Ag in the News

02/13/2008

National and International

Red meat and poultry consumption to decrease over next decade: USDA
Per capita consumption of beef will decline by nearly five pounds over the next 10 years, but won't significantly shift to other, cheaper proteins, according to USDA's Agricultural Long-Term Projections to 2017, published Tuesday. MORE!

Former Sara Lee pork plant on the block
CRG Acquisition, which recently purchased the former Sara Lee/Bryan Foods hog processing plant in West Point, Miss., said it is now accepting offers for the entire facility. MORE!

Bob Evans 3Q profits up, beat estimates
Bob Evans Farms Inc. on Tuesday said its third fiscal quarter profits increased, beating Wall Street's estimates. MORE!

Smithfield biofuel affiliate sold
Smithfield BioEnergy LLC, a Smithfield Foods affiliate, has agreed to be acquired by Cranford, N.J.-based Metalico Inc.'s biofuel arm, Beacon Energy Corp. MORE!

New Target prototype stores to feature more space for food
Target Corp. plans to launch two new store prototypes — one a general-merchandise store and one a SuperTarget, which includes full-service groceries — in October that will feature more space for food, the Minneapolis St. Paul Business Journal reported. MORE!

Wrap Up

Overnight weakness. Chicago wheat futures were 13 to 26 cents lower on active followthrough selling overnight. Corn futures were 3 to 4 cents lower, while soybeans were 3 to 6 cents lower.

Farm income record. USDA forecast new cash farm income at a record $96.6 billion in 2008, up $9 billion (10 percent) from the 2007 level which was the prior record. Net cash farm income is forecast to rise more than net farm income because of the large carryover of crops harvested in the prior year, which will be sold in 2008. A big factor is the value of U.S. crop production which is forecast to rise 17% in 2008. But, USDA says production costs are forecast to exceed their 10- year average by 34 percent.

Farm bill update. House Ag Committee Chairman Collin Peterson (D-Minn.) and ranking Republican Bob Goodlatte (Va.) today will hold a news conference to talk about plans to move the farm bill process forward. The two will also likely detail more of a plan they've come up with to provide for a 10-year farm bill. Jim Wiesemeyer has detailed much of what's in that expected plan in his Inside Washington Today column, with others now finding some of the details he alerted readers to last week.

More wheat ahead. The United Nations Food and Agriculture Organization (FAO) says high prices will lead to a "significant increase" in 2008 world wheat production. The organization increased its 2008 wheat stocks estimate to 146.8 MMT from its previous estimate of 141.6 MMT.