Farm Credit Services Southwest
Growing Potential.
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The
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HAPPY HOLIDAYS!
DECEMBER 2012
Pioneering date farming in the Yuma Valley…
Life is sweet at Martha’s Garden
Nels Rogers has always believed that
his family’s farm store makes the best
date shakes in the Yuma area. Now he
can prove it. The competition was
stiff, but Martha’s Gardens raked in
the best date shake award at the first
annual Yuma Date Festival in November.
“Date shakes are a big thing in Yuma,” reports Nels, who began growing dates here in 1990.
Six years ago, Nels and his wife, Martha, opened a 3,000-square-foot store
on their farm 10 miles east of town.
“From November to April, people
line up to buy our shakes. Sometimes
you can’t find a place to park during
the holidays.”
says.
Getting started
Nels and Martha have five children,
including two school-aged kids still
living at home on the farm. An older
son, Jason, gave up his chiropractor
business in New York and moved
back to Yuma with his family in
2008 to help out when Nels developed throat cancer. Nels recovered,
and Jason stayed on to handle food
safety and marketing. Jason also
leads visitors on farm tours. The family built the store and a processing
facility shortly before Jason arrived.
Nels started out by planting 300 Medjool date shoots—suckers reaped
from the base of a mother date tree.
Almost every year since, he’s added
hundreds more. Today the family
grows about 8,000 trees on 130
acres, with up to 65 trees per acre.
“When I started growing dates, people thought I was crazy,” Nels says.
“There was nothing here but jackrabbits and scorpions. No one thought
date palms could survive. Now one
Martha’s picture smiles down from a
big sign in front of the store. She’s
also featured on product labels, including wholesale boxes exported to
Europe, Asia and Australia.
The family grows, harvests, processes, packages, and stores dates on the
farm. The store also offers items
sourced elsewhere, including fruit,
nuts, olive oil, and cactus jelly. You
can enjoy a sandwich, soup and salad
in their deli.
“We built an oasis out here— it’s one
of the nicest farms around,” Nels
Nels and Martha Rogers, Martha’s Gardens—Medjool Date Farm
Life is sweet at Martha’s Gardens
of the world’s largest date farms is located south of Yuma.”
In the early days, Nels and his wife used their truck to
clear the desert, pulling out hundreds of creosote bushes
with a chain. He used a generator to pump water.
Medjool palms came to the U.S. in 1927 by an American
USDA scientist, Walter Swingle, who imported 11 shoots
from Morocco to Nevada. “That started the industry,”
Nels says. “All U.S. dates are their offspring.”
Growing the dates
California, Arizona and Florida are known for their palm
trees, and most of them are date palms. But, you need a
hot, dry climate to grow fruit on those trees. The weather’s perfect in Yuma and the Coachella Valley near Palm
Springs, Calif.
Even in a perfect climate, it’s not easy to start a date farm
today. “You’ll pay about $100 a shoot, and they’re hard to
find,” Nels says. “Big growers keep their shoots for themselves.”
Dates require lots of labor, water and patience. “It takes 7
to 10 years before a shoot produces dates,” Nels says.
Medjool palms grow a foot a year, and Nels’s trees rise up
to 23 feet high. A telescopic forklift lifts workers to the
treetops. Each spring, workers collect pollen from male
trees and carefully apply them to female flowers. As the
flowers grow, workers thin them to allow the dates to grow
to their optimal size. A month later, workers thin buds
again and insert wire separator rings to spread bud strands
apart, allowing air to circulate around them. In late July to
early August, workers place cotton bags on the bunches to
protect the green dates from insects, birds, dust and weather, and to prevent fruit from falling to the ground.
In August or September, the Rogers employ about 50
workers to harvest by hand. Employees sort dates in the
field, giving higher grades to the largest and most blemishfree. Finally, workers move the fruit to the packinghouse,
where it’s packed and placed in cold storage. Workers
spend winter months cleaning up the trees and fields.
Nels uses an efficient drip irrigation system. He estimates
that each tree receives up to 180 gallons a day during the
hottest months. “The trees live as long as you keep watering them,” he says. “The only problem is they get too tall
to harvest.”
Growing new markets
What’s the secret to the Rogers’ award-winning date
shakes? It’s all in the dates.
