Ag News, July 31, 2012

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Drought Expanding Rapidly, now covers 63% of the Country

With a good portion of the country in the throes of a drought, the worst since 1956, here is a sampling of stories covering the drought.

Livestock industry may take worst drought hit
Jennifer Stewart, Purdue University

Drought that is spreading across the country is increasing feed prices and quickly spelling financial disaster for livestock producers, Purdue Extension agricultural economist Chris Hurt says. Read more on the Western Farm Press website:

Livestock profits will take a terrific beating
Kiplinger Agriculture Letter

In the wake of ’12’s devastating drought…Livestock profits will take a terrific beating through the end of this year and into mid-’13. Owners will be squeezed by feed costs… high grain and forage prices that won’t relent at least until next year’s feed crops mature. This year, three-fourths of U.S. grazing areas are suffering from serious drought, forcing owners to use up stocks of hay. Those stocks will be sorely missed come winter.
Login to member resources to read more:

Experts project a 15.8 million bale U.S. cotton crop
Elton Robinson – Southeast Farm Press

Cotton analysts are projecting a 15.8 million bale U.S. cotton crop this season, 1.2 million bales lower than USDA’s July 11 projection of 17 million bales. The analysts spoke at the Ag Market Network’s annual Cotton Roundtable, held at the Intercontinental Exchange in New York City. Here’s a breakdown by region. Read more on the Southeast Farm Press website:

Severe drought adds 76 counties to list of U.S. disaster areas
By Darryl Fears, Published: July 25, The Washington Post

The nation’s worst drought in a half-century has spread, and 76 counties in six Midwestern states were declared disaster areas Wednesday as the Obama administration added them to the more than 1,300 counties already on the list.
Read more on the The Washinton Post’s website:

88% of Cornbelt Now in Severe or Extreme Drought
Jul. 27, 2012 BrownfieldAgNews

The weekly drought monitor from USDA and the National Oceanic and Atmospheric Administration shows things continue to deteriorate across the corn belt. As of Tuesday, severe or extreme drought covers most of the area with exceptional drought now from southeastern Missouri up into central Indiana.
Read more:

A couple of Bright Spots:

Corn yield record expected in Mississippi
Doreen Muzzi – Delta Farm Press

Under a steamy, cloudless sky, Delta farmers wiped brows covered in sweat, but there were no complaints to be heard among the large crowd attending Delta Research and Extension Center’s recent soybean and corn field day. At a time when much of the country’s corn and soybean acreage is wilting under unprecedented drought, Mississippi’s corn growers are expected to produce record corn yields in 2012.
Read more on the Delta Farm Press Website:

Bumper peanut crop dampens markets
Ron Smith | Southwest Farm Press

An anticipated bumper crop will keep the peanut market quiet during the growing season and could put a damper on farmer contracts this fall.
Read more on the Southeast Farm Press website:

Still, the industry displays an attitude of “guarded optimism,” say peanut industry experts.

Wheat supplies should beat the drought
By Casey Chumrau, U.S. Wheat Associates Market Analyst 

Despite the worst drought since 1956, the U.S. Department of Agriculture (USDA) predicts that U.S. wheat farmers will produce a larger crop than last year and will stand ready once again to supply high quality wheat to the world. 

In its monthly World Agricultural Supply and Demand Estimates (WASDE) released July 11, USDA lowered its 2012/2013 U.S. wheat production estimate for the second straight month to 60.5 million metric tons (MMT).
Read more on the Southeast Farm Press website:

North Dakota wheat yield looks promising
North Dakota Wheat Commission, July 30, 2012 – Ag Professional

The Wheat Quality Council’s spring wheat tour wrapped up on July 26 and it appears the state’s wheat crop should fair much better than 2011.

More than 75 participants in 17 vehicles took various routes across the state and into western Minnesota and northern South Dakota, stopping at fields to assess the crop and calculate yields. Read more:

6% to 16% Rise Reported in Western Corn Belt Farmland Values

The value of western Corn Belt farmland continues to rise, but the pace of increase is slowing, at least in Iowa, according to data generated by Farm Credit Services of America (FCSAmerica), Omaha, Nebraska.

FCSAmerica’s appraisal team regularly updates 65 benchmark farms in its four-state service area on January 1 and July 1. The July 1 update found Nebraska farmland surged 16.3% during the first half of 2012 and is up a whopping 47.3% for the entire year. South Dakota saw a nearly 13% semi-annual rise the first half of 2012 and a 24% annual increase. Login to member resources to download the latest issue:

Farmland value in California shows modest increase

The overall value of California’s farmland rose slightly in 2011, though trailed behind the same value increases experienced by Midwest land owners. The information is detailed in a report released by Rabobank’s Food and Agribusiness Research & Advisory (FAR) group. Read more on the Western Farm Press website:

Destination Indianapolis…A TRIP to the Annual Meeting AND So Much More!

Indianapolis, Indiana has been ranked by both Forbes and as one of the best downtowns in the United States. The Westin Indianapolis, headquarters hotel to the 2012 ASFMRA Annual Meeting, is located in the heart of downtown, just steps from more than 200 retail shops, nearly 300 restaurants and food options, movie theatres, sports venues, museums, art galleries, parks and more! AgroNomics, Vision 2013 and the 83rd Annual Meeting of ASFMRA is proud to call Indy ‘home’ from October 29th  – November 2nd as hundreds of the country’s top investment professionals, fund managers and real property experts will gather together for a time of networking, education, and opportunity. With a schedule boasting nearly 30 outstanding speakers and the largest industry trade show this meeting’s seen in years, it’s a conference you can’t afford to miss. Review the Conference Schedule to see all that’s in store and then Register Online for what promises to be one of the best meetings available to agribusiness professionals. You’ll want to be sure to sign up for the Indiana Chapter Welcome Dinner that will be held at the NCAA Hall of Champions on Tuesday, October 30th and remember, the DuPont Pioneer Ag Tour is first come, first served and fills quickly. There’s so much in store this year!!
P.S.  Plan to include your spouse on the trip as there is plenty to see and do outside of the meeting.

