Brian Duncan, 18 Points, Samantha Fields discussed on The Daily
I'm Samantha Fields for marketplace. Marketplace Morning Report. Three words that's the call out, Check it out. The U. S Department of Agriculture says whole hog prices were up earlier this year on higher demand as we all started going out again, which makes sense, but AG as you know, if you listen to this program is a global business and an angel just the U. S. Of a that matters. So as we do with all things hog related, we called Brian Duncan He's the vice president of the Illinois Farm Bureau. He raises hogs and farms, corn and soybeans himself as well. Miss Duncan's Cairo's doll. How are you, sir? Good guy. Good to talk to you again. How are you doing? Good to talk to you. Why don't you go ahead and hit that little red button? We'll get this show on the road. I did. I'm ready to go. There you go. Alright. Your step ahead of me. So listen, Let me just jump right in here. The reason we called you was because of a headline we saw in the Washington and the Wall Street Journal the other day. Rather, uh, that goes like this. U. S hog prices sink as China rebuilds heard, and I said to myself, we got to talk to Brian Duncan. Well, I guess I'm your go to on this issue. You are the hug guys. So, so I mean, look, there's a lot to talk about. But first of all the prices you're getting market for your hogs. How are you doing? Business was Prices are pretty good right now, Kai. Actually, we've had a really good combination of factors and good domestic demand, along with exports, like you just referred to You know, there's quite a bit of uncertainty, though. China is always a wild card, and then the next question is, Do you believe anything they're saying about the rebuilding of the hog industry and then we've also got this whole issue with line speeds and a judge's ruling in Minnesota that's going to slow us up so It's pretty tumultuous time we're trying to hang on to some profits is that the lines beating is literally how fast they process. The Hogs. Just give me the 30,000 FT view here is that what's going on? Sure, there is a new inspection system that went in place for moving hogs through the harvest facility. Which is good for producers like me good demand, but a judge has looked at that system and said they've been take into account all the factors that should have been anyhow. Now it's a political football. Chi. Yeah, I bet Let me ask you a couple of, um sort of ancillary questions. Number one is whether I understand You guys have been having a drought up there and farming stuff in the best of times and and I can't imagine doing it during a drought. Yeah, I'm in the northern part of Illinois and we are very dry. We had some good rain Father's Day weekend, but that's about it. If the hot temperatures would stay abated, you know, and we sure don't want that dome They've had out in the Pacific Northwest to come over the Midwest. I'll tell you that. Yeah. Uh, okay. So item number two, uh, is sort of domestic demand as people get back. Are you seeing demand for ribs and you know all that good stuff that comes out of your hogs. Yeah, we are. And food service has come back online and all of a sudden they start stacking up right and ballparks. I mean full capacity at Wrigley Field. You know, that's a lot of hot dogs. They need all of a sudden, so As we see things come back online up. Pork is positioned pretty competitively priced in the meat case, and and we all know. Okay. Bacon's a bargain at twice the price, so demand is good. Alright, but wait a minute. Are you a Cubs fan? Yes, I am the boy After this last six games. I'm not so sure I'll claim them. But afraid I am. Yeah, It's a little tough, little tougher Cubs fans right now, Um Okay, last thing and then I'll let you go and let you get back to work, Mr. Duncan. How long do you think And I'm pretty sure I've asked you a variety of this question. At least every time over the past, you know, year and a half or whatever. How long are you figuring until you can look and say, you know what the pandemic is done, and my operations on my farm are back to normal. That's a great question. I thought it was going to be pretty soon here. You know you're always a little nervous, and you don't want to take things for granted. But I think once we get over this demand surge now of re stacking, I'd hope By the end of summer things will have settled into what's what is a sustainably profitable time period for all of agriculture, not just the hog industry, but all of us Brian Duncan. He does hogs and corn and soybeans. I think as well up in northern Illinois, also the vice president of the Illinois farm Bureau, Mr Duncan, Thanks for your time, sir. I do appreciate it guy. It is always a pleasure to talk with you. Coming up. Growing our own pair of jeans, a stem study, perhaps get it. Stem science technology growing jeans? Never mind first. Do the numbers. Dow industrials found 131 points today 3/10 Percent 34,000 to 6 33 NASDAQ picked up 18 points about a 10% 52 14,002, the S and P 522 points. Half percent. 43 19 construction spending fell about 3/10 percent in May. That's according to Commerce Department. Housing construction, though still posted a 2/10 percent gain. Lumber prices been talking about that a little bit of been dropping pretty fast as supply has come back. So homebuilders, D. R. Horton Nailed on 2.7% visa homes lifted 3.1%..