Most other Yuma-area growers pump water in flood irrigation from the Colorado River onto bottomland. At Rogers’
desert location, Nels drips well water onto sand. “I think
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that’s why our dates have a little better flavor and texture,” he says.
.
Almost all Yuma farmers grow Medjools. “They’re the Cadillac, the best
quality among the many date varieties,” Nels says. “And Yuma farmers
grow the best Medjools in the world.”
Most Yuma farmers don’t use herbicides or pesticides. On Nels’s farm,
water drips on an area close to the
tree, which means workers can hoe
weeds by hand. Few insects plague
the area. Nels fertilizes with a composted chicken manure blend.
Martha’s Garden labels describe the
dates as “The candy snack that grows
on trees.” Dates are naturally high in
sugar, Nels says, but consumers are
learning about their health aspects—
they’re full of potassium, fiber and
antioxidants. A recent study shows
that Medjools are low on the glycemic
index, which means they don’t cause
spikes in blood sugar.
Dates will keep up to several weeks
at room temperature, and a couple of
years in the freezer. “They sugar up
and get hard, but when you put them
in water they’re as good as fresh,”
Nels says.
Dates by the numbers
Yuma area date growers don’t report
their harvest statistics to USDA. But Dr.
Glenn Wright, fruit specialist with
USDA Extension Service in Yuma, estimates that in 2012, the Yuma Valley;
the Bard Valley across the Colorado
River in California; and dates grown in
northern Sonora, Mexico, but processed
in the Yuma Valley; produced the following:
7,000 acres of Medjool dates
Producing 14 million pounds
Totaling $8 million in market value.
This compares to total California date
production value of more than $37 million in 2011, when dates sold for $1,320
per ton, according to the Agricultural
Marketing Resource Center.
While larger growers can afford booth
space at major food trade shows, the
Rogers family found more affordable
ways to market. Before opening the
store, they sold their dates at swap
meets. Nels also flew to Australia,
taking samples and brochures to farmers markets in Sydney and Melbourne,
where he picked up new clients.
Date demand continues to grow. “In
Australia, they eat dates like apples—
it’s their most popular fruit,” Nels
says. “In the U.S., we’re seeing more
dates on supermarket shelves and
gourmet restaurant menus.”
FCSSW provides credit
Nels has brokered farmland for more
than 30 years, and selling land remains his core business. Dates represent his only farming venture, intended as an investment toward his
retirement. And it’s paid off.
“Sales may fall off some years, but
dates have never gone down in
price,” Nels reports.
Farmland prices seem to confirm
date profitability. In and around Yuma, Nels reports that farmland used
for lettuce and other produce sells for
up to $30,000 an acre, while developed desert date acreage goes for up
to $100,000 an acre. “Hands down,
date acreage costs more than any
other type of farmland in the U.S.
except for Napa Valley vineyards,”
Nels says.
Over the years, Nels’ customers often needed to borrow money to buy
farmland. Local banks seldom offered ag loans. That’s how he got to
know FCSSW and other Farm Credit
associations, and he turned to
FCSSW when he needed operating
loans for his own farm. As Nels says,
“Farm Credit understands agriculture.”
“The Rogers’ operation is unique
because they grow, harvest, process,
and market their own dates. In addition, they have a retail store that provides many date products and gourmet foods,” says Anthony Busellato,
an FCSSW loan officer.
For more information, visit marthasgardens.com, or call (928) 726
8831—they’ll take your order by
phone. ~written by Nancy Jorgensen
Economic & Real Estate Update
By Farm Credit Services Southwest Appraisal Department
The economy seems to be slowly healing
There are signs that Arizona's economic activity is continuing to expand, but the
pace is slow. Growth in the economy is predicted to accelerate throughout 2012,
and it will take two to three more years to repair the damages suffered during the
recession. Arizona’s economy is no longer bouncing along the bottom, recovery
is underway.
Personal income statewide grew 5.1% last year, but dropped to 3.8% the first
quarter of 2012. Personal income is anticipated to grow 4.5% in 2012-2013 before the pace picks up in the following years. Retail sales including gasoline,
food, restaurants, and bars rose by 9.3% in 2011, but slowed to 5.2% in the second quarter of 2012.
