TODAY ON AGDAY
NOVEMBER 22, 2011
Good morning. The so-called "Super Committee" that's supposed to find more than a trillion dollars in budget cuts appears to be at a stand-still. The 12 lawmakers have until Wednesday, but there are indications both sides are a stalemate. If no deal is struck, automatic cuts to reduce the deficit are supposed to go into place starting in 2013. The House and Senate Ag Committees submitted a farm bill to the committee, which included 23 billion dollars in Ag cuts. However, our partners at Pro Farmer say if the Super Committee fails to do its job, the farm proposal is at risk.
According to our reporting partners at Dairy Today, the derailed Super Committee talks will also impact proposed dairy policy, which was part of the 2012 farm bill. Dairy Today says if there is agreement at least within the Ag community on those cuts, there may be some pressure to move forward and not allow those agreements to unravel.
Also from Dairy Today, after enjoying strong prices the past two weeks, cheese prices took a dive last week. Cheese prices last Friday were 15-cents lower on blocks, reversing gains made over the previous two weeks. Exports have supported higher cheese prices for much of the year. We'll talk more about the dropping cheese prices later in agribusiness.
High feed and corn prices continue to be a challenge for U.S. dairies. However, our friends over at AgWeb say the export demand for corn is starting to slip. Analyst Jerry Gulke believes sustained high prices are pushing buyers to other countries. Japan just recently began buying from the Ukraine. And don't forget, for the very latest news affecting the dairy industry, including production and policy issues, check out www.dairytoday.com.
As AgDay first reported Monday the World Trade Organization ruled against the U.S. for the "Country of Origin Labeling" law. Canada and Mexico filed a complaint with WTO, saying the law violates trade rules. The panel says food labeling to inform consumers is fine, but they see the law as "protectionist". AgDay's Michelle Rook has reaction to the ruling
The WTO appellate body is currently backed up with litigation because the U.S. and the European Union have sued each other on aircraft. So if the 'M-COOL' case goes to the appellate body it may be delayed until mid-2012 for a final decision.
IN THE COUNTY; FARMERS FEEDING THE WORLD CEO:
This week as we celebrate Thanksgiving...a day many of us eat more than we should or more than our jeans allow...it’s a good idea to also be thankful for that food. Across the globe there are nearly one billion people going hungry on a daily basis. Solving the hunger crisis was at the heart of this year's World Food Prize discussions...and many of the top leaders in agriculture are pledging their support to finding a solution. And be sure to join us this Thursday for our yearly Harvest of Thanks special. It’s our annual tribute to America's farmers and ranchers. This year we travel from Idaho to Texas and around the world. Join us this Thanksgiving morning for a Harvest of Thanks. Food and your family is next.
In food and your family this morning, many of us are planning to brave the local grocery store in advance of the Thanksgiving holiday. But according to new research, more Americans than ever are shopping for a deal...even at the grocery store. This comes from a survey done by the Deloitte Harrison group. About a third of people now say 70% of the items in their shopping cart are discounted. 80% of people do their own price research before ever going to the store. The researchers say this proves consumers are getting more price savvy. The survey agrees. 90% of shoppers know what they want to buy before they go and more than 80% know which brand.