Kim Galeaz a Registered Dietitian and consultant to the National Pork Board says there are literally dozens of food, nutrition and eating trends and a couple of those are what Kim describes as “perfect” for pork.
Audio: Kim Galeaz, RD/Consultant to National Pork Board (3:00 MP3)
Commentary
According to a recent story in the New York Times, California may soon place animal abusers on the same level as sex offenders by listing them in an online registry.
There are those who believe that dogs and rats and cows and pigs are equal to boys and girls. I am not one of them. I am a firm believer that anyone who owns an animal should be responsible for that animal’s welfare. That means you provide feed, water and shelter for them and you don’t intentionally cause them physical harm.
Suggesting that animals have the same rights and place in society as people is, in my opinion, ludicrous.
A Kansas State University ag economist says three major corn market factors could be on a collision course for this spring. According to Dan O’Brien, one of those is stored corn that may be going out of condition. A second factor is the several hundred million bushels of corn still in the field. And a third is the possibility of delayed corn planting—especially in northern areas—due to extremely saturated soils. O’Brien says those three factors could create considerable market uncertainty in the next 60 days.
Soybeans hit one week lows on speculative and technical selling, along with spillover from the outside markets. The dollar was higher while the Dow and crude oil were sharply lower for most of the trading session. Crude stayed down sharply but the dollar moved lower late and Wall Street pulled up from the lows of the day. The trade’s watching South American weather with a drier pattern on tap for most of Argentina and Brazil over the near term. Dow Jones Newswires does note harvest delays in the northern section of Brazil’s state of Parana. The Buenos Aires Grain Exchange left its 2009/10 Argentine soybean production forecast unchanged at 52 million tons but does note the potential for the estimate to increase. Weekly export sales were lower than expected, shipments were solid though, and January’s Census soybean crush number was below pre-report estimates at 167.189 million bushels. Soybean oil was lower and meal made two week lows with pressure from beans and the supply implications of a record South American bean crop. Losses in oil were limited by solid weekly exports and product spread trade. According to Dow Jones Newswires, first notice day deliveries for March soybeans and meal Friday should be light due to a tight supply and firm cash while soybean oil deliveries could be large.
Corn was lower on fund and technical selling, in addition to spillover from the outside markets. Like beans, corn managed to finish near the highs of the day with outside market pressure easing towards the end of the session. Concerns over 2010 planting delays were also mildly supportive. The improved South American weather outlook was a negative for corn. The Buenos Aires Grain Exchange increased its 2009/10 Argentine production projection to 20.2 million tons, up a little less than a million from last week thanks to improved rainfall over the past week and forecasts for sun and drier conditions in the next few days. Weekly export sales were lower than expected but shipments were solid. The International Grains Council raised its 2009/10 world corn production estimate to 797 million tons, up 6 million from both last month and last year. Ethanol futures were lower. Dow Jones Newswires sees first notice day deliveries on March corn Friday at 500 to 2,000 contracts.
The wheat complex was lower on profit taking, technical selling and the higher dollar. Wheat’s fundamentals remain extremely negative with a large supply and poor demand for U.S. wheat. Also, the International Grains Council raised its world production estimate to 675 million tons, up 1 million from last month but 11 million less than the 2008/09 global record. The IGC’s early expectation for 2010/11 is 659 million tons on expectations for a .8% decline in planted area. European wheat was lower on the generally lower trade in commodities; May Paris was down .8% and May London was .4% lower. Dow Jones Newswires states Russia is looking for long term wheat export deals with Asia and plans to invest $50 million to $100 million in grain ports in eastern Russia. India’s Ag Minister told Parliament the federal government won’t be promoting wheat exports for the time being to limit price increases and the risk of a domestic supply shortfall. Dow Jones Newswires projects first notice day deliveries on March CBOT wheat as extremely heavy at 3,000 to 5,000 tons.
The former grain dealer charged in the biggest grain fraud case in Missouri history has been sentenced in St. Louis federal court to nine years in prison. Forty-five-year-old Cathy Gieseker, who owned Gieseker Grain and Trucking Service in Martinsburg, Missouri, has also been ordered to forfeit millions of dollars in personal property. She was immediately taken into custody Thursday following sentencing. Prosecutors say Gieseker operated a “Ponzi” scheme that resulted in the loss of some $27 Million dollars to 180 farmers by quoting above-market prices saying she had ADM contracts to guarantee the prices. Although Gieseker delivered and sold the grain at ADM, she had no contracts guaranteeing above-market prices. She used most of the money made on the spot market to pay above-market prices promised to other farmers, but authorities say Gieseker also used a substantial portion on cars, gifts and acquiring and showing livestock. The scheme collapsed last February. Gieseker pleaded guilty to the felony count of mail fraud last November. She still faces a dozen state charges in the case.
Chicago Mercantile Exchange live cattle contracts settled mostly 5 to 20 points higher with only April lower. There was some February/April forward spreading but the market had little fresh news to work with as the feedlot trade appears to be completed. There was a bearish influence from outside markets, and reports of forecasts for another snowstorm in the northeast that could hurt demand. February settled 12 points higher at 91.90, and April was down 17 at 91.75.
Feeder cattle settled 12 higher to 25 lower in a very light trade. Spreaders sold March and bought April. A lack of support in outside markets and the narrow range in the live trade allowed feeder contracts to remain lower through much of the session. March was down 25 points at 100.90, and April was down 22 at 102.25.
