Ag in the News

02/11/2008

National and International

FSIS issues public health alert for beef hot dogs
USDA's Food Safety and Inspection Service said it has issued a public health alert for approximately 8,784 pounds of hot dog products because the products may contain non-fat dry milk and soy, known allergens, which are not declared on the label. MORE!

Arizona takes immigration action
While immigration issues continue to bog down at the federal level, states continue to try to address the issue of illegal immigration, with some success. MORE!

Raley's introduces private label natural meat products
West Sacramento, Calif.-based Raley's said it is rolling out more than 100 Full Circle organic and natural grocery items and household cleaning products throughout 124 Raley's, Bel Air Markets and Nob Hill Foods stores. MORE!

Russian meat imports rose 8.2% in 2007
Russia increased imports of meat, excluding poultry, by 8.2 percent in 2007, according to Russian newswire service Interfax. MORE!

Beef Checkoff names four new veal cuts
The Beef Checkoff introduced four new veal cuts that use 80 percent of the veal square cut chuck at the 2008 Cattle Industry Annual Convention & Trade Show in Reno, Nev. MORE!

LIVE FROM NTF: Ethanol still fueling debate as corn prices keep rising
SAN DIEGO — As the federal government continues to press for more renewable fuels production from grain-based ethanol, input prices will likely continue to increase and cut into poultry companies' profit margins unless processors continue to raise prices, Tom Elam, agricultural economist and president of FarmEcon LLC, said here during the National Turkey Federation's annual convention Sunday. MORE!

Wrap Up

Wheat booms overnight. Wheat futures made good on expanded limits (see next item) in overnight action, rising 8 1/2 to 55 cents overnight. Corn and soybeans, however, didn't track with wheat as corn lost 5 3/4 to 9 1/2 cents while soybeans were down 3 cents to 15 1/2 cents. European wheat futures also rose 5% in overnight action.

Expanded wheat limits. In an emergency move announced late last Friday, daily trading limits for wheat futures at the Chicago Board of Trade, Kansas City Board of Trade and Minneapolis Grain Exchange have been expanded to 60 cents -- double the old limit. In addition, the limit will rise to 90 cents on the next business day and another 50 percent on each subsequent day when two or more contracts in the same crop year close limit up. Initial speculative margins on each wheat contract also rise to $4,050 in Chicago and Kansas City at the close of trading Monday. Speculative margins for Minneapolis wheat were raised to $3,510 per contract Feb. 7.

Farm bill situation. A 10-year farm bill is being suggested by House Ag Committee Chairman Collin Peterson (D-Minn.) in an effort to keep the farm bill ball rolling. He has some interesting twists in the package which Jim Wiesemeyer explores in his Inside Washington Today column found on the Pro Farmer page.

CCP update. Producers with upland cotton and peanut base enrolled in the farm program for 2007 will be on the receiving end of Counter-cyclical Program (CCP) payments, according to USDA. USDA will announce any partial payments for producers with corn, grain sorghum and soybeans base acres on or after March 1, 2008.