Ag in the News

03/11/2008

National

Cargill employee indicted in ICE probe
Cargill employee Edwin Roberto Mendez, along with seven others, has been indicted as part of a months-long ICE probe for facilitating the unlawful use of fraudulent identification, according to the United States Attorney's Office for the Western District of Virginia. MORE!

Hormel open to acquisitions: CEO
Hormel Foods Corp. is open to expanding its plant operations or making acquisitions and is in a good financial position to do either, according to the Austin, Minn.-based processor's Chairman and CEO Jeffrey Ettinger. MORE!

Plant connected to botulism recall closes doors
The Food and Drug Administration suspended the operating permit for Augusta, Ga.-based Castleberry's Food Co., the plant whose recall of chili products last summer was connected to human cases of botulism, according to the Atlanta Journal-Constitution. MORE!

FSIS issues humane handling notices
The Food Safety and Inspection Service has issued two new notices: Notice 16-08, Humane Handling Activities and Documentation in Livestock Slaughter Establishments, and Notice 17-08, Increased Verification of Humane Handling Requirements in Livestock Slaughter Establishments. MORE!

China to boost pork, beef imports in 2008: official
Increases in pork and beef consumption in China continue to outstrip production growth, resulting in increased import projections for 2008, USDA's agricultural attaché in Beijing said. MORE!

USDA lowers 2008 beef export forecast again
For the second month in a row, USDA lowered its 2008 U.S. beef export forecast based on slower exports so far this year. MORE!

Wrap Up

Corn, beans weaker overnight. Corn futures were mostly 4 to 6 cents lower, while soybeans were mostly 8 to 15 cents lower in overnight trade. Some corn and soybean contracts posted sharper losses, but it came on very limited trade. Chicago wheat futures were mixed with a downside bias and finished mostly 2 cents higher to 2 cents lower.

Farm bill situation. Key farm bill writers met again Tuesday afternoon and as Senate Ag Committee Chairman Tom Harkin (D-Iowa) told reporters, they are making progress "bit by bit" on issues relative to funding extra spending beyond the budget baseline. Jim Wiesemeyer has perspective on what's happening via two Inside Washington Today columns this morning, including an interview with Sen. Chuck Grassley (R-Iowa).

Ag still a positive on the trade front. While the overall U.S. trade deficit rose in January due in part to higher-priced oil, U.S. agriculture posted a trade surplus of $2.7 billion for the month. That brings the fiscal year (Oct.-Sept.) 2008 trade black ink to $12.292 billion compared to just over $4 billion a year ago.

Argentine export taxes. Argentina is going to a sliding scale scheme for determining grain and soy export taxes. The higher the international price, the higher the export tax. Under current conditions, soy exports will be taxed at 44.1%, which is up from 35% previously. Corn export taxes will fall to 24.2% from 25% and wheat export taxes will slide to 27.1% from 28% previously.