Market Journal Takes a First-Hand Look at China's Growing Economy - UNL CropWatch, June 29, 2012

Market Journal Takes a First-Hand Look at China's Growing Economy - UNL CropWatch, June 29, 2012

June 29, 2012

 Market Journal host Jeff Wilkerson reports from China on its growing global impact on world agriculture.

Extension Public Policy Specialist Brad Lubben discusses the Farm Bill recently approved by the Senate and what changes the House of Representatives may be looking at before they approve it.

Extension Plant Pathologist Tamra Jackson-Ziems discusses steps to take if gray leaf spot develops in your fields this year.

This week on Market Journal host Jeff Wilkerson reports from China on its developing role in the global economy and the potential impact on Nebraska producers, particularly soybean growers.

China has been a major importer of soybeans since the 1990s and became a net importer of corn in 2010.  With a growing economy, industry leaders and experts say China will increasingly need to partner with the U.S. and other countries to fill a need it can't meet on its own.  China currently has 20% of the world's population, 2.3 billion people, and while it's a large ag producer, it isn't self-sustainable. And, as the economy grows, there are more middle class families wanting more meat in their diet.

China is the largest pork producer in the world and purchases 60% of the world's soybean exports, mainly from the U.S. and Brazil, to help feed its hogs. Now, China is aggressively looking to buy foreign lands and storage facilities to help meet this need.

Also on this week's show:

Grain Markets — Jeff Peterson, Heartland Farm Partners, talks about today's USDA reports on planted acres and grain stocks and looks at possible crop yields, the impacts of this summer's dry conditions, and European concerns.

Farm Bill Update — Brad Lubben, extension public policy specialist, discusses the Agriculture Reform, Food, and Jobs Act that was passed last week by the Senate.

Gray Leaf Spot — Producers should be monitoring corn plants for foliar diseases such as gray leaf spot, according to UNL Extension Plant Pathologist Tamra Jackson-Ziems. She recommends using fungicides with multiple modes of action to minimize the risk of developing resistance.

Weather Outlook — Al Dutcher, UNL Extension state climatologist, says temperatures will still be warm next week.

Next Week

As hot, dry conditions continue throughout the state, we'll report from North Platte and Scottsbluff. We’ll see how some of the driest areas of the state are holding up with little precipitation. We’ll also show you more from China, including the unloading of U.S. soybeans at a port outside of Shanghai.
 

Market Journal Broadcast Times

Market Journal — television for agricultural business decisions — is funded, in part, by the Nebraska Soybean Board.

View this week's program, as well as previous programs, online at marketjournal.unl.edu and watch for future broadcasts on these networks.

  • NET1 – Saturday, 7 a.m. CT
  • NET2 – Sunday, 9 a.m. CT
  • Podcast on iTunes

Also connect with Market Journal on Facebook at facebook.com/marketjournal/ or on Twitter at twitter.com/marketjournal.