Arizona’s job growth has slowed from 2.5% to a 3.5% pace in early 2012. Gains
of 2% or less are anticipated for 2012 with a slightly faster pace in 2013. Arizona's high point of 10.8% unemployment came at the end of 2009. Arizona’s August 2012 unemployment rate was 8.3% while the U.S. unemployment rate was
7.8% in September 2012. During the recession Arizona lost 312,000 jobs. Strong
growth in the manufacturing sector fueled the national recovery; however Arizona's manufacturing growth has been limited. Although Arizona’s unemployment
rate is improving, it is still high. Little improvement is expected through 2013;
and rates below 7% are not expected until 2015. Improvement in unemployment
rates are essential to the recovery in Arizona's housing market, which depends
on new jobs attracting more people in need of housing.
Recent housing reports have been encouraging and suggest that the healing process has begun. Home prices have begun
to move higher, foreclosure activity is down and inventory of unsold homes has dropped. At the beginning of 2009, approximately 55,000 homes were for sale in the Phoenix MLS (15 month supply) as compared to 16,800 homes during the
second quarter of 2012. Investors make up a large portion of the current buyers because many of the traditional home
buyers cannot qualify for a mortgage. As the “for sale” housing inventory falls, prices have stabilized and even improved
in some markets. Residential building permits are expected to begin picking up pace, but it will likely be mid-decade (in
another two to three years) before building activity reaches what could be considered normal. Eller’s long-term outlook
rank’s Arizona as one of the fastest growing states within 30 years; population is anticipated to reach 10.2 million by
2042. Today, Arizona’s population is ranked 16th, but is anticipated to be in the top 10 most populated states within three
decades. It is predicted that over 1.8 million new jobs will be created in Arizona over the next 30 years. Government,
manufacturing, hospitality, utilities, and mining will represent smaller portions of total jobs in the next three decades with
the following sectors anticipated to have the largest shares of jobs: professional and business services, health care and
social assistance and financial services.
In summary, Arizona is in a slow-paced recovery stage with a positive long-term outlook. Experts anticipate modest increases in average annual income for the next several years before picking up pace. The housing market appears to have
hit bottom and future increases in real estate values are largely contingent on growth in all areas. Lowering unemployment rates and rising population are the indicators that affect real estate the closest. It is predicted that Arizona's economy
will be back to "normal" by mid-decade. As the general economy and urban real estate markets improve, so will the urban fringe and rural real estate markets. (Economic indicators are summarized from the Eller College of Management's
Winter 2011 & Fall 2012 Issues of Arizona's Economy.)
Real estate market improving
The economic discussion serves as a good backdrop for the real estate trends we see in our territory in Arizona and Imperial County, California. Irrigated farm sales activity in general, has increased with prices being propped up by a combinaPage 4
tion of farmer buyers taking advantage of relatively low land prices during times of generally good commodity prices,
and investor/speculator buyers looking harder at farm income as a benefit during the investment holding period. The following are highlights from areas we have actively been tracking:
In Maricopa County, the Buckeye area, irrigated farm sales have trended up to some degree with prices in the $8,000$10,000/acre range up to $15,000/acre as you move east—closer to development. Prices typically trend down as you
move west and south—away from development. However, sales activity has been more limited in those areas. Brokers
are indicating that prices are poised to move up in the west with increased demand, noting that land owners are less willing to sell. Near the Gila Bend area, there has been very little activity, with one large farm in escrow in the Arlington
area closing soon. In the Southeast valley, prices tend to be much higher due to limited supply, with parcels being bought
by investors and developers. As land in the Southeast Valley is gobbled up, investors/speculators move to Pinal County.
The Pinal County farmland market is more active with sales trending up slowly from the $5,000 to $7,000 range in the
Coolidge area up to the $8,000 to $15,000 range as you move closer to development in Casa Grande. Further west in
Stanfield and Maricopa, sales ranging from $5,000 to $7,500 are noted moving up to $14,000/acre on the fringe of development in the Maricopa area. Farmland in the CAIDD, near Eloy and Arizona City range from $4,500/acre to $7,000/
acre with the upper end of the range being closer to Eloy. Generally, lender sales are declining and owners are less willing to sell at “bargain” prices.
