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tv   U.S. Farm Report  FOX  May 1, 2011 4:00am-5:00am EDT

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of u.s. farm report. >> u.s. farm report, brought to you by chevy, an american revolution, by yield guard bt triple, the yield protection system, and by dekalb, strong roots, strong stalks, strong yields. good morning and welcome to this special edition of u-s >> good morning, and welcome to this special edition of u.s. farm report. i'm john vips. each week we do our best to cover the agriculture including crop updates from the usda. data from these reports can drive the market off in strange directions, that's why the government goes to great lengths to safeguard the information. pro farmers washington editor roger bernard takes us behind the locked doors for the story. >> reporter: preparing the market sensitive data that usda releases is a serious business, one that
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takes place when many folks are still asleep. the process starts in the states where statistical offices gather the data and make their recommendations on what the data show. carol house chairs the ag statistics board at mass which is responsible for putting together usda's number. >> those files will stay encrept until we are in the lockup. once the doors are locked, the phones are disconnected, the computers are disconnected, the window shades are pulled down. we're completely isolated, then we will decrypt those files. it's only then that all of the information comes together. >> in the process of working on the data, house says each statistician and commodity spshist works on the numbers individually, then they start the discussion on the figures and house says she leads that discussion and takes into account all the views of those present. >> i make sure that everybody on the board has an opportunity
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to explain the way that they looked at the numbers and naturally a consensus follows. >> reporter: when the numbers are set, then the report proceeds to another area in lockup where it is printed out to be ready for distribution. so what are the opportunities for a political spin to be put on the data? house discounts that type of talk. >> there absolute is no political interference with the numbers that we come up with. >> reporter: and even the usda secretary doesn't see the report before he signs it. >> and they sign the report not saying that they agree with it or don't agree with it, but these are the official numbers of usda and at that point they can sit down and we will brief them as to what the report has to say. sometimes it's a surprise to them and you can tell for sure that they haven't seen anything about it. >> reporter: house says
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what drives the usda statisticians is to put together an accurate number. >> i had no idea until i walk into the board what we're going to see and then we look at those numbers, we work as hard as we can to come up with the best numbers considering all the data that's available to us and there's just no incentive at all to change them one way or the other. >> reporter: so how can farmers participate in this process? >> when we call you or when we send you a questionnaire, if you -- it's an imposition, i know, to take the time to fill that out, but if we don't get good data in, we cannot make good estimates. >> reporter: in washington, i'm pro farmers roger bernard reporting for u.s. farm report. >> thanks, roger. when u.s. farm report returns, al gathers the first of two special roundtables for
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a look at the bigger issues facing agriculture in the months ahead. we'll be right back. f 3&pphe campaign for mayor of
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baltimore. whh's jumping in theerace now. mmnday n fox 4 newssat 5:30.
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>> this week on u.s. farm report, farm general economist from advance trading. jim what i'm going to ask you and i'm going to ask you what the three, each one of you, give me a laundry list of three of the biggest problems you see happening two years or more out for the farm at this point in time. what should we be thinking about? either one of you and we'll make a note here. >> i think there are three warning signs. >> warning signs, okay. give them to me. >> the first one is every bull market pulls -- >> so the bulls only last so long. >> and alan greenspan financial exsue ambulance. my eyes are on the china
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markets. the china exchange is significant rallies, over 120% this year. >> it's just growing. >> it's just growing and because their economy has been extended for an extended time period and they're getting ready for the olympics and one question is what happens after the olympics and does the estimation make themself look good prior to 2008. could they have a little slip in '09, '10. so when they have their natural economic recessions on demand, how is that going to happen? ethanol has been basically the darling of the corn market and biodiesel for beans but now it's blamed for everything and you got an energy bill that can't be passed and could we have a flooding of the corn curb out in 2009 and 2010. >> that has to happen in the meantime. is that part of it? >> and at the same time you've got crude oil, all time
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record highs with gasoline still below $3. there's a disconnect between gasoline and crude oil. there's going to be a spring back effect but the economy is not being affected by -- so nobody has got real excitement about pushing ethanol. >> number 1, bull versus bear, and number 2. ethanol. number 3? >> number 3 i guess is what happened to the livestock markets? they are in a very strong bear market. will their bottom be out in 2008? i think by late 2008, 2009, livestock markets will be on the rebound. >> you think so? >> yeah. >> now, you heard his. do you have one, two, three? >> he stole a little bit of my thunder there. it's a great question. i think one thing that's kind of a double edge sword in some respects but i think the productivity of the u.s. farmer can be a challenge within the next couple of years, with these yields going up and up, we look at the corn five years ago, now it's 150 and
