December 1995
From Around the Prairie
By Tracy Sayler
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Prairie Grains is the
official publication of
the Minnesota
Association of
Wheat Growers,
North Dakota Grain
Growers Association,
South Dakota Wheat,
Inc., and the
Minnesota Barley
Growers Association.
TIMES A-CHANGIN’
It was famed rock musician Bob Dylan who said profoundly in one of his 60s-era tunes: "Wadidja mumba, gwah lahew foowid." Translated later by skilled interpreters, the public became inspired by the Garbled One’s message that, "the times, they are a-changin.’" That theme can be felt in this magazine; from an upcoming new name and the inclusion of MN Barley and the ND Grain Growers, to content which illuminates new directions in technology and to improve farm profitability. We’d appreciate your comments; call the MAWG at 800-242-6118 or the NDGGA at 800-932-8822.
THE MARKETS CAN GET CRAZY
Especially when they’re driven by weather. In one instance early during the 1988 drought, Smith Barney Meteorologist Jon Davis inadvertently moved markets by wearing a trench coat as he stepped outside his office for a cup of coffee. "I had to walk past traders to get out, and everyone figured this was some kind of secret signal; that I thought the weather would break and start raining and maybe they should sell the market," Davis said in the Wall Street Journal. In fact, he says, "it was a cool day in May and I put the coat on because it was chilly."
BUY THE RUMOR, SELL THE FACT
That day last August, When Microsoft Corp. introduced its new Windows 95 computer operating software with much fanfare, surely the value of stocks in the company must have zoomed, right? Wrong. Despite what may have been the largest consumer product introduction ever, Microsoft stocks were down. Why? Already factored into the market, analysts said, which means that "buy the rumor, sell the fact" isn’t an axiom exclusive to the grain markets.
FAST-FOOD FARM BILL
There might be less time and hassle in crafting a new farm bill if they handled deliberations fast-food style with drive-through windows built into the Capitol. "We’d like the wheat target price with extra deficiency; no acres on the side and hold the increase in unpaid flex, please. Can we substitute EEP with the wheat marketing loan deluxe? No extra regulations or fees, please, and we’d like a refill on the CRP. Oh, and could you throw in more ag research with that?"
CFSA NOW FSA
It was former USDA Secretary Mike Espy that changed the name of ASCS to Farm Service Agency, (FSA). Then a "C" for consolidated was added. Now, Ag Sec. Dan Glickman has dropped the "C", so the former ASCS has finally settled on FSA for a name. In the early 1950s, the agency was briefly named the "Agricultural Stabilization Service," according to Pro Farmer. That is, until the abbreviation was painted on the director’s office door.
MGE EXEC VISITS FARM COUNTRY
Al Maruggi, the Minneapolis Grain Exchange’s public relations director who grew up in the Bronx district of New York, had never been on a farm and seen harvest in action until this past summer. MN Wheat arranged a visit to Kittson County, about as removed from the Twin Cities as you can get, where Maruggi met with growers and saw harvest in action. He loved the experience, and took crop samples back to St. Paul to show his kids. The exuberance he had for the many miles of grain fields was equivalent to the head-bent, wide-eyed wonder we in farm country have when we see skyscrapers for the first time. There are many people trading grain or legislating it who have never stepped foot on a farm. If you ever have a chance to host city or overseas visitors on your farm, do it. You’ll help production agriculture more than you know, and you’ll gain a greater appreciation for what you’re doing.
MGE HOTLINE
The Minneapolis Grain Exchange has a trader commentary line that gives a recorded market analysis, updated daily after the close no later than 2:30 p.m. Central Time. Jot down the number and tape it by the phone: 1-800-827-4746.