March 27, 2017  



Today's News Summary:

Headlining the news today is a focus on Cal-Maine Foods which on Monday reported fiscal third-quarter earnings of $4.1 million. The Jackson, Mississippi-based company said it had net sales for the third quarter of fiscal 2017 were $306.5 million, a 31.8 percent decrease, compared with $449.8 million for the third quarter of fiscal 2016.

In other news, China lifted a ban on imports of meat from Brazil on Saturday after Brazilian authorities clarified details of a police investigation into alleged bribery of health inspectors, in a victory for President Michel Temer's efforts to stem damage from the probe. The move by China, the biggest national consumer of Brazilian meat, was accompanied on Saturday by the lifting of import bans in Egypt and Chile, bringing hope of an end to a crisis that saw one-fifth wiped off the value of Brazilian pork and poultry exports last week.

Mexico's top pork producer, Granjas Carroll, said on Thursday it plans to double its sow count in the next four years as part of a $550 million expansion plan, as it eyes the risk of a crossborder trade spat with the United States. The firm's sow tally will reach some 137,000 heads by 2021, while the company will also build a $94 million slaughterhouse that can process 600 pigs per hour, said Chief Executive Officer Victor Manuel Ochoa.

Citing grave concerns that they would “cause serious harm to the pork industry,” the National Pork Producers Council in comments submitted said the U.S. Department of Agriculture should not finalize – or at least exempt pork producers from – regulations related to the buying and selling of livestock. Likewise, the National Cattlemen’s Beef Association called on USDA to withdraw the Grain Inspection, Packers and Stockyards Act interim final and proposed rules, collectively labeled with the misleading title, Farmer Fair Practices Rules. Craig Uden, NCBA president, said the rules stand to threaten market incentives, the quality of American beef the industry is known for, and will ultimately cost $954 million to the cattle industry.

Finally today, Smithfield Foods, Inc. is pleased to announce that Keira Lombardo, senior vice president of corporate affairs, has been named a member of the Board of Directors for the National Association of Manufacturers (NAM). In this role, Lombardo will assist in the advancement of NAM's manufacturing policy agenda to promote growth and prosperity for all manufacturers in a variety of industries across the country.

 


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By Linda Lindner

llindner@foodmarket.com


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