Monday, February 28, 2011

Greenstone Farm Credit Services: Greenstone’s Ag Economic Outlook

Greenstone Farm Credit Services: Greenstone’s Ag Economic Outlook

2/15/2011

The 2011 outlook is mixed, ranging from very good for grain operations to building concerns for the protein sector, especially as we look into the second half of 2011 and first half of 2012.

Source: GreenStone FCS Dollars and Sense Column in Michigan Farm Newshttp://www.greenstonefcs.com/onlineresources/linksandknowhow/Pages/AgEconomicOutlook.aspx

The saying goes "volatility equals opportunity". The events of the past four years, and more recently the past six months, has only driven home the point agriculture will likely be operating in an environment of increased earnings volatility going forward. This year presents a significant number of opportunities for those who have positioned themselves to seize the moment. Potential outcomes, good and bad, will continue to vary significantly by individuals within the various industries. Our challenge at GreenStone, along with our members, is how we adjust to ensure we continue to meet our vision and mission of being the first choice for Michigan agriculture to continue providing our members with a sound and reliable source of credit. A fellow Farm Credit shared with us their philosophy statement on lending that I believe summarizes our mission statement slightly different but with the same focus…We will be cautious in good times and courageous in challenging times.Entering 2011, we find ourselves financing both sides of this equation.

In general, 2010 was a very good year for agriculture. Industry resources are projecting that net farm income will increase from $62B/2009 to $85B for FY2010. From a longer range perspective, this would be $15B above the last 10-year average. Because of the diversity of Michigan agriculture (strength) it will be a rare occurrence when all industries are having positive or challenging years at the same time, and 2010 was no different. The grain, sugar beet and potato industries had a very good year. The protein sector, including hogs, turkey, dairy and poultry did well until the fourth quarter when increasing grain prices started to erode margins. Early season frost on the west side of Michigan hurt earnings in the fruit industry. The general economy in the Midwest continues to impact the greenhouse and nursery industries.

The 2011 outlook is mixed, ranging from very good for grain operations to building concerns for the protein sector, especially as we look into the second half of 2011 and first half of 2012. Agriculture continues to increase its reliance on exports. For 2011, export demand for agricultural commodities is forecast to continue at or above 2010 levels in which exports ran at an estimated $107.5B, the second highest level on record. Domestic demand is likely to improve in 2011 as the economy continues to slowly improve (2-3% GDP growth) but at a rate that is lagging many economies in the rest of the world. Export levels remain vulnerable to economic conditions and geopolitical events that impact our trading partners such as Mexico, Russia and China. With the rise in grain prices and improving economic conditions around the world, oil prices and other inputs have started to see pricing pressure. While weather is always a variable for agriculture, it has the potential to have a magnified effect on 2011 - 2012 operational outcomes.

So how will the current environment have an effect on the availability of credit for 2011 and beyond? It depends…it depends on how you have positioned your business financially, how volatile you earnings stream is, and what steps you have taken to minimize earning volatility to ensure projected cash flows will be realized. We remind our lending staff we are in the business of evaluating and managing risk. We are not in the risk avoidance business, nor are we in the venture capital risk business. Our goal is a long term, healthy financial partnership.

Our core underwriting standards (maximums) have not changed. However, the level of earnings volatility of the past three years has resulted in us approving fewer loans with exceptions to our core underwriting standards. We continue to differentiate between operations in the same industry based on our assessment of risk. What has changed is we are taking more time to look inside the numbers of an earnings statement, balance sheet and business model to assess the appropriate debt capital structure, with added focus on work capital and residual borrowing capacity. Most of this is not new, but basic fundamentals remain in evaluating how you are managing your business risks. Some of the key elements we evaluate in assessing the business risk profile are: (1) Industry conditions; (2) Are you open market on your commodity sales or do you take positions via contracts/hedging to minimize price volatility; (3) Locking in input costs and/or hedging at the same time you are taking positions on your commodity sales to ensure gross margins are protected; (4) Revenue protection of margins with insurance products available for crops/dairy/swine; (5) Depth of the management team; (6) Quality of financial records and how they are utilized by management to operate the business; (7) Execution of the business plan; (8) Forecasting quality and is there discipline staying on plan (predictability).

So as we enter 2011, GreenStone remains cautious for those experiencing good times as this too shall change and continue to be courageous, fundamentally sound partners working with those individuals experiencing challenges. Our commitment remains constant.

Greenstone Farm Credit Services: Greenstone’s Ag Economic Outlook

http://www.greenstonefcs.com/onlineresources/linksandknowhow/Pages/AgEconomicOutlook.aspx

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Legislation Introduced in the Tennessee General Assembly to enhance Tennessee's anti-terrorism law.

PRESS RELEASE
February/28/2011

For Immediate Release
Contact:
Bill Warner

Center for The Study of Political Islam

Legislation Introduced in the Tennessee General Assembly to enhance Tennessee's anti-terrorism law.

NASHVILLE, TN - February 28, 2011 - As many of you may have already read, two great legislators from Tennessee have sponsored a state terrorism material support bill. Between Carlos Bledsoe (Arkansas Army recruiting station killer) and the latest Saudi student jihadist who has ties to Nashville, this bill couldn't have come quickly enough. As expected, the mainstream media has done everything they know to do to skew, misconstrue, and otherwise fail to understand what the proposed legislation actually does.

