Wheat closed last week ending April 19 mixed, with the winter wheat contracts ending with small losses to small gains while Minneapolis lost ground. For the week ending April 19, May Minneapolis was off 15 cents, May Kansas City was 5.5 cents lower and May Chicago was 1 cent higher.
The corn market gained 10 cents last week. The futures came under pressure mid-week with larger acreage and production estimates for 2012. Buying interest did resurface late last week with fresh export sales.
The corn market remained unchanged last week and traded near $6.40 in the March contract. The futures traded in a sideways pattern last week as it lacked any fresh news. Decent export sales last week, a firm cash market and lack of farmer selling offered support.
Corn started last week trading with strength due to continued weather concerns in South America, primarily Argentina. But the gains were short-lived once USDA’s reports were released. USDA’s Final Crop Production report was not friendly for corn, as USDA raised 2011 U.S. corn yields and harvested acreage.
The U.S. Labor Department says one of the nation's largest meatpackers systematically discriminated against more than 4,000 qualified applicants who sought entry-level jobs at a turkey processing plant in Arkansas. The government seeks to cancel more than $550 million in contracts with the U.S. Defense Department and prevent future contracts until the company stops what they call discriminatory practices.
General Mills — the maker of Lucky Charms, Trix and Cocoa Puffs — plans to reduce the amount of sugar in its cereals marketed to children. "The reduction ... doesn't represent perfection but it represents improvement," said Kelly Brownell, director of the Rudd Center for Food Policy and Obesity at Yale University.
JBS Swift Beef Co. of Greeley, Colo., is voluntarily expanding its beef recall to include about 380,000 pounds of products sold in Minnesota and other states because of possible E. coli contamination. A recall earlier past week involved about 41,000 pounds of products.
Polk County 'probable' swine flu case ruled out Eleven schools in Orono, Minn., will be closed today and one school in Minneapolis will also be shuttered due to probable cases of swine flu, state health officials said Sunday. Rocori Middle School in Cold Spring — which has been connected to the state's lone confirmed case of swine flu — would also remain closed today.
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