Corn prices drop 50 per cent, ethanol production still high

For three-times-daily market reports from Don Bousquet and RNI, visit “ICE Futures Canada updates” at www.manitobacooperator.ca Grain and oilseed futures at ICE Futures Canada win Winnipeg closed the week ended October 31 mixed, with canola down. Canola declined despite the firm tone in the U. S. soy complex. The lack of fresh demand and a

USDA urged to sew up COOL rules now

U. S. Agriculture Secretary Ed Schafer could avert squabbling over country-of-origin labelling (COOL) of meat by finalizing the rules before leaving office in January, a beef industry official said Oct. 29. Labelling became mandatory Sept. 30, but USDA is allowing six months for food makers and retailers to comply with the law. Labels are required


USDA data snafu lends support, raises questions

“Having a wet planting season does create some difficulties in forecasting a lot of this information.” – Shawn McCambridge, Prudential Bache Commodities The U. S. government’s unprecedented correction of crop data on Oct. 28 gave some relief to grain markets battered by financial turmoil, but it may also have bruised the credibility of the U.



U. S. livestock groups see bias in ethanol aid

U. S. meat, dairy and poultry groups objected Oct. 22 to the possibility of federally guaranteed loans for ethanol makers to help pay for high-priced corn, calling it “the opposite of free enterprise.” The U. S. Agriculture Department says there is no bailout for ethanol. It says rural businesses, including ethanol plants, are eligible for

No bail-out for ethanol makers

The U. S. government would waste its money on ethanol, “the Fuel to Nowhere,” if it uses a loan guarantee program to prop up struggling ethanol makers, said officials from anti-waste groups Oct. 20. The officials criticized the prospect that ethanol makers could obtain up to US$25 million in bank loans carrying an Agriculture Department


Farm gate prices drop, but not food prices

U. S. food prices are still headed for their largest increase in two decades this year despite the recent slide in oil and grain markets, the U. S. Agriculture Department said Oct. 18. In its monthly report, USDA did not change its forecast for food prices, which are expected to surge by 5.5 per cent

BSE ban cost U. S. $11B in exports

U. S. ranchers and processors lost almost $11 billion in revenue between 2004 and 2007 after major importers barred U. S. beef following the discovery of BSE in the United States, according to a government report issued Oct. 7. The International Trade Commission said trade restrictions put in place because of mad cow disease cost


At least land won’t evaporate

There are few winners in a market meltdown like the one we’re experiencing, although we hear rumours that hardware stores are doing a booming trade in shovels. It seems folks figure digging a hole in the backyard and burying their savings is now a safer bet than mutual funds. That’s about the only consolation we

Prices plunge for big U. S. corn, soy crops

U. S. farmers will reap two of their largest corn and soybean crops ever – 12.200 billion bushels of corn and 2.983 billion bushels of soybeans – but face sharply lower prices at the farm gate, the government said Oct. 10. The Agriculture Department cut its estimate of the season-average price for this year’s soybean