Agricultural total factor productivity (TFP) is the difference between the aggregate total output of crop/livestock commodities and the combined use of land, labor, capital and material inputs employed in farm production.
Beef export volume in June was down 8 percent from a year ago to 96,716 metric tons (mt), while export value fell 9 percent to $578.9 million. This was the second consecutive month that export value fell below last year’s level, resulting in first-half value being steady with 2014’s pace at $3.
The cash fed trade trickled along last week with some pricesetting occurring as early as Wednesday at $153 live and $236- 238 dressed on just under 8,500 confirmed head. By close of trade Thursday, that number went to just under 9,500 head confirmed sold with dressed prices edging up to $240 on the high end.
The August installment of the World Agricultural Supply and Demand Estimates (WASDE) report showed expectations of reduced beef production, a continued beef trade deficit, and reduced annual prices for steers. On the corn front, the report predicts increased corn production and use.
Oklahoma feeder cattle prices are currently at about the same level as this time last year. The difference is that cattle prices increased steadily last year and were on the way up. Hot dry weather in July and August this year has pulled feeder cattle prices seasonally lower from peaks in May and June.
Erik Norland, an economist at CME, compared how spot futures contract prices and futures spreads for a variety of commodities behaved in the 12-24 months after National Oceanic and Atmospheric Administration’s Climate Prediction Center Oceanic Niño Index signaled the beginning of an El Niño or La Niña.
There are some comments about taxes that make me shudder. Here are five that cause me concern: • “I enjoy preparing my own return.” It’s rare, but on occasion I encounter that farm producer who does his own return. Today’s tax system is insanely complex, especially when business activity is in the mix.
The number of rural (nonmetropolitan) counties that lost population in 2010-14 reached a historic high of 1,310. The recent economic recession, increased global competition, and technological changes led to widespread job losses in rural manufacturing.
The annual agricultural Land Values report was released at the beginning of August. The report showed a flat to slightly up trend across the three classes of land values surveyed; farm real estate, crop land, and pasture land.
The cash fed cattle market refused to develop last week with just over 2,600 head being confirmed sold by Thursday afternoon. Analysts expected that prices for the week would be steady to higher than the prior week’s $147-148 live and $232-235 dressed.
Imported food and beverages that were purchased directly by U.S. consumers (such as farm-raised shrimp from Thailand, fresh avocados from Mexico, and wines from Spain) accounted for $186.9 billion—13 percent of this total. The remaining 87 percent ($1.3 trillion) was spent on domestically-produced food and beverages.
The mid-year Cattle Inventory report confirms that herd building is taking place at a meteoric pace… relatively speaking. The total cattle and calf herd was up 2.2 percent as of July 1 compared to July 1 of 2014 with 98.4 million head.
“Seasonal lows are often scored during the second-half of July. Likewise, cash prices have scored their third quarter low during July in 10 of the previous 12 years. The hazard for this type of seasonal recovery to materialize this year is the lack of fed cattle marketings, which is creating a heavily.
Feedlot inventories as of July 1 in feedlots with 1,000-head or greater capacities stood at 10.24 million head, up 1.9 percent compared to July 1, 2014. This is mostly in line with the average pre-report industry projection of a 1.6 percent increase.
The most recent Cold Storage report shows a growing stock of all the major protein in U.S. warehouses. All told, stores of all meat (red meat and poultry) as of June 30 stood at 2.33 billion pounds, up 17 percent from the same time last year. Most of this increase came from increases in stored beef, though all the major proteins saw increases.
Herbicide-tolerant (HT) crops, developed to survive the application of specific herbicides that previously would have destroyed the crop along with the targeted weeds, provide farmers with a broader variety of options for weed control. Insect-resistant crops (Bt) contain a gene from the soil bacterium Bacillus thuringiensis that produces a protein.
Cash cattle trade was slow to develop last week ahead of the release of the monthly Cattle on Feed and bi-annual Cattle Inventory reports. By close of trade on Thursday, over 20,000 head had been confirmed sold with prices ranging from $144-147 live (averaging in the low $145s) and $230-233 dressed (averaging in the upper $231s).
The unique U.S. beef and cattle trade situation that developed in 2014 has continued in 2015. Falling beef production is keeping beef supplies tight and prices near record levels in the U.S. This discourages beef exports and attracts more beef and cattle imports.
The All Fresh retail beef price was $6.114/lb., up $0.059 cents from May and up $0.606/lb. from one year ago. The June retail pork price was $3.703/lb., up $0.007/lb. from last month but $0.413/lb. lower than June of 2014. The retail broiler composite price was $1.
Since USDA’s Agricultural Resource Management Survey began collecting data in 1996, the median income of farm households has risen while real U.S. median household income has remained essentially flat. This may be due to a variety of factors including farm consolidation, increasing commodity prices, and minimal increases in hourly wages for all U.S.