U.S. Agriculture Secretary Mike Johanns today announced that Singapore will resume the import of U.S. boneless beef products from animals under 30 months of age under an agreement reached today.

Singapore's decision to lift its ban follows recent developments in Japan, Hong Kong and South Korea to resume trade in various beef or beef products.

Source: USDA/ FAS, Jan. 19, 2006
Source URL: http://www.fas.usda.gov/scriptsw/PressRelease/pressrel_dout.asp?PrNum=0008-06

Japan is holding all U.S. beef shipments in port until an investigation is completed into a shipment that may have contained specified risk material for mad cow disease.

Japanese Agriculture Minister Shoichi Nakagawa has recommended a total halt to American beef imports if the beef does contain SRMs.

Japan restarted U.S. beef imports with the stipulations that all beef come from animal under 21 months of age and that no SRMs be shipped.

USDA Secretary Mike Johanns said the plant that sent the beef to Japan is barred from further shipments, and that the government inspector who cleared the beef may be disciplined. USDA investigators are being sent to Japan, plus additional inspectors will be sent to all plants that ship to Japan.

Johanns said the SRM was spinal column from veal, which is not prohibited in America but is in Japan.

Source: Houston Chronicle/ Associated Press/ Libby Quaid, Jan. 20, 2006
Source URL: http://www.chron.com/disp/story.mpl/front/3600076.html

Cheddar Cheese prices received for US 40 pound Blocks averaged $1.38 per pound for the week ending January 14. The price per pound decreased 1.3 cents from the previous week. The price for US 500 pound Barrels adjusted to 38 percent moisture averaged $1.36 per pound, down 2.1 cents from the previous week.

Butter prices received for 25 kilogram and 68 pound boxes meeting USDA Grade AA standards averaged $1.36 per pound for the week ending January 14. The U.S. price per pound increased 2.6 cents from the previous week.

Source: USDA/ NASS, Jan. 20, 2006
Source URL: http://www.usda.gov/nass/PUBS/TODAYRPT/dppr0306.txt

The Securities and Exchange Commission wants to make it easier for consumers to say “show me the money!” to the country’s largest corporations by requiring them to provide more detail on executives’ pay packages and incentives.

Under the proposal, companies would be required to furnish tables in annual filings that detail the total yearly compensation for five top executives: chairman, chief financial officer, and the next three highest-paid executives.

Source: Fort Wayne Journal Gazette/ Associated Press/ Marcy Gordon, Jan. 18, 2006
Source URL: http://www.fortwayne.com/mld/journalgazette/business/13652445.htm

Cargill today reported net earnings of $495 million for the 2006 second quarter ended Nov. 30, up 19 percent from $415 million in the same period a year ago, excluding the $597 million, noncash net gain realized in last year’s second quarter related to the formation of The Mosaic Company.

In the first six months, Cargill earned $999 million, a 10 percent increase from $910 million a year ago excluding the one-time net gain.

Source: Cargill Inc./ News Release, Jan. 17, 2006
Source URL: http://www.cargill.com/news/news_releases/060117_earn.htm#TopOfPage

For the week grain and soybeans were slight to moderately lower for the exception of wheat which was mix. Wheat was pressured by neighboring pits and export demand concerns early in the week. However, the export tender announcements late in the week sparked a rally in the pits. The southern plains continue to be dry with forecasters calling for some relief next week. Corn saw losses as the lower grains and rain in Argentina triggered the weakness. Overnight export announcements were over 400,000 but were not enough to overcome the negative news. Soybeans were slightly lower due to rain in Argentina, bearish NOPA crush report, and expected moisture in Brazil. The NOPA crush was reported at 142.245 million bushels as crush demand slipped from 144.9 million bushels the previous month. Wheat was 4 cents lower to 18 cents higher. Corn was 5-9 cents lower. Sorghum was 12-15 cents lower. Soybeans were 2-5 cents lower.

Source: USDA/ AMS, Jan. 20, 2006
Source URL: http://www.ams.usda.gov/mnreports/SJ_GR851.txt

USDA’s Grain Inspection, Packers and Stockyards Administration was blasted today for pretending to investigate stockyards and meat companies for anticompetitive behavior. In hundreds of cases since 1999, no complaints have actually been filed, according to a report from the agency’s inspector general.

The audit also claims that senior officials stopped investigations from being sent on to department lawyers, who can then file complaints or send cases to the Justice Department. As the stonewalling was happening in the background, employees were told to create an appearance of a high rate of enforcement.

Source: Duluth NewsTribune/ Associated Press/ Libby Quaid, Jan. 18, 2006
Source URL: http://www.duluthsuperior.com/mld/duluthsuperior/news/politics/13654698.htm

   Ample supplies of retail pork cuts hampered sellers through the week and forced them to trade loins and butts at reduced prices. Meanwhile, trading levels for lighter spareribs remained firm as carcass weights stayed at near record poundage. Heavy ham price levels deteriorated slightly this week as inventories remained plentiful. On the other hand, ham processors had good forward positions which limited their interest in these available offerings and a few processors took advantage of these lower prices to procure additional loads. Lighter weight hams and bellies continued to garner a premium due the continual heavy live hogs being harvested. Seedless belly prices experienced a downward trend which was in response to the board in spite of limited offerings for the cash market. Lean trimmings were unevenly steady with some discrepancy between the top and bottom trading levels as sausage manufacturer’s bought on an as needed basis.

   Fresh loins generally steady; Boston butts 1.00 lower; spareribs firm to 2.00 higher; skinned hams 17-20 lbs. steady, 20-23 lbs. steady to 3.00 lower, 23-27 lbs. 3.00-4.00 lower; seedless bellies 14-16 lbs. 2.00 lower; 16-18 lbs 1.00 lower; fresh 42% trimmings 2.00 higher; 72% lean trimmings 1.00-2.00 lower; boneless picnics firm.

   The composite cutout value of 51-52% 185 lbs. hog carcass was estimated at $60.06 per cwt. dn 1.22 from last Friday.

Source: USDA/ AMS, Jan. 20, 2006
Source URL: http://www.ams.usda.gov/mnreports/NW_LS850.txt

Commercial red meat production for the United States totaled 3.95 billion pounds in December, up 1 percent from the 3.93 billion pounds produced in December 2004.

Veal production totaled 13.5 million pounds, 9 percent below December a year ago. Calf slaughter totaled 60,100 head, down 19 percent from December 2004. The average live weight was 36 pounds above last year, at 370 pounds.

Source: USDA/ NASS, Jan. 20, 2006
Source URL: http://www.usda.gov/nass/PUBS/TODAYRPT/lstk0106.txt

The number of dairy cows is forecast to be 9,070 thousand at the end of the first quarter this year, and rise to 9,150 by the end of the year. Milk production is predicted to be 45 billion pounds at the end of first quarter; 46.7 billion pounds in second quarter; 44.8 billion pounds in the third and fourth quarters.

Source: USDA/ ERS, Jan. 19, 2006
Source URL: http://usda.mannlib.cornell.edu/reports/erssor/livestock/ldp-mbb/2006/ldpm139t.pdf