Ag in the News

03/20/2008

National

U.S. beef exports up 25 percent in '07, to slow in '08: USDA
The expansion of global economies, increased protein demand and a weak U.S. dollar combined to help fuel a 25 percent year-on-year surge in U.S. beef exports in 2007, but global market conditions may limit export growth particularly in the latter portion of 2008, according to USDA's Livestock, Dairy and Poultry Outlook issued Wednesday. MORE!

Canada's Olymel merges with poultry production company
Canadian poultry and pork processing company Olymel LP has merged with poultry production company Groupe Westco Inc. in an effort to strengthen the poultry industry in the Canadian Maritime provinces, the companies announced on Wednesday. MORE!

Survey: Corn acreage may drop sharply as prices rise
The price of corn may rise more sharply than expected, if a survey of plans for crop plantings this year is any indication. MORE!

Plans for Wis. ethanol plant scrapped
Plans for an ethanol plant in Sparta, Wis., have been cancelled after the Sparta City Council approved a settlement agreement. MORE!

Japanese executive gets four years for mislabeled meat
A Japanese court sentenced a former president of meatpacker Meat Hope Co. to four years in prison for selling ground meat unlawfully mixed with pork and chicken after falsely labeling it as 100 percent ground beef, according to the Yomiuri Shimbun. MORE!

Wrap Up

Weekly Export Sales this morning. For the week ended March 13, traders expect: wheat sales from 200,000 to 400,000 MT; corn sales from 550,000 to 750,000 MT; soybean sales from 300,000 to 450,000 MT; meal sales from 75,000 to 125,000 MT; soyoil sales from 5,000 to 15,000 MT; and cotton sales from 130,000 to 140,000 running bales.

More corn, bean losses overnight. Price pressure during Wednesday's day trade carried into overnight corn and soybean action. Corn futures fell 13 1/2 cents to 20 cents overnight while soybeans saw losses of 40 3/4 cents to 50 cents. Wheat managed a mixed performance, with contracts up 2 cents to down 38 cents.

Countries take action on imports. South Korea announced it will remove import duties on a host of commodities, including wheat, corn and soybean cake. Duties are expected to be reduced on other products as the country seeks to deal with inflation and its currency falling to a 26-month low. India is signaling it may lift import duties on edible oils. This would come after the country cut off exports of these products earlier this week.

Markets closed Friday. Markets observe normal trading hours today, but will be closed Friday ahead of the Easter weekend. Government offices will be open Friday, but there are no scheduled major report releases. Have a happy and blessed Easter.