A story is circulating media outlets – predicting a worldwide shortage of pork and bacon. The article cites a source from a United Kingdom trade association. Steve Meyer – President of Paragon Economics – downplays any talk of a shortage…
“A shortage in terms of having to stand in line to wait to buy bacon, no there will not be that kind of shortage. Will there be a lower supply of pork? Yes, but we also have to remember that bacon in the UK is a very different thing than bacon here in the US. There it is a loin inside the animal, it’s a fresh pork item that is minimally cured. But the bottom line, we will have tighter supplies and there will be less bacon and ham on the market in late 2013 and prices will be higher.”
The quantity of pork available to consumers in the U.S. and the rest of the world will decline in 2013 – due to high feed costs and significant financial losses by pork producers.
Reuters Polls Analysts for Pre-Stocks Report Guesses
Reuters has polled 17 analysts ahead of the Quarterly Grain Stocks report due out Friday. The analysts expect USDA’s report will show stocks as of September 1 – also the ending stocks for the 2011-12 marketing year – at 1.113-billion bushels. That would mark the lowest supply of corn on that date in eight years. USDA pegged 2011-12 ending stocks at 1.181 in the World Agricultural Supply and Demand Estimates released earlier this month.
Gloom & Doom Predicted for Economy
America's C-E-Os forecast a gloomy economy. The Business Roundtable survey of CEO's finds their economic outlook took a tumble in the third quarter of 2012. President John Engler says their economic outlook index dropped from 89 to 66 from the second to third quarter.
“This is the third largest drop in the history of our survey. What that means is that we saw lowered expectations for sales, capital spending, and employment over the next six months.”
Mother Nature Provides Drying for Peanuts
This week’s dry weather is a blessing for peanut producers with peanuts dug and on top of the ground. CEO of NC Peanut Producers Association Bob Sutter explains:
“Mother Nature’s drying bill is zero compared to other ways of trying to take moisture out.”
This year’s peanut crop is looking every bit as good as corn and soybeans.
Leading Food Company comes out in Support of Eliminating Gestation Stalls
ConAgra Foods has come out with a statement of support for the elimination of gestation stall housing for sows. According to the statement – the move is part of the company’s long-standing commitment to the humane treatment and handling of animals. The company says it recognizes that implementing a phase-out may be a long-term process that could take up to 10 years. ConAgra is one of North America’s leading food companies
Consumers Backing Off of Medium Priced Restaurants
A recent national survey of 3,100 consumers found more are substituting fine dining with fast-casual restaurants close to home.
The switch, found by consulting firm Consumer Edge Insight, is done more often as consumers cut restaurant budgets and search for a better value. The survey found many of the respondents chose to pass on restaurants priced in the middle range, selecting fast-casual restaurants or pizza over fine dining and casual restaurants.