DairyProfit Update for Sept. 11, 2012
‘Farm Bill Now’ rally is tomorrow
A public rally to urge the House of Representatives to vote on a proposed 2012 Farm Bill will be held Sept. 12, 11 a.m. (Eastern), at the U.S. Capitol, Union Square/Capitol Reflecting Pool, Washington D.C. The event will feature speakers from the Senate, House and various agricultural organizations, who will address the crowd of family farmers and ranchers about the need to pass a farm bill before Sept. 30.
Among speakers will be dairy producer Ken Nobis, St. Johns, Mich., who will speak about how having a five-year farm bill will provide a new safety net for dairy producers.
On Sept. 11, member owners and employees of Dairy Farmers of America (DFA) delivered nearly 2,000 signatures on a petition urging House Speaker John Boehner (R-Ohio) to schedule a floor vote on H.R. 6083, the Federal Agriculture Reform and Risk Management Act of 2012.
“The 2008 authorization bill expires on Sept. 30, 2012, and current domestic dairy programs do not provide farmers with the tools they need to weather extreme volatility in the global market,” said John Wilson, DFA senior vice president. “The bill pending before Congress represents significant compromise and fiscal discipline, and addresses critical needs of the dairy industry.
“Passage of the 2012 Farm Bill is vitally important to America’s dairy farmers,” he continued. “The dairy provisions in H.R. 6083 would provide dairy farmers with enhanced risk management tools, keep the industry competitive in the global marketplace, and save taxpayers tens of millions of dollars. More importantly, this program will be critical in helping dairy farmers avoid the massive erosion of equity experienced in 2009.”
County-by-county cash rent averages available
Looking to rent some irrigated or non-irrigated cropland or pastureland, but not sure what a fair average price is. USDA posted results of annual ag land rental surveys on the USDA National Ag Statistics Service website. You can search by state and county.
Federal Reserve Bank-St. Louis district adds ag report
The Federal Reserve Bank of St. Louis – covering all or parts of Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee – had added a quarterly report on district ag credit conditions and land values. The reports are based on quarterly surveys of ag lenders in the district. See a District map.
The initial survey, conducted from June 15-June 29, 2012, was based on the responses of 88 agricultural banks. The results are published in a new St. Louis Fed report, the Agricultural Finance Monitor, now available on the St. Louis Fed web site.
DairyProfit Weekly/DairyBusiness Communications routinely summaries similar quarterly reports from Federal Reserve districts of Chicago, Kansas City, Dallas and Minneapolis.
MARKETS: Butter down some more; Class III futures rebound
Today's market closing prices:
Butter: down 3.5¢, to $1.8550/lb.
Cheddar blocks: unchanged, at $1.83/lb.
Cheddar barrels: down 0.5¢, to $1.7750/lb.
Grade A nonfat dry milk: unchanged, at $1.70/lb.
Extra Grade nonfat dry milk: unchanged, at $1.6350/lb.
Class III milk: 4¢ to 27¢ higher through March 2013. Based on current CME closing prices, the average for September-December 2012 is $19.32/cwt.; the full year 2012 average is $17.26/cwt.; and the 2013 average is $18.65/cwt.
• In honor of 9/11
• Silo gas: A threat to farmers
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