·  According to the American Farm Bureau, the cost of petroleum based fuels is accounting for 44% of the increase in food prices.  The largest one-month increase in prices occurred in April at 18%.

· The USDA weekly crop progress report on Monday showed that producers planted 24% of their intended acres last week.  The pace has been slow especially for a few important corn states.  According to the Daily Livestock Report, Iowa had just 46% of acres planted, compared to 70% last year and a 5-yr. average of 82%. Illinois was at 60, compared to 87% and 88%, respectively. Minnesota was at 32% compared to 83% last year and 82% over the past 5 years.  Only 11% of corn is emerged, compared to 32% last year and the 5 year average of 33%.  The USDA had reduced its yield from 153.9 from 155.3 bu/acre.

· The past months have not been kind to pork producers – USDA estimates are that $2.1 billion was lost in the pork industry in the last seven months.  A remedy to this would be to simply reduce production.  However, that would have other ramifications such as less efficient packing plants (and possible plant closures), lost jobs industry-wide, and less manure available for crop fertilizer therefore increasing the need for more man-made, foreign-produced fertilizer.

· 390 arrests were made at the Agriprocessors plant in Postville, Iowa on Monday.  The largest immigration raid in U.S. history took place at the leading kosher slaughterhouse in the country.  The plant is currently operating, but not at capacity.

· Thursday’s pork cutout was an impressive display of U.S. demand for pork.  The cutout was $1.40 higher at $82.25; the highest pork carcass value since June 21, 2006.

· South Korea has delayed the importation of U.S. beef due to public concerns over food-safety and the details of the trade deal.  U.S officials expect the deal to be fully implemented sometime after this anticipated seven to 10 day delay.

NOTICE:  

Nexus Marketing (www.nexusag.org) is sending you this e-newsletter to keep you better informed.

Subscribe additional email addresses to receive the Nexus eNote by sending an email to subscribe@nexusag.org with the word “subscribe” in the subject line and the email addresses you wish to add in the body along with their name.

Unsubscribe from the Nexus eNote by sending an email to unsubscribe@nexusag.org from your email account with the word “unsubscribe” in the subject line and your name in the body.

©2007 Nexus Marketing