News Update
July 15, 2014
Supporting Youth through Education
Activities are endless at the National Junior Angus Show (NJAS) each year, and there’s one opportunity that supports Angus youth well beyond their time at the show — scholarships offered through the Angus Foundation. This year at the 2014 NJAS in Indianapolis, Ind., nearly 100 scholarships were given to graduate and undergraduate students, which resulted in $203,500 invested in the beef industry’s future leaders.
“It is a privilege for the Angus Foundation to be able to fund this large amount of scholarships for Angus youth,” says Milford Jenkins, Angus Foundation president. “These youth, who are our next generation of leaders, are supported by many generous Angus enthusiasts. We cannot thank them enough for investing in our youth.”
A five-member committee evaluates the scholarship applications and considers National Junior Angus Association (NJAA) involvement, state association participation, leadership and other criteria. Since 1998, the Angus Foundation has awarded more than $2.1 million in undergraduate and graduate scholarships to Angus youth.
The 2014 scholarship recipients were recognized in the showring on July 10-11 during the NJAS. A complete list of scholarship winners can be found here.
For more information on NJAS events, visit www.angus.org. Backdrop and candid photos will be available for purchase online. Also, plan to tune in to a special NJAS episode of The Angus Report at 7:30 a.m. CST Monday, July 21 on RFD-TV.
Established in 1980, the Angus Foundation is a not-for-profit 501(c)(3) organization to support Angus education, youth and research. To learn more about the Angus Foundation and the programs it supports, call the Angus Foundation at 816-383-5100 or go to www.angusfoundation.org.
House Passes Bonus Depreciation Bill
July 11, 2014, the U.S. House of Representatives voted 258 to 160 to pass H.R. 4718, legislation that will make permanent the 50% bonus depreciation of new capital purchases that was created in the American Taxpayer Relief Act of 2012. This bill addresses a section of the tax code that expired at the end of 2013 and is one of the provisions that has traditionally been addressed in tax extenders packages. It was also considered as part of the tax reform proposals in the House and Senate.
“NCBA (National Cattlemen’s Beef Association) strongly supports the permanent extension of 50% bonus depreciation because it will help provide farmers and ranchers with predictable pro-growth tax code that allows us to make long-term investments in our businesses,” said Bob McCan, NCBA president and Victoria, Texas, cattleman. “Bonus depreciation coupled with Section 179 expensing are effective tools allowing farmers and ranchers to make the necessary investments needed to remain competitive in the global market place and create jobs in America.”
Bonus depreciation allows businesses that purchase new equipment to depreciate 50% of the cost in the first year, plus the percentage of the remaining basis in the equipment that would ordinarily be depreciable under the Modified Accelerated Cost Recovery System.
The House Ways and Means Committee approved the measure in May as part of the piece-meal approach to approving individual parts of the tax-extenders package that expired at the end of 2013.
Earlier this spring, the Senate Finance Committee passed a bill extending nearly all of the extenders for two years. Previous action on the Senate floor was suspended and it is likely that the Senate will not take up the tax-extenders package until after the elections in November.
“NCBA will continue to be actively engaged in the tax-extenders process to help provide greater certainty in the tax code for America’s ranching families,” said McCan.
More Soybeans and Wheat, Less Corn Forecast
A new report from the Agriculture Department updates projections for the 2014-2015 crop marketing year. The report offered a mixed bag of projections on top crops grown by the nation’s farmers, says the American Farm Bureau Federation (AFBF).
A record production for the nation’s soybean crop, 3.8 billion bushels (bu.), is forecast based on record yield of 45.2 bu. per acre.
Ending stocks for old-crop soybeans were increased to a projected 415 million bu. If realized, this would be the highest level of soybean carryover since the 2006-2007 marketing year.
“Globally, the estimate for soybeans supplies also increased, due to larger U.S. production, as well as larger projected crops in Russia and Ukraine,” said John Anderson, deputy chief economist with AFBF.
The report increased 2013-14 corn ending stocks to 1.8 billion bu. because of lowered use for livestock feed. The 2014 corn crop is expected to come in at 13.86 billion bu., slightly less than the prior year, based on projected yield of 165.3 bushels per acre. Strong demand from foreign markets coupled with continued steady use for feed and ethanol production is expected to consume about 13.34 billion bu. by the end of the 2014-2015 marketing year.
Wheat production estimates were increased in this month’s report, both for the United States and globally.
“Provided moderate temperatures and moisture prevail, growers should bring in a good corn crop,” said Anderson. “Any late-planted corn and soybeans will need the advantage of temperate weather conditions as the growing season continues, and we look toward fall with its ever-present possibility of an early frost,” he said.
Soils Workshop Set for Columbia, MO, Aug. 13-14
“Rebuilding Soils for a Changing Climate” is the theme of the Aug. 13-14 Soil Health Exposition at the University of Missouri (MU) Bradford Research Center.
MU’s College of Agriculture, Food and Natural Resources and the USDA Natural Resources Conservation Service (NRCS) are sponsors for the free event. The expo runs from 9 a.m.-5 p.m. both days.
“Climatic changes are bringing about increased drought events and harder rains, both of which can have long-lasting effects on soil productivity,” says MU research specialist Kerry Clark. “If we are going to save our soil resource and increase our agricultural productivity, changes in farming practices are going to be necessary.” Many of those practices will be discussed at this expo.
The keynote speaker on Aug. 13 is Terry Taylor, a longtime no-till farmer in Illinois. Taylor has used cover crops on claypan soils. Other speakers will discuss soil biology, planting cover crops and economics of soil health practices.
Farmer Keith Berns of Bladen, Neb., will speak on cover crops Aug. 14. Berns developed the SmartMix Calculator, an online spreadsheet for planning cover-crop mixes. Linus Rothermich and Luke Linnenbringer will discuss efforts to improve soil health on their mid-Missouri farms on Aug. 14, as well.
Representatives of MU, NRCS and the USDA Agricultural Research Service (ARS) will be available to discuss soil health practices.
“Farmers can attend one day or both,” says Clark. “Each day will have unique presentations and will be packed with information for producers.”
Vendors include equipment and seed dealers. Lunch is available for purchase at the center. For more information, contact Clark at ClarkK@missouri.edu or 573-884-7945, or go to http://aes.missouri.edu/bradford/events/soilexpo.php.
Bradford Research Center, part of the MU College of Agriculture, Food and Natural Resources, is east of Columbia.
For more information, please view the Angus Journal Virtual Library calendar of upcoming events here.
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