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of course a couple years ago it was 160, so i would contend that the tremendous ability of the u.s. farmer who knows what the average corn yield may be a couple years from now so the supply can outdistance our demand even with the growth in ethanol, so it's a pleasant thing to think about in terms of productivity and supply, but it can overwell you. >> if that would happen to slip and we continue that, oh, wow. >> i think just i would kind of group in with what bob said with the world demand. i think they're becoming more of an international trading body in many respects, whether it be soy beans, obviously, to china, corn to many different places around the world. i think we become vulnerable to world events out of our control that can be devastating from the standpoint of hurting our exports. >> one thing i want you to relate to and that is the price of farmland. what should we be doing? is that going to be a problem in the future or do you see any problems with that at all? >> well, it really comes back to your decision on those three
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variables. right now i look in the local paper, you got more farm sales going on this fall than i've seen in a long, long time, probably. >> and it's going to continue. >> if you believe ethanol is going to expand, china is going to continue to grow, you want to buy land immediately. if you believe this is a bubble and by 2009, 2010, we're going to have some problems, you might want to think about selling your land and then look to buy it back after that. >> carefully look at land decision, as bob said, whether you're a buyer or seller, there's great opportunity but there's a lot of risks to both sides. so really put the pencil to paper. organize your thoughts, short timer, long-term before you make a decision. >> is there a limited cash that we can afford to pay? >> i think we're going to see eye popping cash rents this year that's going to cause the margin squeeze to develop. is it's going to be very important that if we get these spikes in prices that producers lay off the risk and
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start putting floors on their market because all of a sudden the supply increases, you can see prices drop and that margin shrinks and it can be very painful. >> they need to figure out what to sell it out, is that right? we'll be back with more u.s. farm report in just a moment.
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>> round fable guests this week on u.s. farm gregg, greg wagner, gregg hunt, fox investment division of mf global and let's talk about some of the things that are -- i call them the big picture that we need to think about at this point in time. >> yeah. >> one thing is that china ran out of hog meat earlier in the year, they bought some off the united states. that was kind of a surprise, was it not. >> that's never happened before. >> they had a disease problem with their hogs so it's understandable, but normally they wouldn't do that. >> well, yeah, and, you know, they had this disease. you know, you had a big
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time shortages in some of the major cities, especially shanghai and beijing. >> so what did that do that their green markets? >> well, of course the crushing margin sucked there for a long, long while, they're backing up in meal, but they've always -- they always had huge shortages, so the palm oil market being turned into diesel in malaysia and indonesia sha, you've got what's going on in europe with this 10% mandate and then here in the u.s. we're basically -- more than it is anything else. so, and, you know, those guys -- >> i agree. >> so -- >> you take a heating oil chart and put -- transpose the bean oil over a heating oil chart, i mean, the correlation is extraordinary, it really is, the energy equivalent. >> what's the big picture out there? i mean, what is -- you know, what are the precious
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metals? what it's telling us is that this inflation picture is alive and real. it's just not a bunch of bull this time. this thing is for real. >> yeah. >> and the areas of the world, especially china, have to be the most sensitive to t they have few options they can go here, but -- >> interesting observation, you know, with -- as far as inflation. here our economy is the only major economy in the world that's actually lowering interest rates. if you go to europe, you go to any other place, they're raising interest rates, not lowering interest rates and it's because of that. >> i talked to another guy the other day who told me about china. he says wait until the olympics are there. this whole thing will change. >> yep. >> i pegged that for a long period of time. it's absolutely necessary that they have a coherent, functioning front. >> it's a big pr campaign. it's like a comingout party to the world. >> that's it. >> and they know how to push the
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buttons to get that done. >> and they're eating better and the average person over there is doing better, right? >> that's a fact. >> domestic products double digits for years. >> so i mean, even today, you can't just say, well, i'm going to the city. >> get in the car or a bicycle and go do it. >> so there's people out in the countryside, i mean, this thing with vegetable oil going to the moon, you know, their inflation rate, let me put it to you another way, eggs and meat in the last inflation numbers for september were up 47% in china. now, that -- now, when you got $16 beans back here and you had. >> pork. >> -- you know, almost $6 corn, things are looking pretty cheap here. so that's a live and real thing that has to be addressed. >> how about brazil? what's happening in european