Cochise and Graham County: In the Southeastern part of the state, around Willcox, pivot irrigated farm sale prices on
farms with average to good water supply have strengthened to $2,500 to $4,300/gross acre. The upper end of this range
has been noted in the San Simon area where pecan and pistachio growers from California have purchased large farm
tracts for pecan and pistachio development. There is not much new activity in the Safford area where land is tightly held
and generally stable in value.
Moving West to Yuma County: In the Wellton-Mohawk Irrigation district (WMIDD) prices and rental rates increase as
you move down the Gila River toward Yuma where most of the vegetable production occurs and cooling packing facilities exist. In the Texas Hill area (east WMIDD), average and above farms range from $7,200/acre to the Roll-Tacna area
where sales range from $9,000 to $13,000/acre. As you continue west through Wellton where vegetable influences are a
bigger factor, prices range from $14,000/acre to $18,000, then up to $25,000 in the Dome Valley area. Limited sales
activity is noted due to strong ownership. Moving west out of the WMIDD and into the Gila Valley and North Yuma
Valley, prices increase up to the $25,000 to $32,000 range. Moving west and further south into the Yuma Valley, prices
range from $23,000 to $26,000/acre. Generally prices in the Colorado River Supplied Yuma County area irrigation districts have been stable, with strong ownership and occasional sales.
Arizona Statewide Ranch Market: varies widely by location but most brokers have noted increased sales activity and stable prices. Beef prices have been good but long-term dry conditions have taken a toll.
Imperial County California: Across the river from Yuma, prices are similar to the Yuma Valley and Gila Valley areas in
Arizona. Imperial Irrigation District: Prices have trended upward. Good to high quality land prices range from $7,500
to $10,000/acre. Average farms range from $5,000 to $7,500.
Overall, land prices and rental rates throughout our territory are generally stable to increasing with growing activity noted by brokers in most areas.
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Financial strength behind your Association
The Farm Credit System, founded in 1916, was established to promote growth and prosperity of agriculture
throughout the United States. We have been doing just that for over 96 years. With a shared commitment
to the long-term success of agriculture, the Farm Credit System’s financial strength means generation after
generation of farmers, ranchers, dairymen, and farm businesses will continue to have access to a competitive source of credit. Here’s a look at our financial reports for third quarter 2012:
The Farm Credit System
Net income of $1.0 billion
Loans $185.4 billion
Total Capital $38.5 billion
CoBank
(Farm Credit Services Southwest’s funding bank)
Net income of $705.5 million
Loans $69.9 billion
Total Capital $6.4 billion
Farm Credit Services Southwest
Net income of $16.3 million
Loans $922.1 million
Total Capital $173 million
United Dairymen of Arizona expands with a little help from
CoBank, Farm Credit Services Southwest
Incorporated in 1960, United
Dairymen of Arizona (UDA) has
been a CoBank customer since
its inception. Its manufacturing
plant operates 24 hours a day,
seven days a week, processing up
to 10 million pounds of milk per
day and producing high, medium
and low heat nonfat dry milk
(including vitamin fortified products), milk protein concentrate,
cream, butter, skim milk, condensed skim milk and lactose powder.
Its producers provide 90 percent of Arizona’s milk supply. The only milk marketing cooperative in the state
of Arizona, UDA plays a vital role in the national dairy industry and is ranked among the top 100 dairy companies in the United States. For the past several years, UDA members have been steadily increasing their
milk production and, despite its impressive capabilities, the cooperative recently found itself in need of some
serious expansion. CoBank, with participation from Farm Credit Services Southwest, was able to facilitate
the expansion project by providing the funding. “UDA is a full-service dairy co-op and its producers rely
(Continued on page 7)
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heavily on its capabilities,” said Jake AcMoody, CoBank relationship manager. “Because of that, its plant was
running very near capacity. This project will enable them to acquire additional evaporator equipment to expand milk powder production and to construct additional silos for storing that powder. Adding these facilities
will help to ensure that UDA can continue to meet its customers’ needs and take all of the milk produced by its
members.”
CoBank is one of the four funding banks within the Farm Credit system and provides loans, leases, export financing and other financial services to agribusiness, and rural power, water and communications providers in all 50 states. CoBank also provides wholesale
loans and other financial services to affiliated Farm Credit associations like Farm Credit Services Southwest, who serves farmers,
ranchers, dairymen and other ag businesses.
