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Farm Bill Near --
Leaders of the farm bill negotiations say they?ve finished their work, and a final vote on the new bill could be held next week. Lawmakers have reportedly tweaked the proposal to deny payments to farmers with over $750,000 in adjusted gross income. The off-farm income limit is $500,000. Direct payments will remain at the current $40,000 cap. The limits would also apply to conservation. Farm bill conference committee chairman, Iowa Senator Tom Harkin expects President Bush to veto the farm bill, and says Congress has to get the votes to override a veto. The key Republican in the farm bill negotiations, Virginia Congressman Bob Goodlatte, met with the President Wednesday at the White House where Bush reiterated his opposition to the farm bill. Goodlatte thinks there is strong support for the bill among Republican House members.
Argy Talks -- Renewed protests by Argentine farmers appear to be imminent after talks with the government have broken down over increased export taxes on soybeans. Following tense negotiations Wednesday, the president of the Argentine Agrarian Federation said another protest would be starting within hours. Even before Eduardo Buzzi spoke, hundreds of farmers staged roadside protests across Argentina. President Cristina Fernandez has repeatedly defended the new, higher export taxes as a way to distribute wealth and fight inflation in Argentina.
Kansas Tour -- Scouts on the Wheat Quality Council's hard red winter wheat tour are seeing an above-average wheat crop in Kansas. Scouts calculated the average yield on the first two days of the tour at 43.3 bushels per acre, more than 3 bushels per acre above the five-year average. Aaron Harries marketing director for Kansas Wheat, was pleasantly surprised by the wheat he saw. "We're seeing some very good quality wheat. Our tour is taking us right through the heart of Kansas. I've seen some very good potential compared to what we had this time last year. We're seeing very good stands of wheat, very healthy looking. For the most part, the crop is still behind schedule, a little bit, probably be about ten days behind schedule, and we really haven't seen a lot of disease pressure so far." Dave Green, with ADM Milling, said the wheat crop is a long way from being in the bin. And Kansas State University extension agronomist Jim Schroyer thinks yields in some late-planted fields could drop by nearly 15 to 20 percent.
OK Below Average --
The Oklahoma winter wheat crop is estimated at 149 million bushels, just below the normal 150 million. Mark Hodges, executive director of the Oklahoma Wheat Commission, says crop scouts estimate the average yield in Oklahoma at 31.7 bushels per acre. Hodges says severe to moderate drought in the Oklahoma panhandle will result in very little dryland production this year.
Phony Reform -- The Center for Rural Affairs calls the reform in the new Farm Bill "phony." According to Executive Director Chuck Hassebrook, the largest farms will actually get an increase in farm program payments. "That's because, in the late hours, what the conference committee did was to agree to raise the limitation on direct payments." Under the current farm program, a farm couple can get $80,000 in direct payments; under the new bill, the cap is $100,000. Hassebrook says this Farm Bill is a "step backwards."
Freese-Notis Says Wet, Cool Conditions Will Likely Persist into Early Summer -- Charlie Notis, meteorologist with Freese-Notis Weather, does see some good news on the horizon; a reduced chance of drought this summer.
Ethanol Impacts Fuel Price -- A new Iowa State University study says increased ethanol production is saving consumers money at the gas pump. Between 1995 and 2007, ethanol kept gasoline prices between 29 and 40 cents per gallon cheaper than what they would have been. The ISU study says the impact on gas prices was most significant in the Midwest, where most of the ethanol production happens.
Ethanol Project Canceled -- Poet has cancelled plans to build a second ethanol plant in Glenville, in southern Minnesota. The Sioux Falls-based company says permitting has delayed the project by more than a year, raising costs and making it less attractive than other potential projects in the Eastern Cornbelt. Poet currently operates 23 ethanol plants with three more under construction in Indiana and Ohio.
Culling Canadian Hogs -- The signup period for the Conservation Security Program has been extended for two additional weeks. The signup deadline is now May 30th. Producers in 51 watersheds nationwide are eligible.
Milk Price Drops -- The April Class III milk price was $16.76; down $1.24 from March. The April price was 67 cents higher than the April 2007 price. If the futures market is on course, prices should turn around in the months ahead. Milk futures are in the $18 to $19 range, starting in June.
Kraft Earnings Decline -- Schuh Passes
University of Minnesota Regents Professor Emeritus G. Edward Schuh died Sunday due to complications following heart surgery. Schuh was 77 years old. An expert in the areas of economics and agriculture, Schuh held joint appointments in the University?s Humphrey Institute of Public Affairs, Department of Applied Economics, and Department of Economics. From 1984-87, Schuh was the director of agriculture and rural development for the World Bank in Washington, D.C. From 1996 until his retirement in 2006, Schuh served as director of the Orville and Jane Freeman Center for International Economic Policy in the Humphrey Institute.
WDX Names New Dairy Cattle Manager -- Laura Herschleb will take over as the World Dairy Expo Dairy Cattle Show Manager. Most recently, Herschleb was a marketing coordinator for Alltech. Herschleb?s resume also includes time at Agri-Nutrition Consulting and the Fond du Lac Association of Commerce.
Buhr Takes over Ag Econ Department -- Effective July 1st, Brian Buhr will take over as head of the University of Minnesota Department of Applied Economics. Buhr joined the university staff in 1992 and has been recognized nationally for his work as an economist for the livestock industry.
Schuh Passes -- University of Minnesota Regents Professor Emeritus G. Edward Schuh died May 4th, due to complications following heart surgery. Schuh was 77 years old. An expert in the areas of economics and agriculture, Schuh held joint appointments in the university's Humphrey Institute of Public Affairs, Department of Applied Economics, and Department of Economics. From 1984-87, Schuh was the director of agriculture and rural development for the World Bank in Washington, D.C. From 1996 until his retirement in 2006, Schuh served as director of the Orville and Jane Freeman Center for International Economic Policy in the Humphrey Institute.
ND Couple Earns Alumni Award -- The Bismarck State College Alumni Association has honored Chad and Julie Ellingson with its Rising Star Award. Chad is a beef sire procurement officer for the Genex Cooperative. Julie is the communications director for the North Dakota Stockmen?s Association. The Ellingson cattle ranch is located at St. Anthony, North Dakota.
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