does increase the chance of getting colorectal cancer by 18%. Again - red meat, steaks, pork chops and the like, “probably car...

ifr151030–139 FEATURE World Health Organization Classifies Red Meat “Probably” Carcinogenic Red meat causes cancer. That’s what the headlines are saying, but as you’ll hear from Todd Gleason the W-H-O study doesn’t quite come to that conclusion. Monday (October 26, 2015) the World Health Organization suggested… 3:06 radio 3:09 radio self contained Monday (October 26, 2015) the World Health Organization suggested it would be good to limit the amount of red and processed meat we consume. There has been quite a firestorm in the media declaring “red meat causes cancer”. That’s not actually what the W-H-O said in its press release. It actually classified the consumption of red meat as “probably” carcinogenic to humans. Going on to point out that processed meats, things like ham & sausage or hotdogs & corned beef, if eaten every day does increase the chance of getting colorectal cancer by 18%. Agai...

ifr151030–138 Beef: High Prices Cure High Prices Chris Hurt, Purdue Extension Agricultural Economist The adage that the cure for high prices is “High Prices” sure looks right for the beef market this year. Todd Gleason has more with Purdue Extension Agricultural Economist Chris Hurt. The price of beef cattle reached a record high… 3:56 radio 4:05 radio self contained The price of beef cattle reached a record high of about $170 for a hundred pounds in late 2014 and early 2015. It has plummeted since, dropping 50 bucks. Interestingly, hogs took a similar nose dive from mid-last year to this year and it seems likely the price of eggs, which skyrocketed last spring because of Avian Influenza, is destined for the same fate. Or so thinks Purdue Extension Agricultural Economist Chris Hurt. He says it is all part of agriculture’s boom/bust cycle. Hurt : …now seeking to better evaluate equilibrium. Quote Summary - When analyst look back on these boom/bust...

ifr151023–137 Argentina’s Presidential Election Important for Soybean Market Michael Cordonnier, Soybean and Corn Advisor - Hinsdale, Illinois This Sunday’s presidential election in Argentina is important to soybean farmers in the United States. Todd Gleason has more. The vying candidates have differing views… 1:09 radio 1:13 radio self contained The vying candidates have differing views on the commodity export tax. If it is removed, South American agricultural expert Michael Cordonnier of Soybean and Corn Advisor says farmers in Argentina will plant corn rather than beans. Cordonnier :28 …will go out there and plant some more corn. Quote Summary - That would be a game changer in Argentina. If they take off those export taxes, the farmers would like to plant more corn. Because right not there are six times more acres of soybeans than corn. They want to rotate more because the government is forcing them to have a mono crop of soybeans. So, if ...

ifr151023–135 The Regular Climate Pattern of Brazil Mike Tannura, tStorm Weather - Chicago, Illinois They say it is best to keep your friends close and your …let’s go with competitors in the soybean market… even closer. Todd Gleason has this story on how weather patterns in Brazil generally unfold year in and year out. The Brazilian climate is unique… 2:35 radio 2:51 radio self contained The Brazilian climate is unique. It is unlike anything that occurs in the United States. However, this country is poised to become the world’s most productive source of soybeans. It is expected to unseat the U.S. in 2017, though that could happen as early as next year. Farmers in the state of Mato Grosso grow most of soybeans in Brazil. Their winter months, unlike what happens in the United States from New Orleans to Minneapolis and Columbus to Omaha, are bone dry says University of Illinois alum and agricultural meteorologist Mike Tannura. Tannura :20 ....

ifr151016–132 Africa and Soybean Trials Abush Tesfaye, Jimma Agricultural Research Institute - Ethiopia Godfree Chigeza, International Institute of Tropical Agriculture - Zambia The nations of Africa have struggled to feed themselves for decades. There are some places, like South Africa, that have successfully adapted some of world’s primary crops. Corn is a good example. Soybeans are also grown in Africa, but they’re not particularly high yielding varieties. Todd Gleason reports soybean breeders from three African institutions have been visiting the United States in hopes of making some improvements. The Soybean Innovation Lab is on the third floor… 2:30 radio 2:57 radio self contained The Soybean Innovation Lab is on the third floor of Mumford Hall at the University of Illinois. It is just an office space in the agricultural college. Well, not really just an office space. The lab works to find better ways for Africa to feed itself and grow local ec...

ifr151016–130 Working Capital on the Farm Gary Schnitkey, Extension Agricultural Economist - University of Illinois Low commodity prices are quickly eating into the reserves farmers built up over the last several years. Todd Gleason has more on agriculture’s ‘working capital’. Farmers built up working capital reserves over… 2:28 radio 2:37 radio self contained Farmers built up working capital reserves over a six year period lasting from 2006 to 2012. Those reserves have been tapped each year since then in order to keep operations running smoothly says University of Illinois Agricultural Economist Gary Schnitkey. However they’re still well above the average from little more than a decade ago. Schnitkey :25 …2004 when it was average close to $200. Quote Summary - The average grain farm enrolled in the Illinois FBFM record keeping service had $588 of working capital per acre at the end of 2014. Working capital is current assets min...