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and over in russia? >> you have the same thing. we had this global market and we've gotten hit now, the big picture is how the wheat crop develops, kind of acreage that we'll get here in the united states. we've got to recover from, you know, wheat ending stocks that are roughly 40-year lows or plus if you look at stock to usage ratios. the impact that's going to have on wheat and the other feed grains throughout the whole world, bra shell has to increase. we'll see. they have to get a good soybean crop this year. it's not a maybe. they need one. >> they had a good one last year and so did argentina. >> china is going to buy them regardless if they have to have them. >> yeah, i think to. and i think also that another thing that's going on here, you know, is that this inflation scenario spiral and -- >> you talking -- >> and our government really not supporting the dollar at all because we're cutting interest rates and everybody
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else is probably going to raise them, the only part of the economy that makes out on that is silicone valley. >> silicone valley. >> it makes -- you know, that's why the nasdaq is outperforming everything else. >> 10 seconds. is farming healthy in the united states and are we going to make money next year, the average farmer? >> yeah, exclamation point. >> yes. >> we'll be back
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>> outdoors on the farm brought to you by yamaha a tvs. ain't nothing tougher than a yamaha. >> time now to continue outdoors on the farm, an ongoing series highlighting a link between farming and the great outdoors. in this report chip tells us why a good hunt is part of the attraction. >> reporter: one of the really neat things is the hunt is
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we've got a second generation out here with us. he's been hunting with us for several years brought his son brad with us this year and i've got a good feeling that he's going to score for us because we're going to make sure that brad is in the right positions at the right time to have his opportunities to take pheasant on opening day. >> ready? >> right here. >> yeah. just keep him close. >> this is drier than a popcorn fart was what it was. >> that's dry. >> that really, guys, is what it's all about when we get out here in the field. we like to get out with the guys and we like to have our fun and we like get out and enjoy the outdoors, but it's really the company reviewedry. >> we've been coming here about six years. we've been trying to figure out that question last night but just to have a hoot. it's nice to have a lot of fun with friends. >> on this hunting trip we
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always try to camp out at pine lake state park here in el dora, and we start with a friday night camp-out with an unbelievable meal. >> mike is serving potatoes. get in there and get them. >> you want some butter on those? >> we got potatoes right here, boy. >> like a bunch of cattle coming around the feed lot here. let's go, boys. >> reporter: we're dealing with yvenson back strap and inside loin and a cabernet gravy. >> we'll wait to see a few birds, some years more than others, but even if we get skunked, we still have a great time. >> cheers. >> cheers. >> good friends, huh? >> thanks for having us down. >> good hunting, good
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friendship. >> cheers. that's what it's all about. good job, guys. >> reporter: now that we're starting to bring second generations into it, that just makes it all that much more rewarding and we want to keep this younger generation hunting and fishing and supporting the wildlife and enjoying the wildlife and when we can get the second generation guys to come out with us, we're going to do that every chance we get. >> looks like fun. thanks, chip. our corn navigator report is up next. please stay with us.
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>> the corn navigator report is brought to you by agra sure corn traits, the potential of your hybrids, the protection of our traits. today on u-s farm report...
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today on u-s farm report... >> every year about this time, late may, early june, i look at myself and i say why in the world did you put grain in these little 5000 bushel bins? well, that's pretty simple, because they're there. one of the things we have trubl with is the stuff we have we really, really love and whether or not it makes sense to use bitty bins like this which were built when i was combining four to five bushes a day, and now we do 15 and that's not particularly fast, but the problem is unless you actually get rid of them, you'll keep using them and so every spring i say what was i thinking and every fall i line up and put more corn back in them because it's easy and we've got them. this is what economickists call sunk costs and excuse too many of our decisions, too many things that we decide about the future are warped by the fact
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that we have carryover staff from the past and we feel like we really have to use that and it will be a lot more efficient. but oddly enough, it's just like using a floppy disk today. it's not big enough to really make a whole lot of difference and you really have to go to larger storage, which is going to happen on our farm and the only way it's going to work is not simply to put up new bins but to take down the old ones. can't say i'm going to miss them. as always, we want to hear from you. send comments to info at u.s. farm or call us toll free. that number is on the screen. coming up in our next half hour, harvest of thanks, our annual absolute to american agriculture. stay with us. the second half of u.s. farm report is coming right up.
