Ag in the News

06/24/2008

National

Brazilian processor buys OSI Group businesses in Brazil, Europe
Brazilian meat processor Marfrig on Monday announced that it had reached a $680 million deal with OSI Group LLC, the largest meat supplier to McDonald's Corp., to purchase the Aurora, Ill.-based meat processor's businesses in Brazil and several European countries. MORE!

New BSE case confirmed in Canada
The Canadian Food Inspection Agency on Monday confirmed a new case of bovine spongiform encephalopathy in British Columbia. MORE!

Sanderson Farms settles donning and doffing case
The Federal District Court for the Eastern District of Louisiana has approved a settlement agreement between Sanderson Farms and some employees in donning and doffing litigation, the company announced. MORE!

Industry groups make final push to curb ethanol mandate as EPA comment period closes
Meat and poultry industry groups and members made a large push Monday in an effort to get the Environmental Protection Agency to cut the ethanol mandate as the agency's comment period on the issue closed. MORE!

Cubs deal among results of Papa Charlie's new marketing
Becoming the official Italian beef of the Chicago Cubs is just one positive result of new marketing efforts from Papa Charlie's that include point-of-sale, merchandising and co-branding materials, the Chicago-based processor announced. MORE!

Wrap Up

Grains mixed overnight. Corn and soybean futures were mixed overnight, with wheat steady to weaker. Trade was light overnight and signals a mixed open is expected this morning.

Fed meeting begins today. The Federal Open Market Committee meeting begins today and will conclude tomorrow afternoon with a rate announcement. Analysts are torn over what the Fed will announce.

6-10 day forecast. The National Weather Service forecast for June 29 through July 3 calls for below-normal precip over the western Corn Belt and much of Illinois, with above-normal temps expected over the western and southern Corn Belt. Below-normal temps are expected in the upper eastern Corn Belt. The warmer and drier forecast should aid in crop development, resulting in crop improvement.

Gas prices retreat. There has been some relief at the pump, with the EIA reporting average gasoline prices for all grades declined marginally for the week. The average price as of June 23 was $4.131.