Ag in the News

10/23/2007

National and International

U.S. beef exports to Japan to see modest growth: USDA
Without an import policy change, Japan is expected to import about 71,400 metric tons of U.S. beef in 2008, up from a projected 57,000 metric tons in 2007, according to a report from USDA's Foreign Agriculture Service attaché in Japan. MORE!

In-store demos of U.S. pork in Japan yield results: USMEF
Just one week after demonstrating how to cook dishes with U.S. pork at three Ito Yokado supermarkets in Japan, sales of the featured products increased by as much as 35 times in volume, the U.S. Meat Export Federation reported. MORE!

H5N1 had 'short-lived' economic impact: report
The economic impact of highly pathogenic avian influenza on the global poultry market was "short-lived," according to a new report from the Department of Agriculture's Economic Research Service. MORE!

Old Chicago launches beefy checkoff-funded promotion
Dining chain Old Chicago, a division of Louisville, Colo.-based Rock Bottom Restaurants, is partnering with the Beef Checkoff on a national fall steak promotion that it hopes will draw consumers to the restaurants' new beef items. MORE!

Wrap Up

Outside markets again influence overnight prices. Grain and soy complex futures were higher overnight on support from outside markets. Soybean futures were mostly around 7 cents higher in overnight trade, while corn was 1 to 3 cents higher. Chicago wheat was mixed to mostly higher overnight, with old-crop contracts posting gains.

Farm bill rubber about to meet the road. Senate Ag Committee Chairman Tom Harkin (D-Iowa) today will hold a news briefing to unveil his "chairman's mark" that will serve as the basis for his committee to markup their version of the farm bill starting Wednesday.

Farm bill editorials. Of course, with the coming Senate Ag Committee markup session, major newspapers have starting editorializing about what Congress should do on farm subsidies, and their conclusion is mostly to cut them significantly. But they also note lawmakers aren't likely to be push any major cuts or changes.

Not all the action will be in Committee. While there will be lots of attention focused on the Senate Ag Committee markup this week, some of the more controversial areas won't be dealt with until things reach the Senate floor. Already, Sens. Byron Dorgan (D-N.D.) and Chuck Grassley (R-Iowa) are promising to offer floor amendments to tighten farm program pay caps as they say the committee's bill is lacking in that area.