The feedlot trade was very quiet on Thursday afternoon with packer inquiry reported to be minimal. More business is still expected in the South, especially in Texas, before packers call it a week. Asking prices are generally 92 to 93 South with asking prices there at 90 to 91. In the North feedlot operators are asking 145 to 147 and bids are at 144 to 145, but Northern business appears to be finished. Thursday’s kill is estimated at 120,000 cattle, 5,000 below last week, and 1,000 short of a year ago. Boxed beef cutout values ended steady to firm on light demand and offerings. Choice beef was up .47 at 150.35, and select was .13 higher at 149.75.
Cattle receipts at the Huss Platte Valley Auction in Nebraska totaled 4,040 head. Compared to last week, feeder steers and heifers traded fully steady. However 550 to 6 weight heifers were up to 3.00 higher. Demand and trade activity was moderate to good. Feeder cattle medium and large 1, 406 steers weighing 625 averaged 113.05, 274 heifers averaging 626 pounds traded at 103.50 per hundredweight.
Barrows and gilts in the Iowa/Minnesota direct trade closed .64 higher at 69.21 on a carcass basis, the West was up .60 at 68.13, and the East was 1.29 higher at 67.50. Missouri direct base carcass meat price closed steady to 1.00 higher from 60 to 63. Hog slaughter was estimated at 428,000 head, 4,000 more than last week, and 5,000 greater than a year ago. The average weight of Iowa barrows and gilts last week averaged 268.4 pounds, unchanged from the previous week and 1 pound larger than last year. Finishing floors remain relatively current. Saturday slaughter is expected to be no greater than 35,000 head. Friday’s market looks steady to firm.
Lean hogs settled 30 to 177 points higher led by the April contract surging to new one-month highs. Steady to higher cash calls offered support, but slipping cash pork product markets and a higher dollar were noted. April settled 177 points higher at 72.12, and May was up 112 at 77.95. Pork trading was slow, with light to moderate demand and mostly light offerings. Pork carcass cutout was up .77 at 72.19.
Pork bellies settled 95 to 142 points higher on the strong support from the lean pit. March bellies were up 152 points and settled at 86.22, and May was up 140 at 88.30.
March corn closed at $3.72 and 1/4, down 3 cents
March soybeans closed at $9.41 and 1/2, down 14 cents
March soybean meal closed at $272.10, down $4.80
March soybean oil closed at 38.53, down 52 points
March wheat closed at $4.89 and 3/4, down 10 and 1/2 cents
February live cattle closed at $91.90, up 12 cents
April lean hogs closed at $72.12, up $1.77
April crude oil closed at $78.17, down $1.83
March cotton closed at 81.38, up 201 points
March Class III milk closed at $13.00, down 26 cents
Dow Jones Industrial Average: 10,321.03, down 53.13 points
Ag Secretary Tom Vilsack explained Wednesday his budget proposal to cut direct payments for some farmers. In a hearing of the House Appropriations Subcommittee for Agriculture, Congressman Sanford Bishop of Georgia said he’s concerned about the cuts. Vilsack said the current proposal is significantly different from the one last year that he called “ill thought out and not appropriate.” He says only a small percentage of farmers would be affected, “We calculate of the 1.4 Million farmers who currently qualify for direct payments and things of that nature, only about 30-thousand across the country are going to be impacted.”
He says the current situation had to be addressed in the budget, “Somebody could make, in theory, about 600 to 700-thousand dollars and still get a check from the government. You know, if we’re going to be serious about deficits we’ve got to look someplace and this was one place to look.”
Vilsack says the 2011 budget has a strong safety net when you look at the “whole package” which includes research money, export promotion money, and efforts for commodity purchases as well.
Bunge North America has announced that effective April 23 they will no longer process soybeans at their facility in Danville, Illinois, impacting about 100 jobs. The Danville facility will however, continue to handle soybeans as a grain elevator and the corn mill will continue to operate.
“We are faced with a soybean processing market that has more capacity than required and to operate all of our soybean processing assets as efficiently as possible, we made the difficult decision to discontinue soy operations at Danville,” said Mark Van Emon, vice president and general manager, Bunge Oilseed Processing.
The company said all meal and oil contracts will be honored, as well as existing producer contracts for corn and soybeans.
Barrows and gilts in the Iowa/Minnesota direct trade opened .76 lower at 66.81 weighted average on a carcass basis, the West is down .81 at 66.72, and the East is .45 higher at 66.66. Missouri direct base carcass meat price is steady to 1.00 higher from 60 to 63. Given narrowing margins, packers are planning to kill no more than 35,000 head on Saturday. Such a conservative appetite should limit procurement efforts in the country through the remainder of the week.
Packer inquiry into the cattle has been limited on Thursday with bids few and far between. Nebraska’s trading is probably wrapped up for the week, but we should see more activity surface in Texas. Asking prices are around 92 to 93 South with a few bids at 91.00. In the North the remainder of the cattle on the show lists are priced at 145 dressed. Beef demand may be running out of steam, and if that is the case packers may find it necessary to reduce chain speed. Choice boxed beef is up .25 at 150.17 and select is up .18 at 149.80
Cattle receipts at the Huss Platte Valley Auction in Nebraska totaled 4,040 head. Compared to last week, feeder steers and heifers traded fully steady. However 550 to 6 weight heifers were up to 3.00 higher. Demand and trade activity was moderate to good. Feeder cattle medium and large 1, 406 steers weighing 625 averaged 113.05, 274 heifers averaging 626 pounds traded at 103.50 per hundredweight.
The Brownfield Blog
Latest: 
