Ag in the News

07/01/2008

National

EU eases restrictions on South American meat imports
The European Union has relaxed restrictions on imports of fresh meat from more regions of Brazil, Argentina and Paraguay after experts determined they have met regulations aimed at preventing the spread of animal diseases such as foot and mouth disease. MORE!

Corn and soybean crops continue to lag
Just 3 percent of the U.S. corn crop was silking by June 29, compared to 11 percent by this time last year and 9 percent on average over the past five years, according to USDA. MORE!

U.S. beef clears S. Korean inspections, but protests continue
Shipments of U.S. beef have passed inspection for the first time since last October, Seoul said Monday. MORE!

KFC offers free wings to residents of towns hotter than Hell (Mich.)
Quick-service restaurant chain KFC is asking consumers whether it's hotter than Hell in their hometowns this week. MORE!

Value Cuts Summit promotes product innovation for processors, foodservice chefs
Meatingplace has partnered with its sister publication, Plate, to host a one-day, product innovation workshop for red meat processors and foodservice operators this September in Chicago. MORE!

Wrap Up

Followthrough selling in corn. Corn futures were 11 to 16 cents lower, soybeans were mixed with most contracts fractionally to 2 cents lower and Chicago wheat was mostly 1 to 3 cents lower overnight.

Corn condition ratings. Weekly crop condition ratings for U.S. corn and soybeans saw small percentages of the crop moved out of the "fair" category in either direction -- both to good/excellent and poor/very poor. It still meant an overall slight uptick in ratings for the crop compared to the prior week. Here's a link to read more and another link to commentary from individual states.

China quake damage. The UN says the massive earthquake in Sichuan province in China caused some $6 billion in damage to agriculture in the region and one million head of livestock were destroyed. Estimates are that 700,000 are unemployed and some 1.15 million farmers have lost their livelihoods, according to officials.

South Korea & beef. South Korea's government continues to signal it will crack down on those protesting the import of U.S. beef. Officials arrested protesters over the weekend. Meanwhile, labor unions are also signaling they'll strike in protest of the deal and are calling for its renegotiation.