|Brownfield Ag News|
|Global beef trends: Spotlight is on China|
|Thu, 25 May 2017 21:17:27 +0000|
An ag economist says on average, growth in beef consumption rates around the world have been lackluster.
But, Purdue University’s David Widmar says the story is quite different for China. “China’s beef consumption has increased at about an 8 percent annual increase,” he says. “China right now is the third largest consumer globally of beef. If that trend were to continue in the future – we could expect beef consumption in China to double in less than 10 years.”
He tells Brownfield that increase would make China the number one consumer of beef in the world.
|Lighthizer on bilateral trade deals for ag|
|Thu, 25 May 2017 21:16:58 +0000|
U.S. Trade Representative Robert Lighthizer says he’s in meetings with Japan and other countries about the formation of bilateral trade deals and says President Trump is fully supportive of that. Lighthizer met with House Ag Committee leaders and the U.S. Ag Secretary Sonny Perdue Wednesday about expanding U.S. Ag trade in the world.
In a roundtable discussion, House Ag Committee chairman Mike Conaway said the U.S. has to start separate agreements with the Trans Pacific Partnership countries, since the U.S.
|Soybeans, corn down in pretty quiet trade|
|Thu, 25 May 2017 21:10:30 +0000|
Soybeans were lower on commercial and technical selling. The trade has concerns about the impact of the recent wet weather in many areas and while it is still relatively early, crop insurance dates are approaching. Overall, it was a pretty quiet session with a lack of buying interest as much of a factor as any bearish news. Weekly export numbers were neutral to a little bullish, with slowing sales and a good week for shipments.
|Ohio farm groups want Great Lakes funding|
|Thu, 25 May 2017 21:00:43 +0000|
Ohio farm groups are calling for support of the Great Lakes Restoration Initiative in the 2018 federal budget.
Brad Reynolds with Ohio Corn and Wheat tells Brownfield they and the Ohio Soybean Association are concerned President Trump’s proposal to eliminate EPA funding of the initiate would be detrimental to conservation and water quality improvements made in the region. “Thanks to science-based research and implementation of best practices, we believe we have taken important steps in addressing the water quality issues that are going on, but we know there’s more that needs to be done.
|April poultry production down 4% on year|
|Thu, 25 May 2017 21:00:42 +0000|
U.S. poultry production during April was 3.700 billion pounds, down 4% on the year. The total live weight was 4.885 billion pounds, also 4% lower.
The USDA says the monthly chicken slaughter and total live weight were both 3% lower at 700.247 million head and 4.326 billion pounds, respectively, and the turkey kill and total live weight both dropped 10% to 17.360 million head and 544.398 million head, respectively. The average live weight of all chickens was 6.18 pounds per bird, fractionally lower, and all turkeys averaged 31.36 pounds per bird, 1% heavier.
|Beef, pork production down in April|
|Thu, 25 May 2017 20:55:46 +0000|
The USDA says domestic red meat production during April 2017 was down slightly on the year at 3.968 billion pounds.
Beef production was a little bit lower than last year at 1.963 billion pounds with a 23 pound decline in the average live weight to 1,325 pounds cancelling out a 2% rise in the slaughter to 2.463 million head.
Pork was 1% lower at 1.988 billion pounds with the average live weight holding steady at 285 pounds and a modest decline in the monthly kill to 9.343 million head.
|Ex-Oklahoma Beef Council accountant pleads guilty to fraud|
|Thu, 25 May 2017 20:45:48 +0000|
Former Oklahoma Beef Council accountant Melissa Day Morton faces prison time after pleading guilty to embezzlement and tax fraud charges.
Morton admitted she embezzled more than 2.6 million dollars in funds from her former employer from 2009 through 2016 and also pled guilty to signing a false tax return.
She could see up to 30 years in prison on the bank fraud and a 1-milion-dollar fine. She will also face up to three years in jail for the tax charge, a $250,000 fine, and restitution to the IRS.
|Milk futures, cash cheese higher|
|Thu, 25 May 2017 20:43:24 +0000|
Class III futures at the Chicago Mercantile Exchange were supported by follow through technical buying. June was $.37 higher at $16.60, July was up $.45 at $17.25, August was $.43 higher at $17.58, and September was up $.37 at $17.57.
Cash cheese blocks were $.055 higher at $1.72. Two loads were sold, one at $1.72 and one at $1.71. Barrels were up $.0575 at $1.52. 21 loads were sold, including five at $1.47 and three at $1.52.