Legislation has been introduced in the Tennessee General Assembly to enhance Tennessee's anti-terrorism law and allow state and local law enforcement to act decisively at the earliest point to stop terrorist acts. The bill, sponsored by Senate Republican Caucus Chairman Bill Ketron (R-Murfreesboro) and House Speaker Pro Tempore Judd Matheny (R-Tullahoma), aims to curb the incidence of homegrown terrorism like that of Memphian Carlos Bledsoe who stated he was following the call to "jihad" when he shot and killed a serviceman at the Arkansas Army recruiting station.

"The top priority of government should be to protect our citizens," said Senator Ketron. "The nine-eleven attack and subsequent terrorist attacks have turned a new page in our nation's history. All levels of government -- national, state and local -- must be a part of this effort. This bill seeks to enhance legislation we already have on the books to provide our state and local law enforcement agencies the tools they need to enable them to intervene against those who plan, finance and assist others who commit acts of terrorism before they occur."

The bill is modeled after the federal Material Support law which has been upheld by the Supreme Court as constitutional.

"Tennessee, like the federal government, has a compelling state interest to protect our citizens from jihad terrorism," added Representative Matheny. "The incidence of homegrown terrorism is rising and our local and state law enforcement officers are on the frontlines in preventing such attacks. Tennessee's current law addresses terrorism after the fact. This legislation aims to prevent acts of terrorism before they occur."

Open source reporting shows that between 2001 - 2008, there were one or two terror attempts per year. That number jumped in 2009 - January 2011 to one or two cases uncovered nationally per month. The lawmakers said the bill protects the right of political speech and the right of citizens to practice freedom of religion.

"This bill does not interfere with the constitutionally protected rights of those who practice Sharia religious law," added Senator Ketron. "This is not about religious rights or about those who practice Islamic beliefs. It's about protecting our citizens from acts of terrorism that come from Sharia jihad which is a growing threat in all our states."

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A baseball wife emerges from the dugout By Ann O'Neill, CNN

Dorothy Seymour Mills, shown outside her home in Naples, Florida, wrote three baseball histories with her late husband.

STORY HIGHLIGHTS

Harold and Dorothy Seymour wrote three seminal baseball history books together
She wrote much of the third book herself as he succumbed to Alzheimer's
For decades, he refused to share the credit with her or even acknowledge her role
Last summer, Oxford University Press agreed to give her credit as co-author

A baseball wife emerges from the dugout

By Ann O'Neill, CNN

February 25, 2011

Naples, Florida (CNN) -- Harold Seymour wrote baseball's first Bible, debunking some of the game's biggest myths.

He informed fans that Abner Doubleday didn't invent baseball in 1839 in Cooperstown, New York, (Footnote: There's evidence of games involving sticks, balls and bases being played in England in the 1700s.) and that Jackie Robinson wasn't the first black major league player. (That distinction more likely went to Moses Fleetwood Walker in the 1880s.)

Three books produced over a span of 30 years made Seymour the dean of baseball historians, and his journey from batboy to Ph.D. was celebrated as a success story. The study of America's national pastime at last seemed "grownup and worthwhile," observes John Thorn, a colleague who followed in his footsteps.

But after Seymour died in 1992, his wife, Dorothy, set about debunking one more myth: that he had researched and written all three books on his own... http://www.cnn.com/2011/LIVING/02/25/harold.dorothy.seymour.baseball/index.html?eref=rss_latest&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+rss/cnn_latest+(RSS:+Most+Recent)&utm_content=Twitter

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Monday's top stories on MarylandReporter.com

Monday, February 28, 20118, 2011

Video: Interview about same-sex marriage with Del. Heather Mizeur

Maryland Reporter sits down with Delegate Heather Mizeur to discuss the progression of the gay marriage bill and what is next for the bill.

O’Malley criticizes Wisconsin Gov. Walker and spars with Texas Gov. Perry

Gov. Martin O’Malley (D) called Wisconsin Gov. Scott Walker’s efforts to eradicate union employees’ bargaining rights a “drama” and a “circus” during a panel discussion hosted by Politico Friday. O’Malley said he learned as mayor of Baltimore: “When you’re facing tough challenges, when you have to overcome things like the imbalances in the pension system, I think it best when you bring people together to do that, and I think when you try to vilify or make one side of the equation the enemy I think you’re asking for trouble.

Blog: Benson tries to make up for missed vote

All 47 senators were present during the debate on same-sex marriage in the Senate Thursday night, but when the vote was called, one senator — Sen. Joanne Benson — was not in the chamber to cast her vote against it. At Friday morning’s legislative session, Benson attempted to rectify that.

Today's roundup of news on state government and politics since Friday

Opponents to same-sex marriage are finally organizing: some predict a successful referendum to repeal it if it should pass the House; advocates are hopeful it will pass; Gov. O’Malley vs. Gov. Christie in a dustup over political philosophy that gets national attention; O’Malley talks cybersecurity at governors’ conference; septic ban bill likely to move forward; hearing on legalizing marijuana this afternoon; Kamenetz seeks to raise licensing fees in Baltimore County; and the first and only African American mayor of Annapolis dies.

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Sunday, February 27, 2011

Investigative Voice: ANOTHER GUN BRANDISHING Baltimore City DEPUTY SHERIFF ARRESTED and other stories

ANOTHER GUN BRANDISHING DEPUTY SHERIFF ARRESTED

Journalist @baltimoresun writer artist runner #amwriting Chaplain PIO #partylikeajournalist

Monday, February 28, 2011

A baseball wife emerges from the dugout

Sunday, February 27, 2011