Ag in the News

05/28/2008

National

USDA opens 24 million acres to livestock feed use
USDA announced it has authorized 24 million acres currently under the Conservation Reserve Program (CRP) to be available for hay and forage to feed livestock this summer to help producers cope with high feed prices and possible grain shortages. MORE!

Corn crop slow to emerge, causing yield concerns
Just 52 percent of the U.S. corn crop had emerged by May 25, compared to 80 percent by this time last year and 76 percent on average over the past five years, according to USDA's weekly crop progress report. MORE!

Johnsonville honored for export excellence
Sheboygan Falls, Wis.-based Johnsonville Sausage LLC has announced that it recently received the president's "E" award for export excellence. MORE!

New climate report foresees trouble for U.S. livestock
Climate change is already affecting U.S. water resources, agriculture, land resources and biodiversity and will continue to do so, according to a new report from the U.S. Climate Change Science Program. MORE!

Denny's rolls out late-night menu for night owls, rockers
Spartanburg, S.C.-based restaurant chain Denny's announced that it has launched a new late night-only menu of "shareable" items exclusively for those diners who visit the restaurant between the hours of 10 p.m. and 5 a.m. MORE!

Wrap Up

Overnight weakness. Soybeans and wheat futures led declines overnight in part due to gains in soybean planting and an actual uptick in winter wheat condition ratings. Corn was pressured as well on spillover pressure, but losses weren't as sharp.

Corn, bean planting advances. USDA reports 88% of the nation's corn crop was planted, up from 73% last week, but down from 94% on average, while emergence is still lagging. At 52%, emergence is up from 26% last week, but below 76% on average and 80% last year at this time. Soybean plantings hit 52% up from 27% last week but still behind the average pace of 67%.

Still waiting on South Korea. South Korea says it will step up inspections of domestically produced beef when its market is reopened to U.S. beef. The country will also expand its country-of-origin labeling of beef sold by restaurants and caterers. Expectations are for the government to still this week announce the new inspection rules for imports of U.S. beef which have been delayed as the government grapples with protests.

Russia to scrap export taxes. Russia says its grain production prospects are improved enough prompt the removal of export taxes on grain exports. The export taxes are to expire at the end of June.