News Update
May 11, 2016
Avoiding Future Trade Concerns
For much of last year, U.S. meat exports were slowed by West Coast port congestion resulting from a labor impasse. While that dispute was eventually settled, it took several months before port traffic returned to normal.
West Coast port operators recently proposed to the Longshoremen’s union that they begin early negotiations on a contract extension beyond the current 2019 expiration date.
U.S. Meat Export Federation (USMEF) President and CEO Philip Seng says he is pleased with the initial signs of progress.
“I’m encouraged at the fact that they want to start talking now, and I think that this is something that we need to do, so we don’t have the disruptions that we had in trade in the recent past,” remarks Seng. “We know this exerted a tremendous toll on our industry here; internationally it was even more dramatic.”
North Asia, he says, specifically, had concerns about the reliability of the United States as a supplier.
To learn more about this and other trade issues along the coasts tune into this week’s The Angus Report.
AgriBank Reports First-Quarter 2016 Financial Results
Tuesday, May 10, Saint Paul-based AgriBank announced financial results for the first quarter of 2016 with continued stable net income, strong credit quality, and robust liquidity and capital.
Highlights
- Stable net income: Net income increased $0.6 million to $124.4 million for the three months ending March 31, 2016, compared to the same period of the prior year. This increase was driven by continued strong net interest income, significantly offset by lower mineral income due to continued lower oil prices.
- Stable credit quality: Loan portfolio credit quality remained strong, as acceptable loans stood at 99.6%. Credit quality of the retail loan portfolio (excluding wholesale loans) has moderated to 96.1% acceptable as of March 31, 2016.
- Robust liquidity and capital: Cash and investments totaled $15.7 billion at March 31, 2016, compared to $16.2 billion at the end of last year. End-of-the-quarter liquidity was 144 days, well above the regulatory requirement. Capital also remained well above the regulatory minimum and company targets.
“As the ag economy continues to moderate from record levels, AgriBank maintains stable earnings, and strong credit quality, liquidity and capital,” said Bill York, AgriBank CEO.
For more information, please view the full AgriBank news release online.
Meat and Poultry Exports Ship Profits to U.S. Soybean Farmers
The importance of poultry and livestock to soybean farmers is well documented. What may not be as well known are the benefits for soybean farmers when U.S. meat, milk and eggs are exported. As human demand for protein grows globally, so do the opportunities for U.S. soybean farmers.
According to a soy checkoff-funded study, 40.1 million tons of soybean meal, or the meal from 1.6 billion bushels of U.S. soybeans, were exported as meat and poultry between the 2005 and 2015 marketing years. This was worth $13.8 billion to the U.S. soybean industry. In particular, exports of chicken meat and pork were worth $6.4 billion and $5.5 billion, respectively.
“As a soybean farmer, it’s important to understand that when demand grows for livestock, our demand grows as well,” says Dan Corcoran, a soy checkoff farmer-leader from Ohio. “Exporting meat and poultry extends the market for our soybeans and benefits the U.S. economy all at the same time.”
Continued collaboration with the meat and poultry industries is important to farmers’ bottom lines.
For more information, please view the full news release online.
Privacy Protection Bill Sent to Governor
The Missouri Cattlemen’s Association (MCA) initiated legislation nearly three years ago to protect the private information of farm and ranch families that is often collected through voluntary and mandatory government programs. Rep. Jay Houghton (R-43) sponsored the legislation each year and, according to MCA Executive Vice President Mike Deering, the bill is finally heading to the desk of Gov. Jay Nixon.
The Missouri House of Representatives passed the legislation May 10 with a bipartisan 111-40 vote. This was the final vote needed before heading to the governor for consideration. Deering said the legislation gives producers the confidence to participate in the Animal Disease Traceability program and other state and federal programs without fearing their private information will end up in the hands of those with improper motives.
“Missouri cattle farmers and ranchers certainly want to be transparent, but should not fear their private information being public knowledge because of participation in a government program,” said Deering. “The threat of agro terrorism is real and this legislation helps reduce this threat for Missouri farm and ranch families.”
For more information, please view the full MCA news release online.
‘Slobbers’ Alert Issued by MU for Pastures with Excess Clover
Legumes make good additions to livestock pastures, up to a point. Too much can cause “slobbers.”
“So far this has been a white clover spring; that can bring problems,” says Craig Roberts, University of Missouri (MU) Extension forage specialist.
When livestock, especially horses, eat too much of the small legume it brings on excessive saliva.
It’s not the clover but a fungus that grows on legumes in excessively wet summers, Roberts said. “This year some grass pastures look as though they have become clover fields.”
“Some fields may look like 80% clover,” he says. “On a dry-matter basis it may only be 30%.”
In the past, excessive growth in wet years brought on the condition caused by a mycotoxin from a fungus, Rhizoctonia.
The fungal growth on legumes is called “black patch.” That name comes from black spots, or even dots, on legume leaves. The impact is not limited to white clover.
The fungus can affect all legumes from alfalfa to soybeans.
Large animals, such as horses, seem affected the most. However, even goats get “slobbers.”
For more information, please view the full MU news release online.
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