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good morning and welcome to . >> this is a special edition of u.s. farm report. >> hello. i'm ernesto. we're committed to provide leading products and technologies to help farmers be successful. that's why we're proud to sponsor harvest of
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thanks, which recognizes american farmers and ranchers for producing the world's most abundant food supply. as we gather with family and friends this thanksgiving holiday, it's important to reflect on just how vital american agriculture is to our quality of life. we thank you for your contribution and for your business and now we hope you'll enjoy harvest of thanks. ♪[ music ] >> welcome to harvest of thanks 2007, and now your host, scott kinrade and john phipps.
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>> hello, and welcome to harvest of thanks. i'm john phipps. >> and i'm scott kinrade. as we do every year at this time we're setting time aside to absolute americans, farmers and ranchers. >> over the next 30 minutes we'll hit the roads to witness this, a ritual that's repeated annually on farms from coast to coast. >> we're going to start off in a community, greensburg, kansas, a close-knit farming community that will never forget the evening of may 4th, 2007. >> it just kind of blew real hard and we saw a bunch of debris at first. >> the only thing we could find besides clothes. >> i have to tell you i have never seen anything like this before. >> you know, we're a blessed community and we had an f5 tornado and yet, you know, we only had -- we only lost 12 people. >> when i looked at what was left or not left, i felt like we should
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be tremendously grateful because there could have easily been hundreds dead, hundreds. the wide angle lens has not been invented that could convey what greensburg was like and i hope i never see that again. >> tornado alley's perfect storm hit greensburg kansas with little regard to what was in its way. its path 1.7 miles wide. >> here we are standing here and as far as the eye could see, a broken city. normally when you go to an event like this, you look over here and here's destruction and then you look over here and there's normalcy. i couldn't see anything that wasn't ruined. >> but what wasn't ruined haven't visible to the eye, the spirit of a community which would come together as never before. >> for the outside world looking in, it's easy to focus on all of
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the destruction, the fact that there are no trees in greensburg taller than 20 feet just shaved right off or that there are many, many holes where happy homes once stood. but in talking to the people of greensburg, it's easy to see that their focus is not on the destruction, but, rather, a rebirth of everything nature had to dish out. >> most of the farmers, even though that they've gone through so much this year, are -- you know, they're positive. this is -- they feel blessed. >> the opportunities there are endless. it all depends upon how the community can handle the opportunities and take advantage of the possibilities that was born of them the evening of may 4th. >> thai gamble and carmen echo the sentiment of everyone we talk to in greensburg, almost surprising to hear most use the word blessed when talking about that night. >> we went through five years
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of drought and then we had pretty much all of that brought back in a couple of months, you know, tornado and then it just kept raining for weeks on end after it and so, you know, i kind of kidded with several of them when they were complaining about that. i said, ," you know, we went through a drought. god is sending it all in one week. so it's okay. but kind of joked with them about that. but, you know, they're dealing with it and picking up the pieces and rebuilding homes and so there's some hope. >> i would say that there is the attitude of hope there with the people that have stayed. there's lots of opportunities to do things better than before. you have a city that was started being built in the 1800s and just everything was updated, added to, et cetera and now you have the opportunity for the most part to begin anew and do things right with power, streets, all your utilities, you're basically to the point you can start over and
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do them right. >> the tornado may have destroyed over 1000 home and businesses, but as hard as it might have tried, it couldn't destroy the spirit of the heart land. the citizens of greensburg have been given an opportunity many communities would love the chance to experience, the opportunity to rebuild their community with new schools, new businesses, new hopes and new dreams. >> we're a blessed community and they -- you know, whether you may hear a lot of grumblings during the course of a growing season on, boy, i wish it would rain, we've got too much rain kind of thing, but i really do think most of the producers around here are optimistic. they may not on a given day, depending upon how their day is going, but they're rebuilding and they're hoping that next year will be better. >> you can help make new dreams come true. give generously to the greensburg rebuilding fund care of greensburg state bank, p.o. box 787 greensburg, kansas,
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67054. our eighth annual harvest of thanks has just begun. when we come back, the brighter side of harvest season in the sunflower state. >> and later on we'll journey to iowa to see how mother nature can cooperate for harvest on some farms, but not all. >> harvest of thanks is brought to you by monsanto. as a company focused agriculture, our success depends upon your success.
