U.S. could set corn production record
Corn farmers could top the 10-billion-bushel level for their crop this year if the weather cooperates.
Agriculture Department officials have said based on plantings thus far, the corn crop across the United States could be about 10.1 billion bushels.
The record high for corn is 10.103 billion bushels, produced in 1994 -- the only time the 10 billion level has ever been reached.
Purdue University agricultural economist Chris Hurt said weather conditions will determine whether corn farmers are able to match or exceed the record.
"There is the potential that we could have a record crop if we end up with just slightly better weather than we're anticipating," Hurt said, noting that the federal estimate for this year is about 1 billion bushels more than for 2002.
Officials note crop estimates by the Agriculture Department for corn and soybeans were released Monday and were based on information collected prior to violent storms that spread through the Midwest and South during the weekend.
"The early start of corn planting was quite favorable up through early Ma, but now we do have delays," Hurt said. "We're beginning to look at a two-crop situation.
"We have the early-planted corn and will now have the late-planted corn," Hurt said. "Later corn planting, particularly as we move beyond May 20, may well lower yield potential."
Benefiting the U.S. corn crop is the fact that corn exports could increase, particularly if an anticipated decline occurs in corn production in China.
Hurt said corn prices could reach their spring highs later this month and in early June before slipping in July. Should expectations for a near-record crop remain intact, prices could drop significantly by late summer -- with harvest time cash prices for new-crop corn at $1.90-$2 per bushel.
Farm bureau backs energy bill
The American Farm Bureau Federation wants the Senate to approve a pending energy bill that includes provisions establishing a renewable fuels standard they say would benefit U.S. agriculture.
Farm bureau President Bob Stallman sent a letter this week to senators telling them a fuels standard that requires increased production of ethanol -- a motor fuel blend made from corn -- will increase the domestic energy supply.
"The agriculture community strongly supports the (fuel standard) because it gives the ethanol and bio-diesel industries a stable demand that will lead to increased capital investment and rural economic development," Stallman said.
He said the amendment would create more than $5 billion in new investment for renewable fuel production facilities in rural towns, and also would create more than 200,000 jobs.
Lawsuits reinstated against meat co.
Fourteen lawsuits were reinstated against a meat company officials say supplied restaurants in Wisconsin with contaminated beef.
A Wisconsin court of appeals panel reversed a lower court decision the lawsuits against Excel Corp. were not proper. Company officials say they will try to get the state Supreme Court to throw the lawsuits out.
Excel Corp. sold beef tainted with E.coli bacteria to Sizzler restaurants in Milwaukee and Wauwatosa, Wis. More than 60 people became ill and a 3-year-old girl died. Company officials say they did nothing to contaminate the beef.
Natl. parks to serve Alaska salmon
National parks such as Yellowstone and Grand Canyon will start serving wild Alaska Salmon as part of a move by national park concessions to add environmentally friendly seafood to its selections.
Officials with Xanterra Parks & Resorts said the decision to use the salmon for its food products "is better for the environment and clearly more in line with our company-wide commitment to preservation of the earth's natural resources."
Alaska's salmon fishery is certified by the Marine Stewardship Council as sustainable, and is considered to be a model of conservation-based management. The company is the first hospitality operation in the Americas to commit to serving Alaska salmon.
Low-fat ice cream sales on rise
The Institute of Food Technologists said sales of low-fat frozen desserts are on the rise with people looking for more healthy products that taste good.
The Chicago-based institute said the increase is expected as a result of reformulation to improve the taste of reduced-fat, -sugar and -calorie products. People across the United States spend about $33 billion annually on weight-reduction products and services, including diet foods and products.
Officials also said reduced-sugar products also can attract the segment of the consumer market affected by diabetes.
Grains down on CBOT
Grain futures were mostly lower at the close Wednesday on the Chicago Board of Trade.
Soybeans rose on rain throughout the Midwest and demand for the U.S. crop from China.
Corn fell due to profit-taking.
Wheat declined on believs recent gains were overdone.
Oats were mixed.
The prices:
Soybeans: May 6.43 1/2 up 1, Jul 6.49 1/4 up 5, Aug 6.42 1/4 up 5, Sep 6.03 up 7.
Corn: May 2.56 up 3 1/4, Jul 2.51 1/4 off 1 1/2, Sep 2.47 1/4 off 1 1/2, Dec 2.47 1/4 off 3/4.
Wheat: May 3.22 off 4, Jul 3.29 1/4 off 2, Sep 3.32 1/2 off 2 1/2, Dec 3.43 1/4 off 2 1/4.
Oats: May 1.64 1/2 off 2 1/2, Jul 1.56 up 1 3/4, Sep 1.48 up 3 1/4, Dec 1.46 up 1.
