Ag in the News

11/13/2007

National and International

Tyson squeezed by beef margins, expanding in Mexico, China and Brazil
Tyson Foods Inc. on Monday lamented high grain costs and a difficult beef market it expects to hurt profits in 2008, while outlining a strategy to expand international sales. MORE!

Bob Evans profits up in 2Q, stock jumps after hours
Bob Evans Farms Inc. late Monday said earnings for the fiscal second quarter were up 15 percent, citing strong results in its food products division. The announcement led the Columbus, Ohio-based company's stock to jump 8 percent in after-hours trading. MORE!

Hillshire Farm introduces thick-sliced lunchmeat
Hillshire Farm, a brand of Downers Grove, Ill.-based Sara Lee Corp., is adding Premium Hearty Slices to its Deli Select product line. MORE!

Total U.S. red meat production up in 2007, down in 2008: USDA
USDA raised its forecast for total 2007 U.S. red meat production to 48.349 billion pounds, up from its October forecast of 48.094 billion pounds, in its November World Agricultural Supply and Demand Estimates report. MORE!

IHOP introduces new menu items
Glendale, Calif.-based dining chain IHOP announced the introduction of new breakfast, lunch and dinner items to its menu, including five new meat entrées. MORE!

Wrap Up

Corn, beans head higher overnight. Corn and soybean futures put up gains overnight, with corn advancing 1 to 2 cents and soybeans adding 10 to 14 1/2 cents. Wheat futures, however, slipped lower by 1 to 3 cents in a/c/e trade.

Oil prices decline. Oil prices continued to slide in overnight action after the Saudi oil minister downplayed potential for any output increase discussion at a meeting this week, but did say the matter would be taken up in a December OPEC session. And, the International Energy Agency cut its forecast for oil demand, saying high prices have already curtailed the global oil appetite.

Farm bill situation. Key today will be whether or not there has been a deal reached on the number and scope of amendments to the farm bill. If a deal has been reached between Democratic and Republican Senate leaders, then we'll start seeing farm bill votes on the Senate floor.

Back in business today. The government is open again after Monday's holiday which means that Weekly Grain Inspections and Crop Progress data will come from USDA today. Also, Weekly Export Sales figures will be pushed back to Friday morning due to Monday's holiday.