Ag in the News

03/10/2008

National

Brazilian meatpacker edges out Tyson to acquire Pena Branca
Brazilian meatpacker Marfrig has announced that it acquired a controlling stake in Pena Branca, the largest poultry processor in Sao Paulo state. MORE!

Beef industry leaders pledge commitment to animal welfare
Cattle producers, feeders, processors, retailers and foodservice operators pledged ongoing dedication to animal welfare at the fifth annual Beef Industry Safety Summit in Dallas this week. MORE!

NTF puts talking turkey on Facebook to attract young eaters
The National Turkey Federation plans to extend its digital reach in an effort to attract more consumers to turkey consumption and to the NTF Web site, including young people. MORE!

Texas runs interference on Canada-Mexico cattle trade
The Texas Department of Agriculture (TAD) said Friday that Mexico has offered a new trade protocol to USDA regarding the import of U.S. cattle following the state ag commissioner's announcement that certain Canadian cattle breeds would be prohibited from entering Mexico by way of Texas export facilities due to unfair trade practices. MORE!

LIVE FROM AMI: Processors advised to overpromise, overdeliver on one brand objective
Nashville, Tenn. — Create a brand image for your products, or the market will create one for you — and it probably won't be an image you like. MORE!

Wrap Up

More losses overnight. Losses which closed out last week continued in overnight a/c/e trade to open this week. Soybean futures led losses overnight, trading mostly 40 to 50 cents lower. Corn futures were 10 to 13 cents lower. Chicago wheat was 12 to 23 cents lower.

Working on a farm bill deal. Getting an agreement on how to fund extra spending beyond the budget baseline remains a key focus for farm bill writing lawmakers. They're aiming for a deal on that front yet this week. And that also plays into the issue of whether or not another extension is in the cards for the 2002 Farm Bill. Jim Wiesemeyer looks at what lawmakers have ahead on their agenda this week in his Inside Washington Today column found on the Pro Farmer page.

Bush talks ethanol. President Bush said in New York Wednesday that the use of corn for ethanol production has impacted corn prices and something needs to be done. Bush said the solution was not to back away from corn-based ethanol but rather to bolster the alternatives such as cellulosic ethanol production. Jim Wiesemeyer looks at the matter in his Inside Washington Today column on the Pro Farmer page.

Oil prices stay high. Crude oil prices continued to hold mostly above $105 per barrel in overnight Asian trading. This came despite an easing of tensions between Venezuela and Colombia over the weekend. Some analysts are now rethinking their oil-price predictions for the year.