New Farm Credit Imperial Valley Branch & Ag Center
The new Imperial Farm Credit Services Southwest branch
office and Ag Center opened in May of this year. The
12,474 square foot building has additional office space
which accommodates Imperial Valley Vegetable Growers,
COLAB of Imperial County, and Western Growers Insurance. The most exciting feature of the new building, however, is the Ag Center which includes a meeting space with
audio and visual equipment, a full kitchen, patio, and BBQ
area. The Ag Center has the capacity to accommodate
groups of up to 100 people. Farm Credit Services Southwest is very pleased for the opportunity to support the Imperial Valley agricultural industry by providing a venue for
agricultural events and meetings.
Bill Collins, Vice President and Branch Manager of the Imperial Valley office said, “Our staff is excited about
the new building and believes it projects our long-term commitment to Imperial Valley agriculture and its supporting industries. We are especially excited about the new Ag Center and being able to offer a centrally located, state of the art meeting center available for use by any organization affiliated with or promoting agriculture. If you are in the area, please stop by to say hello and tour our new facilities.”
4-H summer camp becomes reality with Farm Credit help
The first Arizona 4-H camping facility has become a
reality through many donations from individuals and
companies like Farm Credit Services Southwest. The
facility is located on a secluded 55 acre wooded site at
an elevation of 6500 feet on Mingus Mountain in the
Prescott National Forest.
Farm Credit Recreation Hall
“Farm Credit has been a proud supporter of 4-H and
Arizona youth for many years. We are delighted to
partner with 4-H through endowed scholarships and
now the James 4-H Camp at Mingus Springs. Both
will enhance the ongoing learning and positive outreach that 4-H provides to youth throughout the
state,” said Denise Warkomski, Vice President of Capital Markets for Farm Credit Services Southwest. Denise also added, “We look forward to growing our partnership with the Arizona 4-H program.”
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Committed to the Future of Agriculture
Farm Credit launches S.T.A.R.T. program
Since 1917, Farm Credit Services Southwest has been committed to the long-term success of agriculture. Having a long
term outlook requires a consistent focus on tomorrow’s
changing pool of young future agriculture professionals. At
FCSSW we feel we can and should play an important part of
identifying and developing these young future representatives. As a result, we are very pleased to announce the
launch of our “Supporting Tomorrow’s Agriculture Representatives Today” or S.T.A.R.T program. S.T.A.R.T is a
three tiered approach of finding, developing and supporting
the best and brightest future young ag professionals.
First is Outreach. Farm Credit Services Southwest representatives will work with local high schools, FFA and 4-H
clubs and others to share a consistent message on what agriculture is and what career paths are available.
Next, Scholarships. This segment is by far the biggest part
of our new program. Beginning in 2013, we will be expanding the current scholarship program to provide a total of 14
scholarships for youth in our area. Over the next three years
this will build to a total of 20 ongoing scholarships.
Finally, Internships. Farm Credit Services Southwest has
always supported young ag professionals by offering internships, including hiring for full-time employment. However,
going forward our summer internship program will be expanded to include two interns. Additionally, the program
will be enhanced by partnering with our members and others
in the agriculture community. Our interns will spend quality
time in the ag community experiencing a wide range of agriculture segments.
Scholarships
Endowed 4-H Annual Scholarships
The Jake Flake Memorial Scholarship $1,000
The Carl Weiler Scholarship $1,500
FFA Renewable Scholarships
Each year two incoming college or university
freshman will receive a $1,500 scholarship. Thereafter, each year the scholarship will be renewed
assuming the student maintains certain qualifications. After its inception, assuming each student
continues in the program, beginning the fourth
year of the program a total of eight (8) students will
qualify to be annually awarded this renewable
scholarship.
Non-Renewable Scholarships
As you can see, Farm Credit Services Southwest is serious
about the future of agriculture and we are doing something
about it. Approximately $35,000 a year will be invested in
this new endeavor. Money, we think, well invested.