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>> no matter where you stop in kansas, agriculture is a way of life and while 2007 will not go down as a kind year for the residents of greensburg, it was much kinder to a farm family about 150 miles away. our next stop, kansas, home to a wheat farmer who wears many hats. >> this was bailing last night, quit about 10:30 or so putting
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up the last cutting of al fal that: i was born and raised on this place. this is the family farm. i guess to say that i inherited it, i haven't inherited anything, my mom is still alive, but we work through a lot of debt and got that taken care of and since then i have purchased some ground and added to the operation and as you know, i also work at the bank. >> i'm a prime example of a person that has off farm income and that seems to be a situation that you see with a lot of people in production agriculture, either the spouse works off farm or the husband has offfarm employment and i've got a wonderful wife, her name is shelly. i've got two great kids, rachel and james and they are both in school and just wonderful kids. rachel is involved in volleyball. she's got a game tonight. james, he's the comedian of the family, really sharp kid,
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plays the guitar and i've always had a passion for things financial. i've been in the investment business for some time. i work as a trust and investment officer at citizen's state bank. i'm the vice president here. i've worked here for 10 years. i've been involved in the financial services industry for a long time. i've been a farmer all my life. i love living in a rural area. it is a night community to work in and silvan grove is a nice community to live in so i've got the best of both worlds. >> this is silvan grove. we've got a shop -- fortunately, we've got a couple of neat little restaurants. and this is where i went to grade school, eight years and my dad did too. had three rooms, lower grades, middle grades and
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seventh and 8th grade and it was a good education. got several things going on but most of them are, you know, on the downhillside. we're just gearing up for wheat planting. i'm going to go over here and check this one area out. typical kansas day, breezy south wind, sunny skies. just a nice day. it was an alpha at that. got good moisture, good seed best, good prices and good prospects so i'm looking forward to it. agriculture is at a crossroads. right now is a very interesting time to be involved in production of agriculture. it's an exciting time. it's been a very enjoyable experience for me with the national association of wheat growers and i tell
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everybody i feel very, very fortunate i'm able to do two things that i enjoy very much involved in two industries that i find fascinating. it's been a great experience and i really enjoy it.
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>> we traveled the corn belt visiting with farmers who tried yield guard vt triple and during harvest we found the results were strong.
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>> welcome back to harvest of thanks. on a picture perfect day in early october we were fortunate to spend the day harvesting with a family that's been working the land for over 120 years. we traveled to waterloo, iowa to meet the hoff mans, a family celebrating another buntful soybean crop. >> this is the last day of soybean harvest here on the hoffman farms and looking forward to it. it's been a good crop. >> this is a scene that has played out for five generations on the hoffman farm. john's great, great grandfather
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settled here in 1855, memorialized by this recreation of jacob hoffman's original cabin and began a farming tradition that is still celebrated by his heirs. >> the farm is the original hoffman family farm homestead so we've got a long heritage here and we're proud of it. >> with wife diane they run a soybean operation. in the fall his dad and brother worked together in bring in the crop on their combined 2200 acres. >> it's been a typical year other than the fact that we've had cycles of three or four, five weeks of rainfall and then it would get unseasonably dry, so just very cyclical this year, very unusual growing season. it's been a year of opportunities here on the farm. we've had some high prices, as you know across the country. there's been reduced soybean
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acres because of the competition for corn, which is good. competition is good and the market rewarded that competition with more corn acres. >> john's second career is exciting as well. in july he took over as president of the american soybean association. >> we've been working in washington, d.c. with our elected officials for well over a year, for about a year and a half now in preparation for this farm bill and we are knee exciting times. demand for soy beans has been growing exponentially, on a global basis, about 5% per year, so the future looks bright for soy beans. i felt very privileges growing up to be able to work alongside my grandpa and my dad and i think that's probably why i've got the love of agriculture, the love of farming and operating machinery in the way that i do. >> as the harvest days grow shorter, the simple moon
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meal seems preparatory to the thanksgiving celebration that's coming. >> we pray and hold hands and we go around the circle and everyone tells how -- what they're thankful for throughout the year. we lost two great family members this year and it's just one of those sad things, but we almost remember that life goes on and the farm here continues on, work must still be done and we still have holidays and we're very thankful for all of them. >> our family farm is a great place to raise kids, to raise a family. i always remember when my grandson anthony was 4 years old, i used to tell him that feeding the world is the most important thing you can do, and he said, "grandma john, i'm so lucky." he said, "my grandpa is a farmer. ." >> the corn husky 800 trailer,
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construction that resists christian and rusting and gives you bigger payload capacity. >> we went from a trailer that weighed close to 9800 pounds down to a trailer that weighs under eight. you can haul a ton, ton and a half more every trip. hi, anne. how are you doing? hi, evelyn. i know it's been a difficult time since your mom passed away.
