When terrorist attacks engulfed Manhattans financial district on Sept. 11, 2001, the New York Federal Reserve staff slept on their desks and survived on cheese sandwiches for several days just a block from the ash and burning rubble of the World Trade Center.
Financial influenza could be spreading through farm country later this fall. While only a tiny fraction of all farm loans have been affected to date, the pork and dairy industries have eroded huge portions of their lifetime equity in the last year and face a wave of restructurings or forced sales in the next few months.
It is taken on faith that this years farmland rental rateswhich hit $500 per acre in a few cases in Illinoisreflect last years economy at least, if not the past couple of years. Landlords nearly everywhere set higher rental rates this year because 2008s crop income was so good.
Proposed food safety legislation calls for a full history of the food. That means every point in the supply chain, from the feed additive producers to the retailers who sell consumers their dinner, will have to communicate with each other about every step in the creation, production, packaging and transport of that product.
Nebraskas two U.S. senators and three representatives sent a letter to USDA requesting funds to compensate a Rock County, NE, rancher for culling his herd after several cattle in the herd contracted bovine tuberculosis (TB).
Talks are starting among cattle and meatpacker groups over possible changes to the beef checkoff. The American Farm Bureau Federation hosted a meeting last Tuesday in Washington for several groups to explain their individual policies and review recommendations laid out in January to the U.
The U.S. beef industry could lose $13.2 billion a year in market access overseas if a more robust livestock tracking system is not adopted, a study released by the Agriculture Department said last Wednesday. The report, written by university researchers, said the international market expects exporters to have animal identification and tracing systems.
Senatorial holds placed on the nomination of Gary Gensler to chair the Commodity Futures Trading Commission (CFTC) are increasing Wall Streets power to stop efforts to boost regulation of credit default swaps and other derivatives, House Agriculture Committee Chairman Collin Peterson, D-MN, said last Tuesday.
USDA Secretary Tom Vilsack sat down last Wednesday to listen to opinions from livestock and meat industry representatives on what direction they believe the government should take in improving its animal identification and tracking program.
South Korea has reclaimed its position as the No. 3 market for U.S. beef after lifting a five-year ban put in place following the first case of mad cow disease in the U.S. in 2003. Industry sources expect sales to South Korea to continue rising in coming months amid some stability in the currency markets and as the cookout season begins.
Barring any unforeseen weather factors, the coming growing season should be favorable for alfalfa, according to Dr. Bruce Anderson, professor of agronomy at the University of Nebraska- Lincoln. Conditions are good for a pretty favorable growing season so far, Anderson said.
The Food and Drug Administration (FDA) said last Wednesday that it will allow a 60-day delay on implementing more stringent feed ban regulations for livestock feed ingredients. The regulations, meant to help prevent any potential spread of bovine spongiform encephalopathy.
Legislation aimed at stopping the slaughter of wildlife that are munching on crops has passed the state Senate and now goes to the House. Under the bill, ranchers and farmers could no longer kill wildlife on private land unless the animals were predators threatening people, pets or livestock.
While strong 2008 incomes and years of conservative borrowing have kept U.S. farmers in a relatively good credit situation heading into planting season, the long-term outlook is less positive, analysts said.
The Montana House of Representatives strongly endorsed a bill that paves the way for construction of a horse slaughterhouse in Montana and aims to bring the industry back to the U.S. Backers said ranchers and those who own horses have been struggling ever since all the slaughterhouses in the country were closed down.
Japanese consumers have shifted their buying habits to lower-priced cuts of meat and U.S. beef exporters can take advantage of that move, but must overcome an unfavorable exchange rate hurdle. Still, the beef exporters will have to accept a partial consumer shift to other protein sources as well, market observers say.