Ag in the News

12/10/2007

National and International

JBS buys 50 percent stake in Italian beef processor, expects big revenue gains
Brazilian meatpacking giant JBS said it bought a 50 percent stake in Italian beef processor Inalca, a unit of Cremonini SpA, for 225 million euros (about $330 million). MORE!

National Pork Board touts 2006 pork grocery sales
Fresh pork, dinner sausage and smoked hams represented 24 percent of total fresh meat grocery dollar sales, according to data from FreshLook, placing it second to beef (which had a 50 percent share) and ahead of chicken (20 percent), the National Pork Board reported. MORE!

Kraft adds two board members, Camilleri steps down
Kraft Foods has appointed Myra M. Hart and Fredric G. Reynolds to its board of directors, the Northfield, Ill.-based company announced in a news release. MORE!

U.S. pledges almost $200 million to fight AI
The United States late last week pledged $195 million to fight bird flu worldwide during an international avian influenza conference in New Delhi, India, the Associated Press reported. MORE!

Food Network's Flay to open burger chain
Celebrity chef and restaurateur Bobby Flay will open a burger chain called Bobby's Burger Palace, his business partner announced at the International Council of Shopping Centers New York National Conference. MORE!

Wrap Up

Wheat builds to start week. Chicago wheat futures posted strong followthrough buying overnight, finishing mostly 13-plus cents higher. Soybean futures also enjoyed followthrough buying, with most contracts 4 to 5 cents higher. Corn finished narrowly mixed overnight.

Farm bill work. There should be farm bill votes on the Senate floor this week after last week's deal on which allows 20 amendments each for Democrats and Republicans. To see what else is on tap in Washington this week, check out Jim Wiesemeyer's Inside Washington Today column found on the Pro Farmer page.

U.S.-China meetings. A host of U.S. officials are in China this week for talks under the Joint Commission on Commerce and Trade (JCCT). The confab in part will focus on food/product safety and no doubt will include some pressure from U.S. officials for China to let their currency float more freely.

E85 and Iowa. Nearly 2 million gallons of E85 fuel was sold in Iowa in 2006, up from 670,000 gallons in 2005. According to the Iowa Department of Revenue, second quarter sales exceeded 800,000 gallons this year, up 40 percent from the same period last year, according to figures published by the Waterloo Courier.