MARKET NEWS HIGHLIGHTS
September 12, 2018
North American Meat Institute has named Julie Ann Potts as its next
president and CEO staring September 24th.
She will succeed Barry Carpenter, who is retiring after more than
ten years leading meat industry trade groups. Potts is currently
executive vice president and treasurer of the American Farm Bureau
Federation, a position she has held since 2011.
Corp. subsidiary and meat processor Indiana Packers will purchase
Specialty Foods Group, which sells meat products nation wide under
brands like Kentucky Legend, in a deal worth over $100 million.
Specialty Foods will become a wholly owned subsidiary. The
agreement creates a vertically integrated pork business in the US
with Indiana Packers providing Specialty Foods pork for processing.
Indiana Packers also will acquire the company's sales network,
reaching retailers like Wal-Mart.
Global Foods promoted Eduardo Miron to be its new CEO, replacing
Martin Secco. Miron joined Marfrig in 2010 and for the past several
years has been its CFO and investor relations officer. He also
served during that time as the CFO of Keystone Foods. Before
joining Marfrig, Miron spent ten years at Grupo Safra and more than
twenty years at Cargill. Miron was at the forefront at Marfrig's
acquisition of the controlling interest in National Beef and the
divestment of Keystone Foods.
$3 million worth of cattle was stolen from an Arizona family by a
man they once considered a friend. Longtime cattleman and rodeo
cowboy Clay Parsons discovered last August that $1.3 million was
missing from the accounts of Marana Stockyards and Livestock Market,
which his family has run since the early 1900's. A trail of
fraudulent documents led to Seth Nichols, the stockyard's 29-year
old office manager, who pleaded quality to bank fraud in February
and faces up to five years in prison. Nichols is the son of Donald
Hugh Nichols, a cattle broker who had been friends with the Parsons
for decades, and was indicted last month as a co-conspirator in $1.6
million of fraudulent cattle sales at the stockyards auctions.
Donald Nichols and his wife filed for bankruptcy in federal court
AG said the number of American plaintiffs alleging the company's
newly acquired weed killers cause cancer has risen sharply, adding
to concerns about potentially lengthy and costly litigation from its
acquisition of Monsanto. Bayer said it faced some 8,700 plaintiffs
across the US as of late August - mainly cancer patients who claim
to have fallen ill after being exposed to the glyphosate-containing
Monsanto herbicides. Bayer said that it had not seen a decline in
demand for its glyphosate products because of the litigation.
at Missouri's Food and Agriculture Policy Research Institute (FAPRI)
concluded the ethanol industry could lose about 4.6 billion gallons
of domestic demand and almost $20 billion in lost sales revenue in
the next six years if the EPA continues to grant waivers at its
current rate. The EPA granted a total of 49 wavers for 2016 and
2017. The EPA said in its latest RFS volumes proposal that it
waived a total of 2.25 billion gallons in those years. New EPA
Acting Administrator Andrew Wheeter has indicated the EPA will
continue to consider future waiver requests in the same manner. The
Renewable Fuels Association, Growth Energy, and POET filed a lawsuit
at the end of August to force the EPA and the US Department of
Energy to hand over records related to the issuance of waivers.
Farm Bill Conference talks got underway on Wednesday, September 5th,
led by Senator Pat Roberts of Kansas. There are 9 senators and 47
House members on the committee. The only thing they agreed on at
the first meeting was the need to get a farm bill done before the
current bill expires on September 30th.
On the September Crop Report released this past Wednesday, USDA projected the total US corn crop at 14.827 billion bushels with an average yield of 181.3 bushels per acre. The soybean crop was pegged at 4.693 billion bushels on an average yield of 52.8 bushels per acre. The Kansas corn yield was raised 2 bushels per acre from last month to 131, and the soybean yield was raised 5 bushels per acre to 41. The Nebraska crops look record-large with the corn yield at 198 (up 2) and the soybean yield at 62 (up 1). The Missouri crops have recovered some, with corn yield estimated at 138 (up 7) and the soybean yield at 47 (up 2).