Mark Brawley, Farm Credit Services Southwest Portfolio
Manager and project leader says, “As we worked to develop
this new and exciting program it reaffirmed in me the appreciation and passion we all have of both Farm Credit Services
Southwest and the ag community we serve. It is an honor to
find ways to support agriculture and the youth who will become our future farmers and ag professionals.”
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Farm Credit Services Southwest has teamed up
with both Ag and Non-Ag partners to offer 10 onetime $1,500 annual scholarships. Beginning in
2013 these initial partners include the following:
- Imperial Valley Vegetable Growers
- Imperial Valley Community College
- Imperial Valley Farm Bureau (2 scholarships)
- Arizona State University
- University of Arizona
- AZ Cattle Growers
- AZ Cotton Ginners
- AZ Future Business Leaders of America
- New Pathways for Youth, Phoenix
Introducing AgDirect
Simple, Fast, Flexible Financing for Ag Equipment and Irrigation Systems
Farm Credit Services Southwest has partnered with AgDirect to offer an equipment financing program exclusively through equipment dealers beginning in January 2013. As a member of the National Farm Credit System, AgDirect is known for its competitive rates and fast decisions allowing
you to finance the equipment you want– right at the dealership– without having to make added
calls or trips.
AgDirect offers the expertise you want and the flexibility you need:
Purchase, lease or refinance
Variable or fixed rates
Delayed payments -- up to one year*
Up to a 10-year term on center pivots*
Financing terms from 2-7 years*
Financing starting at $10,000
Easy application
Quick credit decisions
*Subject to approval
When you’re in the market to buy, lease or refinance equipment, be sure to contact your
local Farm Credit branch or ask your equipment dealer for AgDirect financing.
Fraud & Identity Theft—an ongoing threat
With nearly 1 million fraud-related complaints during 2011, the Federal Trade Commission shows a
steady increase over the past 10 years. Unfortunately, fraud and identity theft are alive and well. The
most effective tools we have for fighting these
scams are to reduce risk through awareness and proactive measures.
counts, an Authorization to Waive Password document is available, although not recommended.
Protecting your financial information is extremely
important to us at Farm Credit Services Southwest.
Beginning December 1, 2012, new procedures for
wire transfers were implemented for added protection to our members accounts relating to wire transfers. These changes do not affect processes for the
ACH, Online Banking and Cash Manager programs.
The latest in sophisticated fraud attempts in the
banking world you should be aware of:
All wire transfers for loan disbursements (whether
you call, email or text your request) will now require a password. If you have frequently-used ac-
Members of our credit staff are available at each
branch location to discuss any questions or concerns
you may have. We believe, awareness and proactive
measures are key to reducing unnecessary risk.
Wire requests from hacked email accounts;
Hacked home phone lines used to make draw &
wire requests from your bank. The caller id
shows the customer’s correct number and if the
bank returns the call to the customer’s phone
number, it goes directly to the hacker.
For more information and identify theft resources, visit the
Federal Trade Commission’s website at www.ftc.gov/.idtheft.
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The BottomLine
Farm Credit Services Southwest
PO Box 24138
Tempe, Arizona 85285
Address Service Requested
Congratulations to
Dave Parnell & Wally Armer of XX Ranch,
Winners of the 2012 ACGA stock trailer
Farm Credit Services Southwest has been assisting the Arizona Cattlegrowers’ Association and ranching community
by donating a stock trailer for the annual convention raffle
since 1998. Over the last 13 years, the raffle program has
raised $639,135 for the ACGA Ranchers Legal Defense
Fund. This fund was created to provide ongoing support
for Arizona ranchers to deal with the continuing legal challenges targeting grazing.
“Farm Credit considers it a privilege to assist Arizona
ranch families by sponsoring the raffle of the trailer every
year. I have always thought the trailer is a very practical
award that the winner can put to good use right away. The
legal defense fund is a very worthy cause particularly as it
seems more and more difficult for ranchers to effectively
graze the land. Any support we can lend to the ranching
industry is time and resources well spent,” says Doug Norton, Vice President of Farm Credit Services Southwest.
The 2013 raffle is underway. Be sure to look for the new
trailer on display at auctions during special sales and meetings. For more information visit www.azcattlemenassoc.org.
Pictured Above: Dave Parnell and Wally Armer, 2012 Trailer Winners; Doug Norton, Farm Credit Services Southwest
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