Food Business News - Aug 19, 2008 - (Page 1)

FoodBusinessNews ® NEWS, MARKETS AND ANALYSIS FOR THE FOOD PROCESSING INDUSTRY Food industry outlook negative, Moody's COOL thawed and will take effect Sept. 30 14 Tomato processors learn from the past 31 More than water 36 MARKET WATCH U.S. apple production 2006 9,165 9,872 2005 9,114 9,705 10,441 million lbs 2004 August 19, 2008 2007 2008 Source: U.S. Department of Agriculture Apple crop expected to be up less than 1% from 2007. Entire supply chain faces responsibilities and costs under country of origin labeling WASHINGTON - After six years in regulatory limbo, country of origin labeling (COOL) will be required on specified meat t. and agricultural products effective Sept. y 30. As of that date, retailers must notify n their customers of the nation of origin of products covered by the regulation. Meat products covered include muscle cuts of beef, lamb, chicken, goat and pork; ground meat products, and wild and farm-raised fish and shellfish. AgL ricultural commodities subject to COOL include fresh and frozen fruits and vegetables, macadamia nuts, pecans, ginseng and peanuts. The publication by the U.S. Department of Agriculture of an "interim final rule" for COOL in the Aug. 1 Fedieral Register sparked a flurry of webinars and meetings conducted by meat and produce industry organizations advising their members on what is required to be in compliance. An Aug. 6 webinar sponsored jointly by the Produce Marketing Continued on Page 22 PRODUCT OF U.S.A.? The processors and marketers of covered commodities must disclose country of origin beginning on Sept. 30. August crop report adds clarity to volatile corn, soybean markets KANSAS CITY - The highly-anticipated U.S. Department of Agriculture August Crop Production report brought a few surprises but also provided some much need- ed clarity to the market after a tumultuous spring planting season. Last week the U.S.D.A. forecast 2008 U.S. corn production at 12,288 million bus, above pre-report trade expectations that averaged just under 12 million bus. Although down 786 million bus, or 6%, from the record large 2007 crop of 13,074 million bus, if realized this year's crop still would be the second largest on record. It was the first survey-based forecast of the season, based on conditions as of Aug. 1, and was 573 million bus, or 5%, above the U.S.D.A.'s July projection of 11,715 million bus, which was based on June Continued on Page 21

Table of Contents for the Digital Edition of Food Business News - Aug 19, 2008


Food Business News - Aug 19, 2008