Ag in the News

03/31/2008

National

Mislabeling forces recall of frozen chicken breast products (updated)
USDA's Food Safety and Inspection Service said Saturday that Fairfield, Ohio-based Koch Foods is recalling some 1,420 pounds of frozen chicken breast products because they were packaged with the incorrect label. MORE!

JBS to focus on further processing, brand building and exports
As JBS S.A. awaits a Justice Department ruling on its purchases of Smithfield Beef Group and National Beef Packing Co. it is focusing on brand building in the United States, growing exports and increasing further processed products, according to Chandler Keys, the company's newly-appointed vice president for government and industry relations. MORE!

Salmonella concerns prompt public health alert
USDA's Food Safety and Inspection Service announced Saturday it is issuing a public health alert due to illnesses from salmonella associated with frozen, stuffed raw chicken products that may be contaminated with salmonella. MORE!

Former Swift manager sentenced to probation after illegal immigrant scheme
Christopher Lamb, a former human resources manager at the JBS/Swift plant in Marshalltown, Iowa, has been sentenced to 12 months of probation after pleading guilty to harboring an illegal immigrant. MORE!

EU restrictions are costing Brazilian beef industry
Since the European Union placed restrictions on Brazilian beef imports in January, Brazil has lost $300,000, according to calculations by the Association of Beef Exports (Abiec). MORE!

Wrap Up

One big day today. Attention will be focused squarely on USDA this morning for the Prospective Plantings Report which will outline farmer intentions for the 2008 growing season. This is the first survey-based estimate of expected acreage for the coming crop year and will be one of the most-awaited versions of this report in years. Quarterly Grain Stocks data is also out this morning. Both reports are due at 7:30 am CT and we'll have details shortly after the releases are out. Overnight trade was mixed ahead of the key data.

Trade expectations for today's reports. Based on the average trade guess, traders anticipate corn acreage at 87.387 million, soybean acreage at 71.526 million, spring wheat acreage at 14.147 million, all wheat acreage at 63.625 million and cotton acreage at 9.2 million acres. March 1 stocks  are expected for corn  at 7.076 billion bu., soybean stocks at 1.352 billion bu. and wheat stocks at 668 million bushels.

Strike back on. The strike by Argentine farmers was put on hold for a while Friday evening, but is back in place. Farm groups and the government agreed to meet in an attempt to settle differences over export taxes, but they couldn't agree on a resolution and the strike resumed. The two sides are scheduled to meet again today, but farmers say they have no plans to call off the strike until at least Wednesday.

New regulatory plan. The plan to be announced today by Treas. Sec. Henry Paulson includes a merger of the Securities & Exchange Commission and the Commodity Futures Trading Commission and would give the Federal Reserve new powers in terms of market regulation. But  Senate Ag Committee Chairman Tom Harkin (D-Iowa), whose panel has oversight responsibilities on the CFTC, criticized the plan to merge the two agencies as "misguided."