Ag in the News

06/25/2008

National

Senator to Justice Department: Say no to JBS merger
JBS-Swift & Co.'s proposed acquisitions of Smithfield Beef Group and National Beef Packing Co. should not be allowed, the chairman of the U.S. Senate's antitrust subcommittee says. MORE!

Thousands of Pilgrim's Pride workers can join donning-doffing suit
Upwards of 55,000 current and former hourly workers at 21 Pilgrim's Pride poultry processing plants have been served a notice saying that they are entitled to join a lawsuit filed against the Pittsburg, Texas-based processor over time spent donning and doffing protective gear. MORE!

OIE recognizes International Poultry Council
The International Poultry Council announced that it has gained recognition from the World Organization for Animal Health (OIE) as the official organization representing the world's poultry meat producers. MORE!

Shoppers seen trading down in meat grades and cuts
As food shoppers "trade down" to cope with higher food prices, they will likely purchase cheaper cuts of meat and lower beef grades, a retail food consultant said on Tuesday. MORE!

Wrap Up

Grains firmer overnight. Grain futures were stronger overnight amid short-covering and as traders continue to keep an eye on the weather. Traders will also be watching outside markets.

Fed meeting begins today. The Federal Open Market Committee meeting will conclude this afternoon with a rate announcement. General expectations are for the Fed to leave rates unchanged, but some argue the economy is worse off because of the long string of rate cuts.

Weather watch continues. Private forecasters have a varying amount of precip in the near-term forecast. But they do agree the Midwest is in line for widespread showers through the weekend. Also, yesterday's NWS 6-10 day forecast, which extends to July 4, calls for warmer conditions building in the West, stretching into Missouri, Nebraska and northwest Iowa, as well as below-normal precip for the same area.

Consumer confidence declines. The Conference Board Consumer Confidence Index declined about 8 points from the previous month to stand at 50.4 in June. This is the fifth lowest reading ever.