Financial markets depressed commodity markets Tuesday. Renewed concerns about European Monetary Union and the euro have resurged this week, thereby spurring big U.S. dollar gains and sending stock indexes lower. Both of those reactions are seen as negative for commodity demand, which was probably a big reason corn futures fell today. The outsized wheat breakdown apparently weighed on corn as well. July corn futures settled 5.0 cents lower at $3.55/bushel Tuesday, while December lost 4.5 to $3.7325.
My old friend Keith Nunes, writing his column for Food Business News, hoisted his keyboard trumpet and played Taps for the 'science' of food. He wrote "Taco Bell, a Yum! Brands business unit, plans to remove all artificial flavors and colors from its food and replace them with alternatives perceived as natural by the end of 2015. The company also has set a goal of 2017 to remove all artificial preservatives and additives."
Choice boxed beef prices dropped 30 cents on Tuesday to hit $260.50, bringing the 27-day average price to $260.02. Select boxed beef prices are up to $248.75. The 75 cent increase brought the 27-day average price to $248.63.
Choice primal rib prices saw a $2.63 increase to hit $386.59, the largest increase on Tuesday. Choice primal chuck saw the opposite effect, dropping $2.87 to hit $199.84.
Financial markets are undercutting commodities. Renewed concerns about European Monetary Union and the euro have surged again this week, thereby spurring big U.S. dollar gains and sending stock indexes lower.
One must go back to 1996 to trace the history of government oversight on antibiotics. That’s when Congress enacted the Animal Drug Availability Act (ADAA), thereby establishing a new regulatory category for certain animal drugs used in animal feed. This new category became known as the veterinary feed directive drugs (VFD drugs).
USDA reported March beef and veal imports at 325.1 million pounds, up 71 million pounds relative to the previous month (February 2015) and 33.3 percent larger than the previous year. Imports from Australia, New Zealand, Mexico, and Canada remain robust.