Ag in the News

01/24/2008

National and International

Hog farmers buy majority stake in N.D. slaughter plant
A group of hog farmers has agreed to buy a majority interest in a North Dakota slaughter plant, according to the Associated Press. MORE!

Blame it on the grain: Analyst drops poultry processor earnings forecasts
Shares of three major poultry processors took a ride yesterday after a J.P. Morgan equity analyst cut his first quarter and full year earnings forecasts. MORE!

Brazil and U.S. to compete for China poultry export market
Competition for China's poultry export market is very hot. Brazil enters the fight for this market with its chief export rival, the United States. MORE!

Indonesia, Barbados reopen to U.S. beef
USDA's Food Safety and Inspection Service said Wednesday that Indonesia and Barbados will now allow access for all U.S. beef and beef products, removing previous restrictions imposed after bovine spongiform encephalopathy was discovered in U.S. livestock in 2003. MORE!

Live from IPE: Employment attorney recommends protocol to handle no-match letters
ATLANTA — Poultry processors need to prepare for the onslaught of no-match letters from the Social Security Administration that are expected this summer, Jim Wimberly, an employment attorney with Buckhead, Ga.-based Wimberly, Lawson & Steckel told attendees at the International Poultry Expo here on Wednesday. MORE!

Wrap Up

Overnight rebound. Corn, soybeans and most Chicago wheat contracts were higher overnight on a corrective rebound. Corn closed 7 to 11 cents higher, soybeans were 9 to 18 cents higher and Chicago wheat was 5 to 13 cents higher in all but the July contract, which dropped around a nickel.

Schafer hearing today. The Senate Ag Committee this afternoon meets to assess the nomination of former N.D. Gov. Ed Schafer (R) to be the next USDA Secretary. Little controversy is expected although lawmakers will no doubt try to unearth any differences between Schafer's views on House and Senate farm bill plans and those of the Bush administration. His nomination is expected to win approval of the panel and the full Senate easily, potentially putting him in office in time for President Bush's final State of the Union speech Jan. 28.

Stimulus plan today? Lawmakers and the White House continue to work on an economic stimulus package, and some reports say that a deal on the plan could be announced as early as today. The package is said to be around $145 billion and could include around $90 billion in tax rebates. However, some questions remain on details such as who exactly would receive the rebate checks.

China growth remains hot. China's economic growth for 2007 is put at 11.4%, the fastest in some 13 years. While their fourth quarter data wasn't as robust as some expected, the growth rate still reflects five consecutive years of growth above 10% for China.