North Carolina Companies to Import Brazilian Corn

Last week major media sources reported that three North Carolina firms have contracted to import 750 thousand metric tons of corn from Brazil. The hog division of Prestage Farms, Murphy-Brown and poultry company Nash, Johnson & Sons’ Farms made the deal for up to 15 cargo ships to import corn through the Port of Wilmington. NC Swine Economist Dr. Nick Piggot says there’s nothing to be upset about:

“I have been trying to educate the grain growers that this isn’t a bad thing and they should be pleased that their best customer is taking the appropriate steps to make sure they are going to be there next year.”
 

The 750 thousand metric tons is slightly more than one-third of the five-year yield average for corn in North Carolina. So, weather it’s the Midwest or South America, corn would be imported into North Carolina from somewhere.
 

Speculation on New Farm Bill Continues
 

The question now on the farm bill is will it get done in a post-election lame duck Congress – or next year – in a new Congress. Most ag experts agree – there’s no predicting exactly what will happen with the farm bill in a lame duck session. But there are some clues. On the democratic-leaning side – National Farmers Union’s Chandler Goule had this on Speaker John Boehner’s recent farm bill announcement…

“My contact said that they we deal with the farm bill in the lame duck session. He did not say that we would bring it to the floor.”

Iowa Republican Senator Chuck Grassley expects a lame duck Congress to pass either a full farm bill or a one-year extension. But Grassley’s earlier comments are not encouraging…

“It’s an impossible situation for everything that is being put in to November and December to get done during those months. That doesn’t mean a farm bill can’t be sorted out and given a priority, but will it? I don’t know.”

Consumer Spending Jumped in August
 

Consumer spending rose 0.5 percent in August. It was the biggest jump since February. Still, Moody's Analytics Senior Economist Ryan Sweet feels while consumers are going to continue to support the recovery they will not be the lead in out economic growth over the next several quarters:

“Overall, consumers are hanging in there. It’s still a very difficult environment. We have an 8+% unemployment rate and gas prices are at $4 per gallon and consumers are facing higher prices at the grocery stores.”