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yeah. i miss her a lot, but i'm okay. wow. that was fast. this is the check i've been waiting for. mom had a guaranteed acceptance life insurance policy through the colonial penn program, and this will really help with the cost of her final expenses. they have been so helpful and supportive during this time. maybe i should give them a call. i really could use some more life insurance. is it affordable? it costs less t that's pretty affordable, huh? less than 35 cents a day? that's less than the cost of a postage stamp. so, you said it was guaranteed acceptance? yes. it's permanent coverage with guaranteed acceptance for people ages 50 to 85. there's no medical exam or health questions. you can't be turned down because of your health. it fit right into mom's budget and gave her added peace of mind. you should give them a call or look them up online at i definitely could use more coverage. i think i will give them a call. man: are you between the ages of 50 and 85?
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or know someone who is? do you think that quality insurance at an affordable rate is out of your reach? for less than 35 cents a day, you can get guaranteed acceptance life insurance through the colonial penn program. you cannot be turned down because of your health. there are no health questions or medical exam. your rate will never go up, and your benefit will never go down due to age-- guaranteed! these days, the average cost of a funeral is over $7300, and social security pays a death benefit of just $255. don't leave a burden for your loved ones. since 1994, over 6 million people have called about this quality insurance. there's no risk or obligation. call about the colonial penn program now. you'll be glad you did.
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>> we take you to green, iowa, to meet a farmer who waged a battle with mother nature to bring in this year's crop. >> over the weekend, sunday, we had almost 4 inches of rain and i'm actually a little surprised today. today is wednesday, that we could be back in the field and field conditions are really very good. i suspected they might be a little wetter out here than what we're finding. so i feel good about that. it looks like now we'll be able to hit it hard the rest of this week and if weather cooperates for quite a few days here. we've got all the soybeans harvest and we're about a little over 1/4 done with our corn harvest. we'll get the drier here first. for me it's an honor to serve as
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president of the national corn growers. i've been involved in the organization for a number of years and especially the policy work, and to represent all the corn farmers around the country is quite an honor, but i often realize that it isn't just one person that does all this. it's a lot of people and grass root support that makes it's-a successful organization and we have a tremendous staff that really help us with a lot of the day-to-day things and gets things done. yeah, the phone is ringing a little bit more now that we have. [ indiscernible ] so, you know, communication back with our folks in st. louis and d.c. and especially with some legislation priorities going on right now on the farm bill and energy bill
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and werda. so there are a lot of communications between staff and some of the other officers. well, you really need support of your family to do this, because you are away from home a little more than you'd like and janice has been very supportive and sort of keeps of -- keeps things going while i'm gone a little bit, and of course i have my brother wayne works for me and takes care of a lot of day-to-day things when i'm gone. i think the ag sector right now looks as strong as it has for year. there's no question that agriculture is very good right now, very prosperous. so right now is a very positive time for every -- probably a historic time, one of those times we're going to look back and say this was a golden age, if you will, much like the teens were in
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ided by pioneer hi-bred. the source of the better bt. pioneer brand hybrids with herculex® xtra implant insect protection. yield packed, triple stacked. >> as we near the end of harvest of thanks, we continue with another tradition. john phipps joins us with his annual thanksgiving message. john. >> since we live in's very wealthy country, that list can get pretty long. but no matter how meticulous we are, we try to enumerate all of our blessings, we probably missed some. at least the economic i was at the world bank think so-so they commissioned some researchers to find out. they added up all the stocks and the bonds and the cash and the wealth. they added in all the real estate, they even calculated the wealth underground and
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the timber on the hills and they came up with a surprising result. it turns out that the total tangible wealth in the world doesn't add up to all the wealth that we know that exists. in wealthy countries like ours in the developed world, it turns out that tangible wealth, what you can see and touch, only amounts to about 20 percent of the wealth of our country. where is the rest of it? it turns out it resides in our people, in what we know and how we choose to get along. even such a simple thing as property rights where we agree on the ownership of something or a piece of property allows us to leverage that asset to create more economic activity. the fact that we know things, we are educated and speak the same language allows us to put all of our minds together to come up with new solutions. so as you sit around your thanksgiving table and giving thanks for your blessings and i hope you do, this is a wonderful tradition, bear in mind we now have hard evidence
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that 80% of those blessings are sitting next to you. >> thanks, john. and thank you for spending part of your holiday weekend with us. we hope you've enjoyed our tribute to some of the best american agriculture has to offer. i'm scott kinrade. for john phipps and the rest of our team, have a wonderful and blessed thanksgiving. >> harvest of thanks has been brought to you by monsanto, as a company focused solely on agriculture, our success depends on your success. life princess.royal wedding
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