YPN Leaders Step Up to the Plate
By Brian Stockman, EVP

The ASFMRA held a meeting of young professionals at the recent Summer Education Meeting in Des Moines. The meeting included a speed networking event, round table discussion and a presentation on demographics. The young members are anxious to be more involved. Sara Wilson with Farm Credit of Southern Colorado located in Limon, Colorado and Brian Hopf with Farmers National from Stanton, Iowa said they would be willing to help lead this new Young Professionals Group. A conference call is scheduled later this week to talk about next steps for this new group.

Looking for a new career opportunity?

Check out several listings on the ASFMRA Ag Career Center:

Job Title: Experienced Staff Review Appraiser
Company: Commerce Bank
Location: MO, Kansas City or MO, St. Louis

Job Title: Certified Appraisers
Company: AgStar
Location: Boise, ID and Indianapolis, IN

Job Title: Property Manager – Farm and Ranch
Company: Cassidy Turley
Location: Springfield, IL

Job Title: VP of Real Estate Operations
Company: Farmers National Company
Location: Omaha, Nebraska
Salary: Commensurate with experience and qualifications

Job Title: Commercial/Agricultural Appraiser
Company: K. R. McBay Co

KS Chapter Successful Summer Meeting

Highlights of the July 26-27 Meeting include:
Koch & Company Tour – Seneca
Heinen Brothers Agra Service
USC Plant Tour
C.J. Foods Tour – Pawnee City
Schilling Bridge Winery Tour – Pawnee City

Agriculture Investment Summit Americas 2012

24-25 October, 2012
Marines’ Memorial Club & Hotel
San Francisco, CA

North America’s leading conference for investors in agriculture

The 3rd annual Agriculture Investment Summit Americas brings together leading institutional investors and fund managers to identify potential partnerships and access methods to generate investment returns.
• Establish relationships and build networks with investors, fund managers and the entire Ag value chain
• Gain unparalleled insight into different investment vehicles through investor case studies
• Learn how to structure your Ag portfolio and get the best ROI
New for 2012 – this year’s conference will take place alongside Future Farm Americas in San Francisco. Not only will you network with fellow investors, but you’ll also be able to meet global agribusinesses and agri–technology firms – and identify even more Ag investment opportunities!
Get complete info:

Update Your Calendars with the Latest Meetings and Education Schedule

Stay current with all the programs and activities taking place within ASFMRA and the industry. Bookmark the ASFMRA website and check the calendar regularly. View the complete schedule of ASFMRA courses.

9/9-13  Leadership Institute – Washington, DC
10/28-11/2 ASFMRA 83rd Annual Convention & Trade Show (Agronomics) – Indianapolis, IN
7/31-8/1 Preparing for Dodd-Frank: Appraisal, Management & Review – Pierre, SD

8/1 Sales Comparison Approach – Perry, GA
8/2 Appraisals Through the Eyes of the Reviewer – Perry, GA
8/2 Georgia Chapter Meeting – Perry, GA
8/7-8 Valuation of Intangible and Non Financial Assets – Austin, TX (FCB)
8/15 Using Excel in Specified Appraisal Applications – Champaign, IL
8/16-17 Illinois Chapter Summer Tour – Champaign, IL
8/27-30 A302 Sales Comparison Approach for General Appraisers – Louisville, KY
8/27-30 A303 Income Approach for General Appraisers – Breckenridge, CO
8/27-29 Advanced Appraisal Exam Preparation Course – Denver, CO
8/30-31 ARA/RPRA Accreditation Exam – Denver, CO

9/4 Tech Tips for Managers and Consultants Webinar – Internet
9/10-12 Requirements of UASFLA “The Yellow Book” – Denver, CO
9/14 Appraiser Qualifications Board Meeting – Dallas, TX
9/18 Tech Tips for Appraisers Webinar – Internet
9/24-25 Ag Land Management 4 – Denver, CO
9/26-27 AFM/AAC Accreditation Exam – Denver, CO
9/27 7 Hour National USPAP Update Course – Austin, TX (FCB)
9/27 Best Practices for Rural Property Appraisals – Pasco, WA
9/27-28 Washington Chapter Fall Meeting & Education – Pasco, WA

10/2-3 Wisconsin Chapter Fall Meeting – Tomahawk, WI
10/10-12 Appraiser Qualifications Board Meeting – Washington, DC
10/11-12 Oregon Chapter Fall Meeting & Education – Grand Rondo, OR
10/11-12 A360 Introduction to Appraisal Review – Grand Rondo, OR
10/12 Appraisal Standards Board Meeting – Washington, DC
10/12 State Regulatory Advisory Group Meeting – Washington, DC
10/13-16 AARO 2012 Fall Conference – Washington, DC
10/18-19 Dairy Appraisal Seminar – Brookings, SD
10/22-24 Basic Appraisal Approaches – Austin, TX (FCB)

11/9-12 RLI – Realtors 2012 Conference and Expo – Orlando, FL

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