Ag in the News

06/23/2008

National

Bullish cattle report meets expectations
The number of cattle being fed for slaughter was down 4 percent in May compared with the same month in 2007, marketings were up 3 percent, and there was a 12 percent drop in cattle placed in feedlots for the month. MORE!

U.S. red meat production at record high for May: USDA
U.S. commercial red meat production totaled 4.22 billion pounds in May, up 4 percent from the 4.08 billion pounds produced in May 2007, USDA said in its monthly Livestock Slaughter report. MORE!

USDA cold storage report sets record
USDA's Cold Storage report for May 2008 set a record for the decline in total pork stocks: the draw-down of 85 million pounds topped the previous record of 52 million pounds set in 2005, according to CattleNetwork, quoting Rich Nelson, director of research at Allendale Inc. MORE!

Tyson renewable fuels JV gets bond approval for plant
Dynamic Fuels LLC, a joint venture between Tyson Foods Inc. and Syntroleum Corp., announced that the company has received final approval from the Louisiana State Bond Commission for $100 million in tax exempt Gulf Opportunity Zone bonds to fund the building of the company's first renewable synthetic fuels facility. MORE!

Hallmark supervisor takes plea By Lisa M. Keefe on 6/23/2008 for Meatingplace.com A supervisor at the Hallmark/Westland Meat Packing Co. on Friday pleaded no contest to charges of animal cruelty, according to the Associated Press and local newspaper reports. He faces up to a year in the county jail. MORE!

Wrap Up

Crop Progress today. USDA's weekly dispatch hits after the markets close this afternoon and it will be an important report for corn, soybeans and wheat. Corn and bean markets will want to see how the crops are doing as flood waters recede while winter wheat harvest is the key for that market with rains keeping combines idle.

USDA resampling this week. USDA's National Ag Statistics Service is rechecking with farmers in six states this week to get an update on their harvested acreage expectations in the wake of recent flooding. The results of the work will come June 30 in the Acreage Report.

Looking ahead. Traders will be starting to position themselves for USDA's June Acreage Report out a week from today. The late-week trade could get interesting as private acreage estimates start rolling in.

Still assessing flood damage. Besides weather, markets will also be trying to get a better handle on how many acres have been damaged by flood waters this month. And, the watch will be on how much river traffic is disrupted by high water.