Ag in the News

10/31/2007

National and International

Brazilian beef available for export will decline by year-end: Meatingplace exclusive
Brazil is experiencing a shortage of weight-ready animals for market, a situation that could reduce Brazilian beef shipments towards the end of this year. MORE!

AMI defends low-oxygen packaging
The American Meat Institute defended low-oxygen meat packaging on television, on YouTube and on Capitol Hill this week. MORE!

U.S. pushing to expand export markets, Conner says
The United States is pressing its trading partners to broaden access to U.S. red meat based on internationally recognized scientific standards, Acting Agriculture Secretary Chuck Conner said during a speech at the U.S. Meat Export Federation's Global Outlook Symposium in Washington. MORE!

Dakota Beef inks deal with largest U.S. organic-certified ranch
Howard, S.D.-based organic processor Dakota Beef has negotiated an exclusive deal for all cattle produced by the McEwen Ranch in Burns, Ore., which recently has been certified organic by USDA's National Organic Program. MORE!

IHOP to acquire Applebee's
Applebee's shareholders on Tuesday approved a merger agreement with IHOP. Under the terms of the deal, IHOP will acquire Applebee's for $25.50 per share in cash, representing a total transaction value of approximately $2.1 billion. MORE!

Wrap Up

USDA Secretary buzz. Jim Wiesemeyer is picking up signals that the White House may be close to naming a USDA Secretary. Most do think Acting Secretary Chuck Conner will get the nod, but not everyone. It will be interesting to see how this one shakes out during the farm bill process.

Fed action awaited. Traders have high odds built into Fed fund futures that the Fed will raise short-term interest rates following the conclusion of the two-day Federal Open Market Committee meeting early this afternoon. Focus on the Fed decision is high not only in Treasuries, but also in the stock market, currencies and commodities.

Ethanol production update. According to data from the Energy Information Administration (EIA), ethanol production in August was a new record at 434,000 barrels per day, up from 333,000 b/d in August 2006. They report demand also grew to 464,000 b/d, up from 385,000 b/d year-ago.

Bush position on Senate farm bill. Everyone is still awaiting the pronouncement from the Bush administration on whether they will recommend a veto of the Senate's version of the farm bill or not. Acting USDA Sec. Chuck Conner has been listing the shortcomings of the bill of late, but hasn't signaled anything on whether it will bring a veto threat or not.