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AgDay Daily Recap -March 12, 2013

March 12, 2013
 
 

TODAY ON AGDAY

MARCH 12, 2013

 

COOL REVISIONS:

GOOD MORNING I'M CLINTON GRIFFITHS. A 30 DAY COMMENT PERIOD IS NOW OPEN ON THE LATEST VERSION OF THE "COUNTRY OF ORIGIN LABELING LAW". BUT BASED ON SOME COMMENTS ALREADY RECEIVED...THERE'S NOT WIDESPREAD SUPPORT OF THE PROPOSED CHANGES. THE PROPOSED RULE FROM USDA WOULD BOOST LABELING REQUIREMENTS ON RETAILERS AND OTHERS IN THE MEAT CHAIN.  A LABEL COULD NO LONGER JUST SAY A "PRODUCT OF THE U-S". RATHER IT WOULD REQUIRE THE LABEL TO SPECIFICALLY SPELL OUT THE PRODUCT WAS 'BORN, RAISED AND SLAUGHTERED IN THE US" AND SAY WHERE. THE AG DEPARTMENT SAYS THESE CHANGES WOULD COST THE INDUSTRY AS MUCH AS 47 MILLION DOLLARS A TO MAKE THE LABEL CHANGES...A COST PASSED ONTO CONSUMERS. CANADA - WHICH BROUGHT THE ORIGINAL W-T-O COMPLAINT AGAINST THE U-S - SAYS IT'S "EXTREMELY DISAPPOINTED" WITH THE U-S PROPOSAL. CANADIAN AGRICULTURE MINISTER GERRY RITZ SAYS HE DOES NOT BELIEVE "THAT THE PROPOSED CHANGES WILL BRING THE UNITED STATES INTO COMPLIANCE WITH ITS WTO OBLIGATIONS" AND WILL FURTHER "INCREASE THE DISCRIMINATION AGAINST EXPORTS OF CATTLE AND HOGS FROM CANADA. THE AMERICAN MEAT INSTITUTE ALSO CRITICIZED USDA'S RULE. A-M-I PRESIDENT J-PATRICK BOYLE SAYS QUOTING HERE "ONLY THE GOVERNMENT COULD TAKE A COSTLY, CUMBERSOME RULE LIKE MANDATORY COUNTRY-OF-ORIGIN LABELING AND MAKE IT WORSE EVEN AS IT CLAIMS TO 'FIX IT."  BOYLE SAYS COMPLYING WITH THE NEW REGULATIONS WOULD BRING COSTS THAT WOULD ULTIMATELY BE PASSED ON TO CONSUMERS.

FAPRI GRAINS:

IF AVERAGE WEATHER RETURNS IN 2013, WE COULD SEE A RECORD CORN CROP THIS YEAR. AND AS A RESULT, CORN PRICES COULD FALL AS MUCH AS TWO DOLLARS A BUSHEL. THAT'S THE SCENARIO PRESENTED TO CONGRESS FROM ECONOMISTS AT THE FOOD AND AGRICULTURAL POLICY RESEARCH INSTITUTE - OR FAPRI. BASED AT THE UNIVERSITY OF MISSOURI, FAPRI SENT ITS U-S BASELINE PROJECTIONS FOR THE AG AND BIOFUEL MARKETS TO CONGRESS.

LIVESTOCK:

MEANWHILE, "FAPRI" ALSO PROVIDED CONGRESS ITS PROJECTIONS FOR THE LIVESTOCK SECTOR. FEED EXPENSES APPROACHED 64 BILLION DOLLARS IN 2012. THAT'S MORE THAN DOUBLE THE 2006 LEVEL. THOSE FEED COSTS AND THE DROUGHT RESULTED IN A 11-PERCENT DECLINE IN THE DOMESTIC BEEF AND PORK MARKET. FAPRI PROJECTS LIVE CATTLE PRICES RISE TO 129 DOLLARS PER HUNDREDWEIGHT IN 2013 AND REMAIN NEAR THAT LEVEL FOR SEVERAL YEARS.

WASDE MILK:

IN NEWS FROM OUR PARTNERS AT DAIRY TODAY - DESPITE A GREATER MILK SUPPLY, USDA'S SUPPLY-DEMAND REPORT ESTIMATES A HIGHER ALL-MILK PRICE THIS YEAR. U-S MILK PRODUCTION IN 2013 IS FORECAST TO RISE FROM LAST MONTH'S PROJECTIONS, LARGELY DUE TO A SLOWER PACE OF HERD REDUCTION AND HIGHER FIRST-QUARTER MILK PER COW.

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