Ag in the News

01/16/2008

National and International

Beef margin squeeze seen continuing in 2008
Beef processors aren't having a very happy new year. Federal Reserve Chairman Ben Bernanke says the housing slump, harder-to-get credit and higher energy prices will all weigh on consumer spending in 2008. And when those consumers get to the grocery store, continued record hog slaughter and plentiful poultry supplies are giving them cheaper options that will cap retail beef prices, according to analysts interviewed by Meatingplace.com. MORE!

ConAgra seeks new food safety VP
ConAgra has fired its head of global food safety and is seeking a new one, according to the Omaha World-Herald. MORE!

Two groups create new veterinary advocacy organization
The Humane Society of the United States and the Association of Veterinarians for Animal Rights have approved a corporate combination agreement that will create a new veterinary advocacy organization, the Humane Society Veterinary Medical Association. MORE!

American actress campaigns against horse meat in Canada
Actress and model Bo Derek has helped launch an effort to prevent horses from being slaughtered for meat in Canada, AFP reported. MORE!

What's your take on cloned meat?
The Food and Drug Administration this week reaffirmed its initial ruling a year ago that meat from cloned animals is safe to eat and doesn't require special labeling. MORE!

What's your take on cloned meat?
The Food and Drug Administration this week reaffirmed its initial ruling a year ago that meat from cloned animals is safe to eat and doesn't require special labeling. MORE!

Wrap Up

Overnight tone weaker. Soybean futures dropped 10 to 16 cents, corn futures were 3 to 4 cents lower and Chicago wheat was 3 to 5 cents lower in overnight trade. Outside markets were again a factor, with oil prices lower overnight.

They aren't kidding. Some have questioned whether the Bush White House is serious about their threats to veto the farm bill if it contains tax increases. According to Jim Wiesemeyer, there should be a few more believers out there after a key meeting at USDA which involved White House and USDA officials and representatives of U.S. ag and commodity groups. His Inside Washington Today column offers more on this development and you can find it on the Pro Farmer page.

USDA addresses clone issue. While the Food and Drug Administration (FDA) yesterday released its final report on cloned animals, saying they pose no risk to consumers, USDA is urging that those utilizing clones to keep the milk and meat off the market. Also, Asian countries are studying the situation, with some suggesting they may embark on testing for cloned products. Although most signal nothing will happen "immediately."

China announces more actions on food prices. Reports out of China note the government today issued more directives relative to food prices. Specifically, they said large food producers must obtain government okay to raise prices, while merchants must report increases in retail prices. The National Development and Reform Commission also said authorities can roll back any price increases that are deemed "unreasonable."