Ag in the News

02/25/2008

National and International

Hallmark/Westland likely to close permanently
Hallmark/Westland Meat Packing Co., which last week issued the record-breaking 143-million-pound beef recall, will likely close permanently, the Chino, Calif.-based processor's general manager told the Wall Street Journal. MORE!

Tyson's Bond: Cattle cycle has peaked 'forever'
MONTEREY, Calif. — Speaking at the National Meat Association's 62nd Annual Convention here, Tyson president and CEO Dick Bond suggested that the cattle cycle "may have peaked forever." MORE!

U.S. and Mexican officials see beef trade restrictions easing soon
The United States and Mexico plan to begin technical working group meetings on livestock and meat trade in March and officials told Meatingplace.com they believe there will soon be agreement on ways to ease trade restrictions. MORE!

Immigration violations to result in higher civil fines for employers
Employers who violate federal immigration laws will face higher civil fines, Attorney General Michael B. Mukasey announced. MORE!

FSIS updates list of eligible meat exporters to Mexico
USDA's Food Safety and Inspection Service said it is proposing removing 166 meat and poultry plants from a list of approved exporters to Mexico after the neighboring country requested removal of all plants no longer in business. MORE!

Wrap Up

Big bang to start the week. Overnight a/c/e trade was hot once again, with wheat and soybeans sharply higher and corn pulled along for the ride. Chicago wheat futures were 25 to 42 cents higher, soybeans 22 to 27 cents higher and corn futures 3 to 4 cents higher in overnight trade. Minneapolis wheat futures made a new high in overnight trade in topping the $20 level.

Farm bill situation. While some say there's little progress on the farm bill front, you wouldn't know that by listening to House Ag Committee Chairman Collin Peterson (D-Minn.). The lawmaker says he's now more optimistic on the farm bill than he has been in the last year and two months, according to an interview he gave to Jim Wiesemeyer. That certainly doesn't sound like a situation where little progress has been made now does it??!!

Is it now a food recall? The USA Today is reporting that the nation's largest beef recall could become the largest food recall ever. The paper quotes an official from the Grocery Manufacturers Association as saying the recall will now spill into food products like burritos, beef bouillon cubes and more. If so, that could turn this into one costly event. Already, the firm at the center of the recall, Westland/Hallmark Meat officials now say the firm may well close permanently.

New presidents. Both Cuba and South Korea installed new presidents over the weekend. In Cuba, little change is expected as Raul Castro takes over for his brother Fidel. He's pledging to help turn around the country's ag sector, but that still won't likely cut their appetite for imports. In South Korea, their new president will head to the U.S. in April. As that visit draws closer, the watch for a shift on beef trade will intensify.